The Australian Securities Investment Commission (ASIC) recently took action against BMW Australia Finance (BMW Finance) for signing up customers to car loans they could not afford between 1 January 2011 and 31 August 2016. BMW Finance has agreed to compensate customers who took out unsuitable loans during this period.
You may be entitled to compensation if you:
1. Obtained a car loan from any brand under the banner BMW Financial Services, Mini Financial Services or Alphera Financial Services between 1 January 2011 and 31 August 2016, and
2. Suffered some form of hardship as a result of entering into the car loan.
By contacting BMW Finance and registering for the compensation program, you will be able to discuss any possible compensation.
You can find further information about how to register for compensation on the following ASIC website: https://www.moneysmart.gov.au/tools-and-resources/news/bmw-finance-compensation