Can you for the life of me Believe this. I have 3 Accounts with MFC (Motor finance Corporation) As per my previous Post with My Volvo C70 where i feel that MFC Kicked me when i was lying down the next issue arrises.
Because of the situation with My volvo C70 i decided to take my other 2 accounts away from MFC. the first one My Renault scenic. I received an account 2 days ago stating my outstanding balane R 104 000. Take one guess what the settlement amount is....After and taken in consideration another payment wich should bring the balance down to about R 102 000 the Settlement amount is R 106 000. MFC Never stops to amaze thats for damn sure.
I Am making a case against MFC for Unfair practice as set out in the Consumer protection act.
Tuesday, August 28, 2012
Monday, August 20, 2012
Abused By Motor Finance Corporation
Some Time ago, As it happens on a Daily basis to Thousands of People, Due to the Economy My business in Construction did not do as well as Previously.My 2009 Volvo C70 was at this time Financed Trough MFC also known as the Motor Finance Corporation.
I Contacted MFC To request their assistance in This regard by Re-financing my Volvo so i could pay a lower monthly installment.
I was met by MFC with a Cold, No care Attitude. They responded and i quote " I am afraid we will not be able to assist you as you are already over your period" ??I Certainly did not understand this statement, I had the Car for 2 Years already paying approx R9500-00 per month. If MFC Wanted to help they could have, They were just simply not interested in Assisting a Client.
I Then Decided ( As i was now left with no other option ) To Surrender the Car as i was well aware of the fact that the Market value of the car is Similar to the amount i owe ( R400 000 )
When MFC's Employee / Collector Collected the Car ( As you can imagine was a very sad moment for me ) Myself and the Collector Had a Verbal agreement that if the car,s value after valuation by MFC is much lower than the market value i must be informed prior to sale on auction whereafter i will take the car back and make a plan to pay the installments. The Collector from MFC Ensured me that he takes the car to the MFC wharehouse where it will be evaluated. He also ( As per our agreement ) Insured me that MFC will contact me first to discuss the process forward after valuation before Auctioning.
I Was NOT CONTACTED. The next correspondance from MFC was a electronic Statement reflecting the following amounts. Car Sold R 171 000-00 Balance outsanding R 229 000 -00 at the normal monthly installments???? After lots of complaints on Hello peter by myself the end result was that MFC claim they can not trace any agreement and trust i find all in order, I mean are you freeking kidding me, I Realised to late that i was Stupid enough to Trust that MFC Will honor a Verbal Agreement, Trust me, THEY DONT.
I Started this Blog To warn People, If you think MFC will at any given time Assist you when you have financial problems, think again. Out of experience i can tell you, MFC will repo your car, Sell it for way way below Book or market resale Value and at the original Agreed Monthly payment hold you responsable for the Balance.
I went trough this feeling that MFC stepped on me and kicked me when i was lying down.
If You had a similar experience with MFC you are welcome to put your article / Complaint here.
I Contacted MFC To request their assistance in This regard by Re-financing my Volvo so i could pay a lower monthly installment.
I was met by MFC with a Cold, No care Attitude. They responded and i quote " I am afraid we will not be able to assist you as you are already over your period" ??I Certainly did not understand this statement, I had the Car for 2 Years already paying approx R9500-00 per month. If MFC Wanted to help they could have, They were just simply not interested in Assisting a Client.
I Then Decided ( As i was now left with no other option ) To Surrender the Car as i was well aware of the fact that the Market value of the car is Similar to the amount i owe ( R400 000 )
When MFC's Employee / Collector Collected the Car ( As you can imagine was a very sad moment for me ) Myself and the Collector Had a Verbal agreement that if the car,s value after valuation by MFC is much lower than the market value i must be informed prior to sale on auction whereafter i will take the car back and make a plan to pay the installments. The Collector from MFC Ensured me that he takes the car to the MFC wharehouse where it will be evaluated. He also ( As per our agreement ) Insured me that MFC will contact me first to discuss the process forward after valuation before Auctioning.
I Was NOT CONTACTED. The next correspondance from MFC was a electronic Statement reflecting the following amounts. Car Sold R 171 000-00 Balance outsanding R 229 000 -00 at the normal monthly installments???? After lots of complaints on Hello peter by myself the end result was that MFC claim they can not trace any agreement and trust i find all in order, I mean are you freeking kidding me, I Realised to late that i was Stupid enough to Trust that MFC Will honor a Verbal Agreement, Trust me, THEY DONT.
I Started this Blog To warn People, If you think MFC will at any given time Assist you when you have financial problems, think again. Out of experience i can tell you, MFC will repo your car, Sell it for way way below Book or market resale Value and at the original Agreed Monthly payment hold you responsable for the Balance.
I went trough this feeling that MFC stepped on me and kicked me when i was lying down.
If You had a similar experience with MFC you are welcome to put your article / Complaint here.
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