Volkswagen Financial Services won't refund car owners - for now | BISouthAfrica
Volkswagen Financial Services SA is appealing a ruling that it has to refund fees on vehicle loans.National Credit Tribunal ordered it to pay back so-called on-the-road charges.Volkswagen Financial Services SA won't refund vehicle owners, for now.
These so-called “on-the-road charges” - which include the costs of fuel, licensing, valets, inspections and roadworthiness certificates - were added to the financed prices of cars, and weren’t allowed in terms of the National Credit Act, the National Credit Regulator said. Its lawyers believe there are"good prospects of success" on appeal and VWFS will not be making any refunds until the appeal is finalised. In 2017, the NCR ordered both Volkswagen Financial Services and BMW Financial Services to repay these fees.
It was ordered to refund all the fees and interest levied on the fees to customers, and submit a report by independent auditors to the NCR.
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