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BMW fined by $306k by ASIC for not following repossession compliance requirements

Friday, March 27, 2015 - Posted by Philip Harvey

ASIC conducted an investigation on BMW Finance and found that between January 2014 and July 2014:

  • BMW Finance's agent had illegally entered onto residential property to repossess a vehicle without obtaining consent, in contravention of s99(1) of the National Credit Code (NCC);
  • BMW Finance failed or delayed in providing customers with a written notice setting out their rights, obligations and available options after repossessing a mortgaged vehicle in contravention of s102(1) of the NCC; and
  • BMW Finance delayed in providing customers with a written notice setting out their rights, obligations and available options after the voluntary return of a mortgaged vehicle in contravention of s85(3) of the NCC.

 
This is a timely reminder for anyone involved in repossessions that the relevant statutory notices must be issued in the specified time frames and to insure your agents comply with all relevant legislation and that your agents have appropriate Professional Indemnity Insurance in place to cover such breaches.

 

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