(MENAFN) German car giant BMW had agreed to pay USD57m to pay costs for thousands of Australians who were misled into making loans they could not afford in the country's largest consumer payback scheme.
According to the Australian Securities and Investments Commission, at least 15,000 customers might have suffered hardship as a result of BMW Finance's compliance failure.
ASIC deputy chairman Peter Kell, highlighted that sales of BMW failed to comply with requirements of the credit laws and resulted in poor outcomes for many consumers.
In addition, he stated: "We are encouraged that BMW Finance has recognized these shortcomings and agreed to a remediation program that will see thousands of consumers compensated."
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