MFC (Motor Finance Corp) Rep on here?

skeptic_SA

skeptic_SA

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As per title. Is there a MFC rep on MyBB? Or does somebody have an email address:confused: for an employee that can assist with an account query? The online account query service is a little "wanting".
 
Have tried all avenues. Call Center / Contacts referred to me and nobody can give me a satisfactory answer regarding the R50 admin fee that I'm being charged per month. They say "its in the contract. Clause XYZ. Section ABC". Problem is: That clause relates to admin fees for overdue / late payment penalties. My car is paid by debit order and its never been late. So why are they charging me an extra R4000 over the term of the contract? For an admin fee that that they cant explain. I understand that according to some new legislation changes they have to show "admin costs" separately. But what are they for? Sundries? Commissions? They cant/wont explain...
 
It's an admin fee for admin stuff and things... hahaha.

Have you walked into Nedbank and started banging on doors yet?

Maybe I should check my contract now that you bring it up.
 
I think people in general are pretty trusting. To a fault actually. I dont have a "finance" brain. So when i see other costs from a vendor... I query. If their explanation is rational - I'm inclined to accept the charges. But when THEY themselves cant explain a charge... That's when I go Hulk.

Same thing happened with my last with car service. I get whacked R150 for "Sundries". Queried what this was for. They explained: Rags. Bolts etc... Not a fark...! My car came in with bolts. And if it didn't - please show me which bolts were replaced please. Also the rags should be included in the price of the service. R150 was promptly removed from the invoice. If they catch only 20% of their customers - that's a healthy little extra profit. I suspect they catch more than 20% though.
 
I was just told that admin fee is to keep the account open, I was like that doesn't even make sense. Skeptic if you get any answers let me know please cause I see its also on wesbank. So I am getting charged a 100 a month for two cars to keep the accounts open sigh
 
Are you guys talking about the R57 admin fee? Afaik they all charge that. It's the max allowed by the nca iirc.
 
I bought my car via koopkrag (in 2009) and didn't not have to pay that, nor the R1050 "initiation fee". Not sure if this still stands.
 
No, I am sure it fell under the new NCR. They just didn't charge those fees. At that time all of the other applications I made at dealerships using MFC or Wesbank had those fees listed.
 
rodga said:
Are you guys talking about the R57 admin fee? Afaik they all charge that. It's the max allowed by the nca iirc.
Click to expand...

That's the one. Same principle as garages charging for "consumables". They all do it - until you challenge it. My question to MFC has been (and remains) WHY? FOR WHAT? Over the course of my terms it equated to an additional R4000. The general apathy of most people is the reason (I suspect) they just do it. Fine - I may have always paid it unknowingly in the past because its value was concealed in the whole payment... But now they need to disclose it - And I simply want to know what its for. A little transparency please MFC.
 
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