Remediation - Frequently Asked Questions
What is BMW Australia Finance’s customer remediation program?
We recently agreed with ASIC, the Australian regulatory body, that due to shortcomings in our lending processes we may have caused some customers financial hardship. We are committed to making the situation right. Therefore, we have established a free customer remediation program that has been agreed with ASIC and will be overseen by an Independent Expert.
Who is eligible for the remediation program?
The remediation program is available to all BMW Australia Finance customers who entered into a consumer loan from 1 January 2011 to 31 August 2016.
When will the remediation program start and finish?
The remediation program will commence from December 2016 and will remain open until 31 December 2017.
How do I contact BMW Australia Finance if I want to participate?
We will proactively contact customers which have already shown signs of financial hardship. All other BMW Australia Finance customers, should they wish to register for the Program, or have any further questions, can contact us on:
Phone: 1800 448 225
Post: PO Box 742, Mulgrave, Victoria 3170
Within eight weeks of the start of the registration period, we will proactively contact customers who have already shown signs of financial hardship and those who have registered.
How will BMW Australia Finance consider my situation?
The remediation program is designed to compensate customers that have suffered financial hardship as a result of our lending practices. If you register with the program we will:
- Contact you to discuss your personal situation
- Assess any hardship you may have suffered as a result of our lending practices
- Offer you a fair compensation amount
What if I disagree with the outcome of the remediation program?
If you disagree with the outcome of our remediation program you have the option to raise your concerns with the Credit and Investment Ombudsman on the below details:
Phone: 1800 138 422
Mail: PO Box A252, South Sydney NSW 1235