“In contrast to RBNZ data, credit reporting agency data shows a marked decline in new vehicle loans from December 2021. “It is hard to discern if CCCFA changes have had an impact on vehicle finance loans at an aggregate level. “The stock of vehicle consumer loans has been relatively flat for the past six months and increased by $4.6 million from December 2021 to reach $1,533.7m in February 2022. “Reserve Bank of New Zealand data shows lending from this sector fell 0.5 per cent in the year to February 2022,” the report says. The findings of the investigation, which MBIE conducted alongside the Council of Financial Regulators, notes a subgroup of non-bank lending institutions are focused in the vehicle lending sector to households. MBIE adds borrowers are also subject to unnecessary or disproportionate inquiries that are perceived as intrusive. The study found more borrowers across all lending types who should pass the affordability test are subject to declines or reductions in credit amount. An investigation ordered by the government has revealed changes made to the Credit Contracts and Consumer Finance Act (CCCFA) last year led to a “marked decline in new vehicle loans”.Ī report from the Ministry of Business, Innovation and Employment (MBIE) says amendments to the laws in December last year had resulted in a number of unintended consequences.
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