ASIC has announced that BMW Australia Finance has paid $306,000 in fines to ASIC relating to 36 Infringement Notices for consumer credit repossession requirements.

ASIC’s investigation found that between January and July 2014:
•BMW Finance’s agent had illegally entered onto residential property to repossess a vehicle without obtaining consent, in contravention of s99(1) of the National Credit Code (NCC);
•BMW Finance failed or delayed in providing customers with a written notice setting out their rights, obligations and available options after repossessing a mortgaged vehicle in contravention of s102(1) of the NCC; and
•BMW Finance delayed in providing customers with a written notice setting out their rights, obligations and available options after the voluntary return of a mortgaged vehicle in contravention of s85(3) of the NCC.

ASIC has invited consumers who think they may be affected by the above conduct (for example, by incurring a shortfall against the amount of credit outstanding after the forced sale of a car) to contact BMW Finance in the first instance.