2 Jun 2010

Car finance company fined

5:55 pm on 2 June 2010

Auckland-based car finance company Dolback Finance has pleaded guilty to breaching the Credit Contracts and Consumer Finance Act and the Fair Trading Act in relation to car loan contracts.

An investigation by the Commerce Commission found the company's car financing contracts did not comply with the act, as they did not accurately disclose the annual interest rate charged on the loans.

The company was fined $2000.