Even though ASIC banned flex commissions in the car finance market in 2018, thousands of car buyers are expecting justice. The Maurice Blackburn law firm issued a class action on behalf of the buyers.
The outline of the class action states that flex commissions were paid to the dealers by Westpac, St. George, Bank of Melbourne, or Capital Finance Australia Limited.
These banks and finance companies have failed to disclose the nature of their flex commissions. This resulted in many car buyers needing to pay unfairly high-interest rates. In some cases, these interest rates fluctuated between 6.5% and 15.5% for the exact model sold on the same day.
Is a Class Action Worth It?
Many people are considering joining the class action, however, they can take years to settle and the settlement amount is usually much lower than the total of the group members who purchased individual premiums. Unfortunately, when you join a class action, you also give up your right to recover compensation as an individual if you’re unsatisfied with the outcome.
Get My Refund takes a different approach, we focus on each victim individually and work in the best interest of our clients. We’ll help manage the entire process for you and work towards helping you win the maximum refund.
Who Is Eligible for a Refund?
No one should pay exorbitant interest rates, and those who charge them shouldn’t get away with it.
You should join the class action, check whether you entered into a car loan with the four financial institutions listed above from 2014 to 2018.
However, the following institutions are also under investigation:
- BMW Finance
- Alphera Financial Services
- Macquarie Bank / Macquarie Leasing
- Toyota Finance Australia Limited
- Nissan Financial Services
Contact Get My Refund today and tell us about your experience. We’ll make it our goal to ensure your piece of the payout is secured.