Motor Finance Wizard refunds

Are you owed a refund for your car lease or loan?

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 Wizard?

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 financial hardship?

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 rent
  • 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 a car?

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 cars.

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. 


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Last updated: 14 Jun 2017