Alannah Fox was forced to pay a whopping $24,864 in interest for a 2015 Hyundai. Now, she and many other Aussies are fighting back.
Instead, the teachers’ aide, who was 25 at the time, was charged 12.99 per cent on a loan of just over $47,000 – which meant she had to pay a staggering $24,864 in interest for her 2015 Hyundai ix35.“They didn’t tell me the interest rate until I went to pick up the car. We bargained hard on the initial price, but I believe they knew what they were doing and slugged me with the high interest rate to compensate,” Ms Fox said.
The claim alleges that borrowers were not told that Westpac and St George had a deal with car dealers that allowed them to hike up the interest rates on car loans from a “base rate” in order to earn substantial “flex commissions”. Maurice Blackburn estimates hundreds of thousands of motorists could benefit from the class action, and that in some cases, Aussies were charged more than triple the base interest rate set by the banks.
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