Faizel Patel, Radio Islam News – 05-10-2017
The National Credit Regulator (NCR) has instructed BMW Financial Services to refund consumers for charging an on the road fee on credit agreements.
The NCR issued BMW Financial Services with a compliance notice saying the fee is not permitted to be charged on credit agreements by the National Credit Act.
In a statement Chief Executive Officer at the NCR Nomsa Motshegare says the National Credit Act allows consumers to be given a quotation which sets out the cost of credit before signing credit agreements
“Consumers should request this quotation from their credit providers so that they can properly check the cost of credit that is being offered.”
The NCR says once BMW Financial Services has refunded customers, it must an submit a report to the regulator
BMW has disputed the regulator’s claims saying the fee is an agreement between the dealer and customer.
0 Comments