Car dealerships back penalties for credit fraud

Car dealerships back penalties for credit fraud

AADA says there is no place in car sales industry for shonky operators…

The CEO of the Australian Automotive Dealer Association (AADA) David Blackhall has welcomed the penalties handed to a car sales yard employee who falsified documents in customer loan applications.

Adam Edward Greene has been permanently banned from engaging in credit activities by ASIC after it was found he had written and submitted loans for customers buying vehicles from a Victorian car dealership.

ASIC found four loans that were subsequently approved by the finance provider included false information, including fraudulent documents not given to him by the applicants.

While in a separate case, a Queensland dealership was caught charging used car buyers an upfront fee to facilitate loans with interest rates of 48% through the dealerships own cash broking company.

Mr Blackhall says these types of people aren’t welcome in the industry.

“We want to see people like this banned from the industry and we will have no hesitation to report any form of illegal practices to ASIC.”

Neither of the car dealerships were members of the AADA.

About Joel Helmes 3506 Articles
Joel is the founder and CEO of Behind the Wheel. Joel has a background as a radio broadcaster with on-air roles at 4BC, 4KQ, 2KY, 2LT and 2UE amongst others, as well as a news editor and program director.Joel’s relationship with cars stems back to his early childhood learning to change oil and brakes with his father and uncle. This continued on into his driving years owning an assorted collection of cars.

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