Published on February 21, 2017 5:52 am, by Pete Lalor
If you financed a car with InHouse Finance Group between 1 July 2013 and 30 June 2014 and purchased a warranty product you may be eligible for a refund in interest.
177 clients will receive an interest refund after they have been charged a rate higher than the maximum of 48% allowed by law under the National Credit Act. The total amount to be refunded to these clients is more than $400,000.
243 of 249 clients who purchased a car through Best Buy Autos in Sydney during this time and took out their finance through InHouse Finance were required to purchase a warranty due to the size of their deposit. The cost of the warranty led to a miscalculation in loan interest rate.
Inhouse Finance Group has undertaken to contact all affected customers to explain the refund they may get or if their loan repayments or loan term will be reduced. If you believe you have been affected by this or have any concerns about your loan you can contact Inhouse Finance Group on 02 9727 9047.
You can read more about ASIC’s investigation and findings on the ASIC 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.