ASIC Takes Action on Car Finance Advertising

Money3 Corporation Limited (Money3) has agreed to change its car finance advertising following concerns raised by ASIC. Money3, a lender which specialises in providing small amount loans as well as car finance and leasing, promised, 'When everyone else says no! We say yes!* No application refused'. ASIC was concerned this claim was either: (I) misleading because the company did not in fact provide finance to all applicants who had been refused finance by other lenders regardless of their financial circumstances, or (II) If the company did provide finance to all applicants that had been refused finance elsewhere, it was in breach of the responsible lending obligations under the National Consumer Credit Protection (NCCP) Act.

Originally Published: 
25/06/2012