Defunct car financier charged customers interest rates up to 77 per cent

A defunct car financier and its former directors have been handed more than $800,000 in penalties after charging customers an annual interest rate of more than 48 per cent.

In March 2017, ASIC contacted R2O Cars and its directors warning them that their calculator was charging customers interest rates that exceeded the 48 per cent cap. However, according to court documents, it was not until eight or nine months later that R2O Cars issued its franchisees with this updated and corrected price calculator.

These contracts were entered into between March 1, 2017 and June 18, 2018 by R2O Cars franchisees in Queensland, NSW, Victoria, South Australia and Western Australia.On Wednesday, the Federal Court’s Judge Andrew Greenwood decided on the penalties for R2O Cars, despite it having been deregistered in September 2021, and former directors Timothy James Roberts and Paul Anthony Green.

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