Poll: Should the NCCP be expanded to car sales and retail credit?

by AB26 Mar 2013

The MFAA has issued a submission to the Treasury, saying retailers such as car dealers should be subject to the same rules as mortgage brokers.

Treasury issued The Exemption of Retailers From The National Consumer Credit Protection Act 2009 in January and has called for submissions.

Let us know what you think: click here


  • by SIDBROKER 26/03/2013 10:48:06 AM

    I voted yes in the online survey and the reason for that is i see that the Nation as a whole needs to fully understand the impact on us all. Once the motor industry gets a hold of how damaging this NCCP legislation is going to be to their industry i am quite certain they will not sit back and cop it sweet and will then voice to nation that this legislation has gone way to far. The public will also discover that a large percentage of them will no longer be able to get finance for that new car and that i am absolutely certain will be the start of an awakening to the great Australian public that we are as a nation fed up cpmpletely with over regulation.

  • by AccountantBroker 26/03/2013 12:31:58 PM

    Sidbroker's comments are valid, the effect on the car industry (and also other pont of sale like Harvey Norman etc) will be hard, but those industries are expert at tackling legislation and will eventially work around it. Most of the clients we see in "mortgage" stress are actually caused by other things like tax, and easy to access consumer credit (car loans and credit cards). I mean really how can you get a car loan with no income or job or assets? (Saw one yesterday, new toyota prado! manufacturer provided finance). I agree the NCCP is over the top, as was AFSL originally, but there needs to be some sort of regulation in the cowboy world of car yard finance and store finance, but as Sidbroker says, they won't take it lying down. I do however support some sort of regulation in this area of lending, Is NCCP the answer? maybe, maybe not? only time will tell, but a blanket exemption when the industry is struggling to sell cars is not the answer for consumers. The old WA act was much more workable.