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Motor Finance Wizard to refund over $11 million to customers

Published on May 24, 2017 5:39 am, by

If you financed a car with Motor Finance Wizard, through a loan or a lease, between 1 July 2010 and 16 July 2014 you may be entitled to a refund or to have your loan balance written off.

ASIC found that Motor Finance Wizard breached their responsible lending obligations during this period by not making reasonable enquiries about customer’s income and expenses and not taking reasonable steps to verify customer’s expenses. As a result, customers may have entered into contracts that were unsuitable for them or contracts that they couldn’t afford.

Motor Finance Wizard has agreed to pay over $11 million in refunds and write-offs to 1,511 customers, make a $100,000 payment to a community benefit program, reassess each customer’s capacity to make their payments, give affected customers the option to remain in or terminate their lease or loan and allow customers that elect to keep their lease to keep the car at the end of the lease.

Motor Finance Wizard will be writing to customers who are eligible for a refund, but if you signed up for a car lease orĀ loan with them between 1 July 2010 and 16 July 2016 you should contact them on 13 22 75 to see if you are due a refund or a write-off.

You can also access additional information 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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