A Westpac-owned car finance company has been fined almost half a million dollars for failing to give customers sufficient information with regard to repossessions.
The corporate watchdog says Capital Finance Australia paid $493,000 in penalties after failing on 55 occasions between March and June 2015 to provide customers with written default notices before starting proceedings.
It also failed three times to give customers timely information on their rights and options after their vehicles were repossessed.
"Having a car repossessed can have a significant impact on a consumer, and car financiers must ensure that key information is provided to consumers," Australian Securities and Investments Commission deputy chairman Peter Kell said.
