Topic: Motor vehicle loan

Heremoana paid $45,000 for a car that his financial mentor said was realistically worth $33,000 raising a concern that if it was repossessed and sold Heremoana would be left with a considerable residual debt

Samantha complained that the repayments for her car loan were unaffordable. In response, the lender made an offer to put things right.

Hu took out a car loan and later lost his job due to COVID-19. Hu told his lender he couldn’t afford his loan repayments, and he also complained that the interest rate was too high and the loan was unaffordable from the start – was it?

Rebecca received court papers for a debt from an old car loan. Because the debt was more than six years old, under the law the lender should not have tried to recover it. The lender withdrew its court claim and apologised to Rebecca, but she still wasn’t happy.

Min-je bought a car for $13,500 in February. The loan was unaffordable, so when Min-je defaulted the lender repossessed and sold the car in July for $1,500.

When Arjun’s housing costs increased, he contacted a financial mentor for help who noticed that Arjun’s real problems started when a lender approved a loan that was not affordable

A lender miscalculated Prisha’s income, believing all the money paid into Prisha’s account belonged to her, not realising that Prisha received income on behalf of others that she withdrew in cash

Jung-min couldn’t keep up with the repayments on his car loan. The lender suggested this was because his circumstances had changed after he took out the loan. We found the lender had failed to make reasonable inquiries about Jung-min’s wages and how many people he was supporting with his income when approving the loan.

A lender lent to Maurice based on the money she was receiving into her account. However, much of this income wasn’t hers to begin with and shouldn’t have been included in the assessment.

Richard was confused about why he still owed money on his loan. He thought the loan term had already ended, but the loan had been extended because of payment holidays.