Group proceeding (class action) brought on behalf of persons who entered into car loans issued under ANZ’s credit license, in the period 1 January 2011 to 31 March 2016, with respect to which a “flex commission” was paid to an ANZ accredited car dealer.
The claim alleges that car dealers acted on behalf of ANZ in providing certain credit services to group members who took out car loans with those dealers. The claim alleges that the terms of those car loans relating to the “flex commissions” constituted “unfair conduct” for the purposes of the National Consumer Credit Protection Act 2009 (Cth). Further, it is alleged that ANZ engaged in misleading or deceptive conduct by failing to disclose to those borrowers certain matters concerning the loan agreements. The claim seeks to restrain the lenders from charging further interest, the repayment of interest under the loans or alternatively orders voiding the loan agreements.