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June 27, 2012

No application refused: car finance advertising reviewed by ASIC

ASIC has announced that Money3 Corporation Limited (Money3) has agreed to change its car finance advertising following concerns raised by ASIC.

Money3, a lender which specialises in providing small amount loans as well as car finance and leasing, promised, 'When everyone else says no! We say yes!* No application refused'.

ASIC was concerned this claim was either:

  • misleading because the company did not in fact provide finance to all applicants who had been refused finance by other lenders regardless of their financial circumstances, or
  • if the company did provide finance to all applicants that had been refused finance elsewhere, it was in breach of the responsible lending obligations under the National Consumer Credit Protection (NCCP) Act.

Money3 argued that "No application refused" meant it would accept all applications for assessment (not necessarily that it would approve all applications) but it has removed from display all posters containing the ‘No application refused statement’, and withdrawn and destroyed all pamphlets from Money3 branches containing the statement.

ASIC is continuing its review of credit advertising.

Contact Langes if you would like assistance with your advertising compliance.

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Posted 27th June 2012 by David Jacobson in legislation, licensing, responsible lending