“We are particularly focusing on motor vehicles that are in need of protection,” added Horne.
The Commission said that El Billigo had not given the borrowers any important information about their loans and violated the disclosure obligations of the variation in the context of the CCCFA when they offer personal and vehicle financing between 2015 and 21.
“For many kiwis, buying a car is one of the greatest financial obligations,” said Horne in the media approval of the Commission. “The CCCFA is there to protect consumers if they borrow money or buy goods for loans, and as part of the CCCFA, consumers have the right to be provided with information about changes in their loan in advance.”
Court decision
In its media appearance, the Commission announced that the Court ordered EL Billigo to pay a fine of $ 115,000 and compensation of $ 341,931.46 to hundreds of borrowers concerned.
“Public disclosure obligations are among the most basic protective measures within the framework of the CCCFA, in particular those who refer to the fact that consumers are aware of their rights and obligations as part of the consumer credit agreement,” said judge Noel Sainsbury.