FAQ Finance - Terms & Conditions

All loans are subject to Terms, and Conditions. Black and White Motor Company Finance (BWMCF) provides appropriate information on our website with various resources to help you make informed borrowing choices.

The lending partners we work with provide specific information within their contracts. These Frequently Asked Questions applies to all credit contracts. If unsure, you should seek independent legal or financial advice.

What consumer protection laws cover my loan?

Consumer protection laws associated with the finance industry include:

• Credit Contracts and Consumer Finance Act 2003. link

• Motor Vehicle Sales Act 2003. link

• Consumer Guarantees Act 1993. link

• Fair Trading Act 1986. link

• Privacy Act 2020. link

• Personal Property Securities Act 1999. link

• Financial Service Providers (Registration and Dispute Resolution) Act 2008. link

• Financial Advisers Act 2008. link

• Anti-Money Laundering and Countering Financing of Terrorism Act 2009. link

• Credit Contracts Legislation Amendment Act 2019 link

• Credit Contracts and Consumer Finance Amendment Regulations 2023 link

• Credit Contracts and Consumer Finance Amendment Regulations 2024 link

What happens if I have a concern or complaint?

If you have a concern or complaint about a product or service provided by us, please contact us at finance@blackandwhitemc.co.nz

If you're not satisfied with the response you receive from us or unable to resolve the matter, either party may refer the dispute to the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme). The contact details for the IFSO are: info@ifso.nz, 0800 888 20, PO Box 10-845 Wellington 6143.

What happens if I can’t make my payments?

We are here to help, so call the lender within your contract documentation.

If your circumstances have changed due to an unforeseen event, you may be able to request changes to your contract, on the grounds of unforeseen hardship, under the Credit Contracts and Consumer Finance Act 2003.

Applications must specify the reasonable cause for your inability to meet your repayments (for example a reasonably unforeseeable event such as illness, injury, loss of employment, or end of a relationship).

An applicant may request changes to the terms of your contract, including:

• Extending the term and reducing each repayment (without changes to the annual interest rate)

• Postponing, or changing dates on which repayments are due (without changes to the annual interest rate)

• Extending the term and postponing, during a specified period, the dates that repayments are due (without changing the annual interest rate)

• Any requested changes must not be more extensive than necessary to meet your obligations and be fair and reasonable to the lender and yourself.

Responsible lending:

We are committed to responsible lending, and have adopted the guidelines set out in the Responsible Lending Code.

Responsible Lending Code PDF

Responsible borrowing:

As a borrower, it’s important to make sure you know what you’re getting into. The Financial Services Federation has created the Code of Responsible Borrowing, which sets out what you should do before, and after entering a credit contract.

Please refer to the resources available here.

updated 5 October 2024