ASIC review into the motor vehicle finance sector

The Australian Securities and Investments Commission (ASIC) is launching a review into the motor vehicle finance sector this month with the aim to drive better consumer outcomes, particularly for those living in regional and remote locations, including First Nations communities.

ASIC will look at compliance of lenders, brokers and other intermediaries, and will also review how loan defaults, hardship practices and dispute resolution processes are managed.

The review will cover the practices of seven lenders and pinpoint opportunities for improvement across the sector. ASIC will also identify brokers and intermediaries to be included in its review as the project progresses.

Initial high-level insights from ASIC’s review will be published in the second half of 2025, followed by a more detailed public report.