Banks and car dealers are reportedly engaging in practices that may infringe on consumer rights, according to a recent review. Customers are often encouraged to purchase additional services at inflated prices. Contracts are structured in such a way that rejecting these services or obtaining refunds becomes difficult, raising concerns about consumer protection.
The review highlights specific issues where customers are offered expensive insurance consulting services, which are typically free of charge. Additionally, discounts on cars are sometimes conditional upon purchasing the vehicle on credit or acquiring extra paid services. There have been instances where borrowers were not adequately informed about deal terms, leading to unnecessary expenses and potential gaps in legal protection.
In response to these findings, the Bank of Russia has issued warnings to lenders regarding these practices. The regulator has also provided consumers with advice on avoiding deceptive lenders or sellers and guidance on how to file complaints if necessary.