Business
Westpac faces class action over high interest car loans – The Age
The bank is facing a class action over allegations it gave kick-backs to car dealers to sting customers with high interest loans.
In some cases, he alleged that consumers were charged three times the base rate with rates not determined by objective criteria such as credit risk.
The expectation of consumers was that the dealer was a conduit for, but was not setting, the interest rate, Mr Watson said.
This case will seek to prove that Westpac and St George failed to comply with their obligations under consumer credit protection laws and that this failure caused substantial losses for many consumers.
The Australian Securit…
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