Aussie vehicle financer Westpac under fire
INTERNATIONAL - Westpac Banking Corp’s vehicle-finance business approved applications that contained no expense information and relied heavily on the advice of car-yard managers when processing loans, an inquiry into Australia’s financial sector heard yesterday.
In Australia, 90 percent of car sales are arranged through finance organised by dealerships and lenders, with new finance commitments for vehicles last year totalling A$35.7 billion (R329billion).
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