BMW Finance Australia has been ordered to repay customers a total of AU$77 million after the Australian Securities and Investments Commission (ASIC) found the company breached responsible lending provisions.
The refunds will apply to around 15,000 customers who faced financial hardship as a result of BMW Finance failing to comply with credit laws in their pursuit of sales.
The package includes AU$14.6 million in direct refunds, AU$7.5 million in interest rate cuts on loans and AU$50 million in loan write-offs.
It is believed to be Australia’s largest ever customer payback scheme.
