BMW 'pushing Aussies toward bankruptcy'

A number of Aussies could be tempted to compare low rate credit cards after a new report highlighted problems for BMW owners.

The Sunday Herald Sun has reported that hundreds of Australians are facing bankruptcy as BMW is pursuing proceedings over a number of luxury vehicles.

According to the newspaper, the customers face losing the cars and possibly their homes over the "massive debts" they have accrued.

For those who still have a chance to pay of their accounts, comparing low rate credit cards could be an appropriate course of action.

"The company took 226 Australians to court last year, up almost 37 per cent on the previous year, while overall national bankruptcy figures remained stable. A further 21 actions have been launched this year," the news provider explained.

"BMW Finance offers loans for all makes of luxury cars under several schemes, including a fixed installment scheme that ends with a big 'balloon', or final repayment."

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