Transfer of Car Loan

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Pointing1

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Just a thought - has anyone ever had to transfer their vehicle loan to another bank for one reason or another...what are the experiences.
 
Yes, from MFC to Wesbank. I loved to get a better rate. Was worth it.
 
From my recent experience there will be a penalty charged when settlements figures are issued on the vehicle.
Remember on a VAF interest is calculated upfront.
 
I would get your new bank to do the leg work for you, they are afterall going to be coining it off obtaining your book.
 
Penalties ?

Im pretty sure finance houses can't penalise customers that settle any outstanding balances. Its illegal.
 
SinghDude said:
Penalties ?

Im pretty sure finance houses can't penalise customers that settle any outstanding balances. Its illegal.
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I thought so too before I settled my previous car. With most car loans there is a penalty if you settle early. Normally the penalty is 3 months of instalments.
 
SaiyanZ said:
I thought so too before I settled my previous car. With most car loans there is a penalty if you settle early. Normally the penalty is 3 months of instalments.
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Are you sure that was before or after the NCA ??????
 
no penalties, but you pay initiation fees for the new bank you are moving to
 
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