Avco fined $3m for credit breach

GE Consumer Finance-owned Avco has been fined $3.25 million for breaching state credit laws between 1985 and 1996. The breaches relate to Avco's failure to disclose credit charges, management fees and commissions and also for overstating the amount it would cost consumers to quit their loans. GE acquired Avco in 1999, one of Australia's largest lenders for cars and personal loans. About 400,000 consumers in NSW alone were affected by the breaches.

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