BMW Finance to pay $72 million to more than 15,000 clients

Published on December 6, 2016 3:19 am, by

If you financed a car with BMW Finance between January 2011 and August 2016 and suffered financial hardship because of the loan you may be eligible for assistance.

BMW Finance has agreed to pay a minimum of $14.6 million in remediation payments, $7.6 million in interest rate reductions on existing contracts and $50 million in loan write-offs.

It is expected that BMW Finance will compensate at least 15,000 customers who have suffered hardship as a result of their compliance failures.

BMW Finance brands also include Mini Financial Services and Alphera Financial Service.

BMW will be inviting customers to participate in the program but if you, or somebody you know, are a client of BMW Finance and think you qualify for the program you can register yourself by calling 1800 448 225 or emailing them at any of the following email addresses:

Consumers involved in the program will have their situation reviewed and be given fair and equitable redress. Where a client is not satisfied with the outcome, they can lodge a complaint with the Credit and investments Ombudsman.

BMW Finance’s undertakings are the result of an ASIC investigation into their lending practices which found circumstances in which they failed to comply with their responsible lending requirements resulting in poor outcomes for many clients.

BMW Finance has also agreed to contribute a further $5 million to customer advocacy and financial literacy initiatives.

You can read more about ASIC’s investigation and findings on the ASIC MoneySmart website.

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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

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