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December 6, 2016 | BMW to Pay for ‘Sales-Driven’ Irresponsible Lending Culture

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel (www.venablepark.com) Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog: www.jugglingdynamite.com

Interesting precedent here;  more claw backs coming for other car dealers worldwide? See: BMW to pay $57 million for irresponsible lending in Australia:

Australia’s corporate regulator said on Tuesday that German carmaker BMW (BMWG.DE) has to pay A$77 million ($57 million) to compensate customers who received loans they could not afford, in what is Australia’s largest ever consumer credit remediation program…”BMW Finance had a sales-driven culture that failed to comply with the requirements of the credit laws and resulted in poor outcomes for many consumers,” ASIC Deputy Chairman Peter Kell said in the statement.

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December 6th, 2016

Posted In: Juggling Dynamite

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