On February 10, the China Banking and Insurance Regulatory Commission (CBIRC) published the Circular on the Infringement of the Legitimate Rights and Interests of Consumers by Mercedes-Benz Auto Finance Co., Ltd. on its official WeChat, which did not clearly state that the supplier of the loan product, the disclosure of service price information did not meet the requirements, and the standard terms and conditions for the authorized use of consumer information did not follow the legal, legitimate, and legal and proper publicity materials existing in Mercedes-Benz Auto Finance Co., Ltd. (hereinafter referred to as "Mercedes-Benz Auto Finance"). The necessary principles and the implementation of the review of consumer rights and interests protection are not in place, and four violations of the legitimate rights and interests of consumers were notified.
The disclosure of service price information does not meet the requirements
Mercedes-Benz Auto Finance disclosed on the official website the "Mercedes-Benz Auto Finance Co., Ltd. Charging Project Announcement", the specific path is: car purchase support - financial services - compliance publicity, listed in the official website under the 3rd layer directory. Mercedes-Benz Auto Finance's failure to publish service price information in a conspicuous position on the homepage of the website does not comply with the relevant provisions of the Measures for the Administration of Service Prices of Commercial Banks.
The Standard Terms do not follow the applicable principles
During the inspection period from May 2019 to December 2020, the Auto Loan Mortgage Contract provided by Mercedes-Benz Auto Finance and signed with the consumer stated that the consumer authorized the company to collect, disclose and allow the use of consumer information to any company within its group, a third party authorized by other lenders or providing services to the lender. This authorization clause is valid for the duration of the contract and after the termination or rescission of the contract. The above-mentioned provisions on the scope of disclosure of consumer information and the length of time for using consumer information do not follow the principles of legality, legitimacy and necessity, and do not comply with the relevant provisions of the Consumer Rights and Interests Protection Law, the Guiding Opinions of the General Office of the State Council on Strengthening the Protection of Financial Consumers' Rights and Interests, and the Guidelines for Information Technology Risk Management of Commercial Banks.
The implementation of consumer rights protection review is not in place
In the product review process within Mercedes-Benz Auto Finance, the audit records of the two products were only signed by the consumer rights protection commissioner, and no clear and specific review opinions were put forward in accordance with the regulatory requirements. The marketing guidance materials and training materials produced by financial consultants have not been reviewed by the company for consumer rights protection. The review of consumer rights and interests protection of Mercedes-Benz Auto Finance is not in place, and does not comply with the relevant provisions of the Guiding Opinions of the China Banking and Insurance Regulatory Commission on the Construction of Institutional Mechanisms for Banking and Insurance Institutions to Strengthen the Protection of Consumer Rights and Interests.
Previously, Mercedes-Benz Auto Finance has been administratively punished twice by the Beijing Banking and Insurance Regulatory Bureau. On November 26, 2021, Mercedes-Benz Auto Finance was fined 400,000 yuan for serious violations of prudential business rules due to the failure of business continuity management to expose the failure of business continuity management, and on September 2, 2019, it was fined 800,000 yuan for serious deficiencies in the management of outsourcing activities.
From the latest data, it can be seen that the loan scale of Mercedes-Benz Auto Finance in the third quarter of 2021 was 41.619 billion yuan, lower than the 62.32 billion yuan at the end of 2020. As of the end of the second quarter of 2021, the principal balance of outstanding loans of Mercedes-Benz Financial Retail Business was 83.779 billion yuan. According to the data, at the end of the second quarter of 2021, Mercedes-Benz Financial's business network covered 270 major cities in China, with 682 dealers. Mercedes-Benz Financial mainly provides retail customers with 3 types of loan products: financial loan standard products, financial loan limited-time project products and used car/test drive financial loan products.
Xiaoxiang Morning News comprehensive reporter Li Xinzhi
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