Have you bought a new BMW lately? If so and you financed it through the company’s finance division then you could be eligible for compensation.
Following an extensive investigation by ASIC, it was found that the German car manufacturer gave loans to people with little or no disposable income, making them believe they could afford to drive away in a prestige vehicle.
It is believed that 15,000 people who bought a BMW or Mini between January 2011 and August 2016 and used one of the company’s finance arms could be eligible to have their loans written off or compensation paid if they experienced hardship as a result of the loan. The company will also pay $5 million into a ‘company benefit fund’ to provide a financial literacy program.
Read more at Theage.com.au