Ridiculous vehicle interest rate

Napalm2880

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Mar 8, 2007
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1,874
Just refinance it, wesbank gave me a pretty good rate.
This is the best advice you're going to get.

It absolutely baffles me as to how people (because OP is not alone) can take out loan for such a large amount of money and not be bothered to ask these questions or read the documentation prior to signing.
 

supersunbird

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Joined
Oct 1, 2005
Messages
48,417
This is the best advice you're going to get.

It absolutely baffles me as to how people (because OP is not alone) can take out loan for such a large amount of money and not be bothered to ask these questions or read the documentation prior to signing.
A young first time buyer doing it on own probably doesn't know what questions to ask.
 

RedViking

Nord of the South
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Feb 23, 2012
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20,832
I've never financed a car or taken out a loan. Lol, I would have thought it is normal.... Good I don't live on a debt.
 

Steamy Tom

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Jan 23, 2019
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jeezus, alot of high horses here hey. come on guys, alot of people genuinely dont know. At least the OP is brave enough to say it happened and asked for advice.
a lot.... c'mon bro

The reason people have high horses is because OP came in here looking to defend his negligence, not take responsibility for it.
 

Foxhound5366

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Oct 23, 2014
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6,796
Omw, there are literally only six figures in any loan agreement: purchase price LESS deposit AT interest rate OVER period EQUALS repayment.

If you enter a loan agreement and don't look at all six figures, then it's just school fees.
 

nazmo

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Jul 3, 2018
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857
I worked in manufacturing for years, therefore interacted with alot of the factory staff. I found that the majority of lower income earners, who grew up without parents who could ever get financing, just are not informed at all, just never had the conciousness about such things in any way. It takes a sly salesman just a few words to convince them that its "normal"... Now im not defending, nor am I saying that this is the case with the OP. but I guarantee that most of the country dont have a clue about any of these things. ... any ways. way off topic.
 

quovadis

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Sep 10, 2004
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2,996
Omw, there are literally only six figures in any loan agreement: purchase price LESS deposit AT interest rate OVER period EQUALS repayment.

If you enter a loan agreement and don't look at all six figures, then it's just school fees.
What's the 6th?
 

The_Traveller

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Aug 9, 2008
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2,235
This is the best advice you're going to get.

It absolutely baffles me as to how people (because OP is not alone) can take out loan for such a large amount of money and not be bothered to ask these questions or read the documentation prior to signing.
Wait, what ? Large amount ?
 

Matt91

Well-Known Member
Joined
Sep 4, 2014
Messages
288
I've had an incident once when I was buying my second car and after receiving the iContract from Wesbank I noticed my name was spelled incorrectly, I notified the finance lady and she said she'd fix it and re-send the contract. Lo and behold I get the revised contract and notice my name is corrected and the sneaky fcks had changed the interest rate from 12.24 to 14.something I was so annoyed and made such a scene about the dishonesty I got it fixed at 11.5%. :ROFL:

But just goes to show they're dishonest c*nts and they prey on people not going over everything and understanding it all.
 

Polymathic

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Mar 22, 2010
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13,740
If the OP has a good credit record I'm sure his bank will be willing to make a plan
 

Rhein

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Jul 26, 2019
Messages
36
I was thinking about the "on the road costs" and other extras ... so it's purchase price PLUS extras LESS deposit...
There was some ruling that the National Credit Regulator prohibited the inclusion of on the road fees in the loan agreement.
I'm assuming that these fees are deducted from the deposit or have to be paid in cash when concluding the agreement.

Aha! Here it it is:
https://www.timeslive.co.za/news/consumer-live/2017-12-06-illegal-charges-still-being-added-to-vehicle-finance-contracts/
 

Foxhound5366

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Oct 23, 2014
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6,796
There was some ruling that the National Credit Regulator prohibited the inclusion of on the road fees in the loan agreement.
I'm assuming that these fees are deducted from the deposit or have to be paid in cash when concluding the agreement.

Aha! Here it it is:
https://www.timeslive.co.za/news/consumer-live/2017-12-06-illegal-charges-still-being-added-to-vehicle-finance-contracts/
Hah, who has bought a car recently? My last purchase was back in 2017 and my on-the-road costs were definitely added to the total deal cost (although I suspect they just deducted it from my trade-in value to get around this law). Certainly in the 10 years I've been buying cars, I've never had to pay those fees cash, although they've been present every single time.
 

RedViking

Nord of the South
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Feb 23, 2012
Messages
20,832
I have already contacted the dealership and wesbank, my contract will be redone as there is lots of errors. Thank you
It would be interesting to hear what the new interest rate will be once you have received it.
 

SauRoNZA

Honorary Master
Joined
Jul 6, 2010
Messages
33,767
How the **** do you sign a finance contract without knowing what the interest rate is?

It’s pure negligence on your part.
 
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