Vehicle Repossession/Surrender

[F1 Fan]

Oh dear it just gets better and better.

But even then it might be nullified based on that, but not sure how it would blow back on him.

Probably a case of fraud...think it's better to take on the debt...and try to repay... trying to make the best of bad situation basically.

 

[Bismuth]

Oh dear it just gets better and better.

But even then it might be nullified based on that, but not sure how it would blow back on him.

What I was thinking, if he goes the bank and said that he had produced a fake payslip, then won't they repossess the car, but then nail him for fraud as well?

B

 

[Brenden_E]

Won't change, not in the short term, works for himself and does not earn a good salary. His friends "faked" a salary slip for him.

O wow. So he screwed himself proper.

 

[Priapus]

Okay I understand what you mean now.

Also I'm pretty sure they aren't allowed to penalise you any more, but I might be wrong.

I read somewhere if the loaned amount is less than 250k, they can't. In this case its more, so penalties.

Won't change, not in the short term, works for himself and does not earn a good salary. His friends "faked" a salary slip for him.

I hope he is no longer friends with these people who convinced him. He is screwed though. Going to have that 100k + debt for many years to come and absolutely nothing to show for it. Hard lesson to learn.

 

[SauRoNZA]

As usual if it's too good to be true...then it is.

I'll throw in a free "there's no get rich quick scheme" it doesn't exist. In fact the rich people are the ones who DO NOT fall for every scheme that comes along their way.

 

[Bunta]

Of course it is.

Buyer pays you the money, you pay the bank and you give him the papers.

Gets done every day.

Also how does a loan for 270k have a capital balance of 290k? I smell a LOT of bull**** here.

Yip, done this several times.

 

[Brenden_E]

As usual if it's too good to be true...then it is.

I'll throw in a free "there's no get rich quick scheme" it doesn't exist. In fact the rich people are the ones who DO NOT fall for every scheme that comes along their way.

Rich and poor people fall for schemes. However, rich people tend to be rich for a reason, which usually involves applying their minds. Poor people are poor for a reason, which usually involves making dumb decisions.

So poor people tend to fall for schemes more often due to their nature

 

[Bunta]

Ok, clearly you haven't thought your response through. He cannot pay the bank because he has no money to cover the shortfall.

Also, car was bought 3 months ago for 270k, he has only paid one months installment, and missed the other two. The bank charges you penalties for cancelling the loan so early, big penalties in fact. It's not 290k exactly, it's about 287k.

Your smelling sense are terrible.

oopsie, At least i never had a shortfall.
This dude's properly ****ed!
Best thing he could do is try to sell privately, then make arrangements with the bank for the shortfall.

OR get someone to buy the car by taking over the installments.

Also, remember, the dealers are offering trade value on the car. Retail might be a tad bit more.

Seeing this dude's already properly ****ed, there's always insurance fraud

Hey i keeed!

 

[HapticSimian]

...

Also I'm pretty sure they aren't allowed to penalise you any more, but I might be wrong.

Just for the sake of completeness: agreements to a value greater than R250k can (and do) incur early settlement penalties, amounting to a maximum of 3 months' worth of interest. Hence the settlement amount being greater than the initial capital balance.

 

[Drifter]

I've looked into it and apparently you end up paying more with a debt review. You have to account for legal costs etc which just inflates the amount.

There's no getting away from the fact that he needs to pay the shortfall. Atleast this way, we can structure a deal directly with the bank to pay it off, without lawyers etc. He gets a judgement on his name until the debt it paid, and then it falls away.

Not true. Under debt review your interest rates get dropped to anything between 1-6% with 6% being the max. End of the day you win, but it takes time. Not a short term solution.

 

[Priapus]

Not true. Under debt review your interest rates get dropped to anything between 1-6% with 6% being the max. End of the day you win, but it takes time. Not a short term solution.

It also screws up your credit score hectic. No one will give you credit easily for at least five years I think.

 

[F1 Fan]

It also screws up your credit score hectic. No one will give you credit easily for at least five years I think.

I want that. He shouldn't be allowed to take out more credit.

 

[CamiKaze]

What car is this though?

 

[F1 Fan]

What car is this though?

BMW 335

 

[ToxicBunny]

Won't change, not in the short term, works for himself and does not earn a good salary. His friends "faked" a salary slip for him.

Really?

This definitely sounds like the bank not doing their due-dilligence on the offer then..

A salary slip needs to have corresponding bank entries to corroborate the salary.

 

[Brenden_E]

I want that. He shouldn't be allowed to take out more credit.

Haha! Out of interest, how are you related to this person. Almost sounds like you are the dad.

 

[ToxicBunny]

I want that. He shouldn't be allowed to take out more credit.

Then start investigating that...

Do it now BEFORE you hand over the car and he is proper fscked.

 

[CamiKaze]

Really?

This definitely sounds like the bank not doing their due-dilligence on the offer then..

A salary slip needs to have corresponding bank entries to corroborate the salary.

So they faked 3 months bank statements as well?

sorry, tl;dr

Best thing is to sell privately to someone as dumb as him, like others have said, then cover the short fall.

I don't see how the bank can not take his annual turnover into account if he works for himself...

or maybe I'm just talking *****.

 

[Priapus]

Then start investigating that...

Do it now BEFORE you hand over the car and he is proper fscked.

I concur with Toxic here, rather do that. He will pay off the debt for a long time and have a crap score, so won't get into more financial *** too easily.

 

[SauRoNZA]

Just for the sake of completeness: agreements to a value greater than R250k can (and do) incur early settlement penalties, amounting to a maximum of 3 months' worth of interest. Hence the settlement amount being greater than the initial capital balance.

Specific to vehicle finance or also houses?