Motor Finance Wizard refunds
Are you owed a refund for your car lease
ASIC has taken action against Motor Finance Wizard
for not checking the income and expenses of customers before
signing them up for a car lease or loan. This means some customers
have received a lease or loan that they could not afford.
Here we explain who is entitled to a refund and what you can do
if you think you are due a refund from Motor Finance Wizard.
Am I entitled to a refund from
Motor Finance Wizard?
You may be entitled to a refund or write-off of your loan or
lease if you signed up for a lease or loan from Motor Finance
Wizard between 1 July 2010 and 16 July 2014.
Motor Finance Wizard will be re-assessing loans and leases taken
out in this period and will be writing to customers who are
eligible for a refund.
If you signed up for a car lease or loan with Motor Finance
Wizard during this period you should contact them on 13 22 75 to
see if you are due a refund or write-off.
What will my refund be?
If you are eligible for a refund Motor Finance Wizard will give
you the option to either:
- continue with your car lease or loan, or
- end your lease or loan.
If you decide to keep the lease, Motor Finance Wizard will allow
you to keep the car at the end of the lease period. (A normal lease
would not allow you to keep the car after the lease has ended.)
You may also be entitled to a refund payout if you have suffered
financial hardship because of your lease or loan. If you're
entitled to a refund, Motor Finance Wizard will contact you and
explain how your refund will be paid and how much you will get. You
will receive your refund in full by February 2018.
What if I'm not happy with the offer from Motor Finance
If you are not satisfied with Motor Finance Wizard's refund
offer, you can lodge a complaint with the Credit and
Investments Ombudsman (CIO).
How do I know if I have suffered
Here are some signs that you may not have been able to afford
your Motor Finance Wizard car lease or loan:
- your expenses consistently exceeded your income
- there were many reversals of payments and dishonour fees on
your bank statement
- your bank account was regularly overdrawn
- you relied on other forms of credit to manage your repayments,
or you had to get more credit since you got the lease or loan
- you could not meet other expenses, such as electricity bills or
- most or all of your income was going on lease or loan
repayments on or around your pay day
- you withdrew all or most of your income on or around the day
your were paid.
Financial hardship can take many forms. Even if you didn't miss
a repayment, you may still have suffered hardship as a result of
getting the lease or loan.
If you contact Motor Finance Wizard, you will be able to discuss
any hardship you experienced because of your lease or loan.
How do I know if I can afford
ASIC's MoneySmart website has tools to help you work out your
car loan repayments.
Our personal loan calculator
crunches the numbers on your repayments and our budget planner
helps you calculate how much you can spend on repayments once you
pay your other bills.
Work out the full cost or running and owning different types of
the MoneySmart Cars app
By law, credit providers must lend money
responsibily. This includes making reasonable inquiries about your
financial situation. If your car lease or loan from Motor Finance
Wizard was unsuitable for you, you may be entitled to a refund or
write-off of your loan.
Last updated: 17 Oct 2017