Car loan provider fined over repossessions

A Westpac-owned car loan provider Capital Finance Australia has had to pay $493.000 in penalties after breaching the National Consumer Credit Protection Act in relation to the repossession of motor vehicles.

In 2015, Capital Finance failed to provide 55 customers with default notices prior to commencing enforcement proceedings to repossess mortgaged vehicles. ASIC deputy chairman Peter Kell said car financiers must ensure that key information is provided to consumers.

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