Topic: Motor vehicle loan

Insufficient buffer in lending decision contributes to difficulties in paying the loan.

Linda’s sister stopped making payments towards her car loan, so the lender asked Linda to pay.

Four weeks’ payment holiday for eight weeks’ additional payments.

The lender did not adequately verify income leading to an unaffordable loan.

Finn’s rent was mistakenly recorded in a lender’s affordability assessment, leaving the loan unaffordable.

Ben’s representative was concerned that the lender did not complete a satisfactory affordability assessment when Ben applied for a loan.

Mei’s lender did not fulfil their duty to sell Mei’s car for the best price reasonably obtainable.

Holly had difficulties in making loan payments from the outset. After the car was repossessed, she contacted a financial mentor, who complained to the lender that they had failed to carry out a proper affordability assessment when approving Holly’s loan.

Melanie was keen to collect her car as soon as it was ready, and re-arranged her commitments only to discover the car dealership was not ready to release the vehicle.

When Jackie and Marco’s weekly payments on their car loan don’t reduce over time, they complain to FSCL.