Car finance

J

joker08

Expert Member
Joined
Sep 4, 2018
Messages
2,522
Reaction score
938
Location
Cape Town
My wife recently got her south african permanent residency and her SA id in Jan this year. She has been employed for more than 2 years. She has a fnb credit card too which she has been using for six months.
But she is unable to get vehicle finance. They say her id doesn't reflect on the credit bureau systems. The finance manager at the dealership says she just has to wait for her credit records to get updated.
My question, is there a way we can get it updated on the system any faster ? I mean she is already using the credit card, shouldn't her details be already there ??
 
also as she already owns a credit card and has been using it regularly shouldn't her record be there already ?
 
I normally stagger my free requests so that I get a credit report more regularly as you get one free per credit bureau. On that report, there is contact details for errors. Apparently I bought a house and car in Kuils River. Of the top of my head there is Transunion, Experian and another big one that I cant get to at the moment. Google them, register and request your free report.
 
resgistered with transunion and experian, strangely all her details are already there, dont understand why they say her details are not reflecting. I guess she will have to speak to MFC finance and check whats the true story
 
If she only got her permanent residency in Jan, but she has been using a credit card fir the last six months I am willing to bet that her "credit record" on the credit card is updated against her passport number or work permit.
 
Grubscrew said:
If she only got her permanent residency in Jan, but she has been using a credit card fir the last six months I am willing to bet that her "credit record" on the credit card is updated against her passport number or work permit.
Click to expand...
Permanent residency was received last year, but home affairs took a whole year to issue the ID. At the time of credit card application we did submit a copy of permanent residency. But i think the systems are designed to work with either ID numbers or passport numbers so I am guessing they used her passport number.
 
Also transunion website only asked for ID number and was able to pull up all her financial records even the ones that were applied before she received her ID number.
 
joker08 said:
resgistered with transunion and experian, strangely all her details are already there, dont understand why they say her details are not reflecting. I guess she will have to speak to MFC finance and check whats the true story
Click to expand...

Find out which credit bureau MFC uses. Telkom uses XDS for example, so would looking at Transunion and Experian help? Not as much as looking at XDS would.
 
signates said:
She should try Wesbank as she has a credit card with FNB.
Click to expand...

While i do like Wesbank's service, keep in mind if you trade in early you'll get a nice penalisation that MFC don't do.
 
neoprema said:
While i do like Wesbank's service, keep in mind if you trade in early you'll get a nice penalisation that MFC don't do.
Click to expand...
I think penalties only apply to early settlement for vehicle loans of more than R250k and only if you do not give them 3 months notice that you will be selling early. All finance houses do this. So if you are going to trade in before the end of the loan term just give them 3 month notice and only if the original finance amount was more than R250k.
 
neoprema said:
While i do like Wesbank's service, keep in mind if you trade in early you'll get a nice penalisation that MFC don't do.
Click to expand...
A quick Google search indicated they use experian so got her registered with them. Will have to call them on Monday and check for exact details. One question is the term "credit bureau " the right term to use here in south Africa ? Because when I asked this to the finance manager at the dealership he dint seem to understand or probably was just my accent ?
 
joker08 said:
A quick Google search indicated they use experian so got her registered with them. Will have to call them on Monday and check for exact details. One question is the term "credit bureau " the right term to use here in south Africa ? Because when I asked this to the finance manager at the dealership he dint seem to understand or probably was just my accent ?
Click to expand...

Yeah we use credit bureau, or ITC or "credit-checks"
 
joker08 said:
A quick Google search indicated they use experian so got her registered with them. Will have to call them on Monday and check for exact details. One question is the term "credit bureau " the right term to use here in south Africa ? Because when I asked this to the finance manager at the dealership he dint seem to understand or probably was just my accent ?
Click to expand...
If he is in finance he should know the common terms. I stated previously in other threads, how car dealerships steer people to thier own finance house without bothering to contact the banks financing departments. This happened to me and a few colleagues. I informed them to insist on seeing other bank quotes, which for some other reason the finance guys never can produce. It might have been a case where they only ran the details through thier own finance database and not through the banks. Have you contacted MFC directly?
 
rh1 said:
If he is in finance he should know the common terms. I stated previously in other threads, how car dealerships steer people to thier own finance house without bothering to contact the banks financing departments. This happened to me and a few colleagues. I informed them to insist on seeing other bank quotes, which for some other reason the finance guys never can produce. It might have been a case where they only ran the details through thier own finance database and not through the banks. Have you contacted MFC directly?
Click to expand...
Called them yesterday it was saturday, the person on the phone just said he can only tell me the status of the application and if I want to know the exact reason call back on Monday and speak to a manager. Will call them tomorrow and check
 
rh1 said:
they only ran the details through thier own finance database and not through the banks
Click to expand...

Just FYI, I was at Hyundai yesterday and the finance lady showed me the system they use. It applies for finance from all the banks as well as MFC at the same time. The system comes up with a approved or denied result in a few minutes and you can go into each one and see the interest rate they offered as well as the reasons for denying the finance in the car that it was denied.

Not sure if all the car companies use the same system though.
 
  • Like
Reactions: rh1
Crowley said:
Just FYI, I was at Hyundai yesterday and the finance lady showed me the system they use. It applies for finance from all the banks as well as MFC at the same time. The system comes up with a approved or denied result in a few minutes and you can go into each one and see the interest rate they offered as well as the reasons for denying the finance in the car that it was denied.

Not sure if all the car companies use the same system though.
Click to expand...
Been a while since I bought a car, 2013. So things might have changed.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X