Residents in Porirua and surrounding areas who borrowed from a former car finance company could be owed money, with the Commerce Commission working to track down around 120 people before a May deadline.
The Commission says many of those eligible may have lived locally when they took out loans with El Cheapo Cars Ltd, which operated in Porirua and Levin under the name Ezybid Finance.
Last year, the company was fined $115,000 and ordered to repay more than $341,000 to borrowers after breaching the Credit Contracts and Consumer Finance Act. While more than 200 people have already been refunded, dozens remain uncontacted.
The Commission estimates at least 70 of those still owed money previously lived in the wider Porirua area.
Repayments range from $200 to more than $3,700, with an average of about $770.
Borrowers have until the end of May 2026 to come forward.
Anyone who took out a loan with El Cheapo Cars between 2009 and 2021 and topped up that loan at any time may be eligible. This applies whether the loan has been repaid or is still being paid off.
Because some loans date back many years, borrowers do not need to have documentation. Instead, the Commission will verify claims using details such as past addresses, contact information and an approximate timeframe for when the loan was taken out.
Sarah Bartlett, director of credit at the Commerce Commission, said the breaches related to failures to properly inform customers about changes to their loan terms.
“In 2024, the Commission filed seven charges under the Credit Contracts and Consumer Finance Act against El Cheapo Cars Ltd, which traded as Ezybid Finance,” Bartlett said.
“The charges were for variation disclosure breaches. Essentially, the company varied the terms of borrowers’ contracts without telling the borrowers in writing the effect of the changes.”
Bartlett said the Commission is now focused on reaching those still owed money.
“We have successfully refunded over 200 borrowers but are still trying to locate and contact about 120 more. We understand some borrowers may be elderly, face language barriers, or technology challenges.”
She urged friends and family members to help spread the message.
“It is crucial we hear from borrowers, or people who may know borrowers, who had El Cheapo loans within the dates provided.”
Borrowers can contact the Commerce Commission by emailing [email protected] or calling 0800 943 600. Those calling are asked to identify themselves as an El Cheapo Cars borrower and leave their contact details.
The Commission is encouraging community organisations and residents to share the information to help ensure those affected receive any money owed.