Auto Finance Direct

Auto Finance Direct reaches a settlement agreement with Commerce Commission

On 17 December 2018 Auto Finance Direct signed a settlement agreement with the Commerce Commission. During 1 April 2015 and 13 August 2018, Auto Finance Direct’s consumer credit contracts provided for credit fees that were higher than the aggregate of the closely related cost activities for each of those credit fees.

Auto Finance Direct is refunding to affected customers the difference between the credit fees charged to customers and the cost of the activity for the credit fees, plus an increase of 5%.

Auto Finance Direct is contacting affected customers regarding their refund. If any customer believes they are entitled to a refund and has not heard from Auto Finance Direct, they should contact on 0800 751 851 or office@autofinancedirect.co.nz with their updated contact details in order to receive their refund. Refund amounts will be held in trust until 17 January 2020, at which time any unclaimed refunds will be paid to the Commissioner of Inland Revenue as directed by the Commerce Commission.

Auto Finance Direct’s current credit fees and can be found here.