Signed Finance Contract - Now what?

D

Defirence680

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Hi,

I contacted Mike Hopkins Motorcycles in Cape Town to see if they can arrange finance on a new bike for me, they got pre-approval, approval and I've signed the contract from Standard Bank, Mark has been really helpful in getting me sorted out, but the bank and my insurance are giving ****, I'm not receiving the Notification of Interest, an updated one to send to the bank. Insurance has been active since yesterday and they are going to double debit me for this month and July on the 1st of July. Does this mean I'm not guaranteed to get the bike delivered? Is Standard Bank still in the decision process? If they don't get it delivered soon, I'm going to be paying insurance for something I'm unable to use. I'm really confused as to what's happening at this step? I thought Standard Bank will finance it now, I've signed and I'm unsure now on what the heck is happening. Anyone else gone through this same process?

TLDR: Signed contract, courier coming to pick up originals for a new bike this morning, unsure if the bike is going to be financed and delivered to me now that I'm done with most of the paperwork.

+side, Getting **** from work for some reason because I'm sorting this stuff out. But they complain when I'm 20min late because I have to get a lift and then walk, really... and they also bitch and moan when I'm trying to sort the bike out so I'm NOT late for work and have to walk+/use the train. I'm losing my patience. :mad::confused:
 
Not sure I understand what you are saying. If you have already signed the contract, why would Standard Bank still be "in the decision process"?

Why haven't you contacted the dealership with regards to the delivery?
 
If Standard Bank approved and you signed the contract, and you've got insurance sorted, you can immediately take delivery with temporary plates. Then all that has to happen is the dealership needs to register the vehicle and give you the licence plates. That's all. Demand the bike to be delivered.
 
wazup said:
Not sure I understand what you are saying. If you have already signed the contract, why would Standard Bank still be "in the decision process"?

Why haven't you contacted the dealership with regards to the delivery?
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I'm trying to get through to the oke, but I presume he's also busy, he's getting the originals from me today. They haven't been dated yet or signed with witness because I wasn't able to sign them physically in person, there at the dealership, so I guess it might take longer.

But I'm sure it can be delivered soon, I hope. Not having my own two wheels is killing me.
 
Foxhound5366 said:
If Standard Bank approved and you signed the contract, and you've got insurance sorted, you can immediately take delivery with temporary plates. Then all that has to happen is the dealership needs to register the vehicle and give you the licence plates. That's all. Demand the bike to be delivered.
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He said that they can register it for me, with no cost, basically I'm not paying anything except insurance and monthly payment end of this month.

I think the only thing we're still waiting for is the updated Notice Of Interest from Dial Direct (I think their system is ****ing around) and the courier to pick the originals up at where I work, because I wasn't able to sign them physically.
 
The bank wants proof that their interest is noted on the insurance. Simple to get sorted with the insurer. Send the confirmation of cover to Standard bank where it notes their interest and go collect the bike. Simple, and quick. Dono what the story is here...
 
Dude why on earth would Mark arrange with Standard Bank and not BikeFin like they normally do? Did you specially request it?

Also are you utterly insane to go to Dial Direct for bike insurance?

Do you want me to point you to a proper broker in Cape Town who can probably get you all sorted by the end of the day at worst tomorrow via email alone?

Not sure what this "Notice of Interest" nonsense is, that sounds more like a pre-finance kind of paperwork. What you want is simple "Proof of Insurance".

Dial Direct already useless and probably charging you a fortune for it.

By the way...what did you buy? The Speed Triple on special?


****

Also next time do Wesbank. I didn't need to sign anything physically in person anywhere and did it all online.

Even with my most recent BMW purchase in Nelspruit all was done before hand and I accepted it via my phone when I got there and all was in order.
 
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SauRoNZA said:
Dude why on earth would Mark arrange with Standard Bank and not BikeFin like they normally do? Did you specially request it?

Also are you utterly insane to go to Dial Direct for bike insurance?

Do you want me to point you to a proper broker in Cape Town who can probably get you all sorted by the end of the day at worst tomorrow via email alone?

Not sure what this "Notice of Interest" nonsense is, that sounds more like a pre-finance kind of paperwork. What you want is simple "Proof of Insurance".

Dial Direct already useless and probably charging you a fortune for it.

By the way...what did you buy? The Speed Triple on special?


****

Also next time do Wesbank. I didn't need to sign anything physically in person anywhere and did it all online.

Even with my most recent BMW purchase in Nelspruit all was done before hand and I accepted it via my phone when I got there and all was in order.
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Hmmm, you're right, well I didn't expect to get finance approved because my credit score is non-existent/low. He said he needs some docs and then send it off to the banks.

Notice of Interest is the letter showing the Insurance has all the **** sorted and registered etc for the bank. Dial Direct's system is being a POS so that's maybe why. I can't cancel the contract this far into the process, and I did already do an online application with BikeFin (No reply or even acknowledgement since). It's a SYM 2017 Wolf SB 250.

Next time I'll deffo use Wesbank instead of all this couriers coming to collect originals and all this k@k. But I was desperate because the last cheap 2nd hand piece of ****'s engine seized.
 
SauRoNZA said:
Not sure what this "Notice of Interest" nonsense is
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Taking advice from someone that does not know what this is...hmmmm

When you do finance for your vehicle the bank request a "Noting of interest"(proof that you are insuring the asset) before they give the dealer go ahead to release the asset to the purchaser. This is something the bank wants. Not some made up thing from insurance companies.
 
terencej said:
Taking advice from someone that does not know what this is...hmmmm

When you do finance for your vehicle the bank request a "Noting of interest"(proof that you are insuring the asset) before they give the dealer go ahead to release the asset to the purchaser. This is something the bank wants. Not some made up thing from insurance companies.
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Not 100% correct.

They want proof that it's insured and THEIR interest noted. Meaning that should something happen, they get their share first and you get the balance. That is why they need to make sure their interest is noted as per the term "Noting of interest"

Normally the insurer will send confirmation of cover with a subject line stating: Interest noted - Wesbank/Stanic/MFC and so on. It will be on the confirmation of cover.
 
Pitbull said:
Not 100% correct.

They want proof that it's insured and THEIR interest noted. Meaning that should something happen, they get their share first and you get the balance. That is why they need to make sure their interest is noted as per the term "Noting of interest"

Normally the insurer will send confirmation of cover with a subject line stating: Interest noted - Wesbank/Stanic/MFC and so on. It will be on the confirmation of cover.
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Sorry yes, you are 100% correct.
 
So really, the problem here isn't the finance house and its couriers, but the insurance company. Dial Direct ... you get what you pay for.
 
terencej said:
Taking advice from someone that does not know what this is...hmmmm

When you do finance for your vehicle the bank request a "Noting of interest"(proof that you are insuring the asset) before they give the dealer go ahead to release the asset to the purchaser. This is something the bank wants. Not some made up thing from insurance companies.
Click to expand...

And if you read my post properly you’ll see that it’s always been called “Proof of Insurance” in my cases.

It’s not the concept I had an issue with but the specifics term.

I know exactly how it works.
 
Pitbull said:
Not 100% correct.

They want proof that it's insured and THEIR interest noted. Meaning that should something happen, they get their share first and you get the balance. That is why they need to make sure their interest is noted as per the term "Noting of interest"

Normally the insurer will send confirmation of cover with a subject line stating: Interest noted - Wesbank/Stanic/MFC and so on. It will be on the confirmation of cover.
Click to expand...

Thank you.

Exactly the same thing I referred to just a difference in terminology.

And as you say it’s all covered in the proof of insurance document.
 
Update:

Dial Direct system is still being a POS, expecting a call from Standard Bank, Ample Insurance and Santam today. Will have to take the calls in my lunch hour. Gotta get this thing sorted and delivered by the latest next week Monday.
 
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