[LISTEN] VW ordered to refund customers it's charged for “on the road fees”
The National Credit Regulator has issued Volkswagen South Africa's Financial Services with a compliance notice, warning it is wrongfully charging customers an on-the-road fee on credit agreements.
The car manufacturer will have to pay off at least 10 years worth of charges.
Azania Mosaka spoke to Caroline Young, Senior Legal Council at National Credit Regulator.
We instructed VW Financial Services that these charges are prohibited, to identify all the consumers that have been over-charged and then to refund those consumers.Caroline Young, Senior Legal Council at National Credit Regulator
We have asked for their entire book, however, the National Credit Act only came into effect in 2007. So it will have to be from 2007 until now.Caroline Young, Senior Legal Council at National Credit Regulator
Young says the investigation into all credit providers overcharging on the cost of credit, is ongoing.
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