Topic: Motor vehicle loan

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.