Customers compensated for unsuitable car loans
BMW Finance is compensating customers who took out unsuitable loans between January 2011 and August 2016.
The Australian Securities Investment Commission (ASIC) recently took action against BMW Australia Finance (BMW Finance) for signing up customers to car loans they couldn't afford.
You may be entitled to compensation if you:
- got a car loan from any brand under the banner of BMW Financial Services, Mini Financial Services or Alphera Financial Services between 1 January 2011 and 31 August 2016, and
- suffered financial hardship because of the car loan.
What to do
- For more information about eligibility and registering a claim, go to Moneysmart's BMW Finance compensation page.
- If you're eligible to claim, register with BMW Finance on 1800 448 225. There's no charge to register.
If you're not a BMW Finance customer but are struggling with car loan repayments, refer to our car loans page for advice on what to do.