Faizel Patel, Radio Islam News – 24-10-2017
The National Credit Regulator (NCR) has instructed Volkswagen Financial Services to refund consumers for charging an on the road fee on credit agreements.
The NCR issued a compliance Notice to Volkswagen saying the fees are not allowed to be charged on credit agreements by the National Credit Act (NCA).
In a statement, Chief Executive Officer at the NCR Nomsa Motshegare says the NCA 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 VW Financial Services has refunded customers, it must an submit a report to the regulator
Earlier this month, the NCR also instructed BMW Financial Services to refund consumers for charging an on the road fee on credit agreements.
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