Vehicle Repossession/Surrender

[Priapus]

Specific to vehicle finance or also houses?

I believe its a higher amount with Houses for obvious reasons.

 

[HapticSimian]

Specific to vehicle finance or also houses?

Any credit agreement provided by a registered credit provider. You can settle a 20-year bond penalty-free provided you give 3 months' notice. Most people won't though, so the banks still come out ahead.

 

[Brenden_E]

Specific to vehicle finance or also houses?

This applies to houses as well.

 

[kang]

So why has the Uber thing not worked out? Has he tried?

If there are missed payments on the car and it gets "stolen" would he still be covered?

 

[Rouxenator]

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.

Right so up till this point he would have been in a crappy situation where he owed the bank R100k+ he is now going to jail as well for fraud.

 

[SauRoNZA]

Any credit agreement provided by a registered credit provider. You can settle a 20-year bond penalty-free provided you give 3 months' notice. Most people won't though, so the banks still come out ahead.

Yeah I am aware of the 3-month clause on the home loans actually.

But I believe you can do that even in the first year as long as you give the 3-month notice.

That doesn't seem to be applicable on the vehicle finance though? The 3-month notice regardless of contract term I mean.

But I guess my default any person selling one house to buy another would settle with that 3 months in place because of the transfer costs and how long they take etc?

 

[SYNERGY]

So why has the Uber thing not worked out? Has he tried?

If there are missed payments on the car and it gets "stolen" would he still be covered?

For the book value. He can take out cover for the difference thou. I know Standard Bank offers it.

 

[Pitbull]

How come this family member didn't do Uber?

Some people on here (MyBB) are making a killing via Uber.

 

[Rouxenator]

Bear in mind that when the car gets auctioned off it is not a given that it will fetch book value. So you are looking at owing a minimum of R100k for nothing, most likely it will be R150k.

 

[Paul_S]

That doesn't seem to be applicable on the vehicle finance though? The 3-month notice regardless of contract term I mean.

From Westbank:
For agreements that involve finance greater than R250 000 and that fall outside the scope of the National Credit Act (which we call large agreements), the settlement amount is the same as above but with the addition of extra interest known as an early termination fee.

 

[Pox]

Who are these 'friends'. Who in their right mind tells a friend to buy a R300k (roughly) when they have no income? And then commit fraud by forging salary statements? That is crazy at best and criminal at worst.

Especially if the car was to be used to generate income, there are an almost endless selection of better vehicles.

If you friends with any of these 'friends' I would suggest not having anything to do with them again, as it looks very much like they abused and effectively stole money from your family member.

 

[Fazda]

Who are these 'friends'. Who in their right mind tells a friend to buy a R300k (roughly) when they have no income? And then commit fraud by forging salary statements? That is crazy at best and criminal at worst.

Especially if the car was to be used to generate income, there are an almost endless selection of better vehicles.

If you friends with any of these 'friends' I would suggest not having anything to do with them again, as it looks very much like they abused and effectively stole money from your family member.

^^^^ This!!

The more I read this, the more I think that you should let your mate rot for this one, what a Goddam idiot!

 

[ngwe23]

BMW 335

What machine that. I don't blame the guy for going all out to get that car.

 

[Fazda]

What machine that. I don't blame the guy for going all out to get that car.

Oh FFS - now I've heard it all!

 

[Priapus]

What machine that. I don't blame the guy for going all out to get that car.

I do. He couldn't afford it and knew he could't. His friends are even bigger *******s.

 

[Rouxenator]

What machine that. I don't blame the guy for going all out to get that car.

Risking a criminal record to drive a Bankrot Maar Windgat makes no sense.

Buy cars for less than R250k that you can afford. After just 4 instalments of a possible 60 I am settling my last purchase.

 

[ngwe23]

Bear in mind that when the car gets auctioned off it is not a given that it will fetch book value. So you are looking at owing a minimum of R100k for nothing, most likely it will be R150k.

Given that it is an out of motor plan, high performance, high mileage BMW I wouldn't be surprised if he gets even less.

 

[ToxicBunny]

What machine that. I don't blame the guy for going all out to get that car.

We all do, its a very average car at the end of the day and he has now fscked up his entire life for it.

 

[F1 Fan]

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

Im in my twenties, definitely not my kid. Not even my family, my wife's family but I care about the guy. Like I said, he is not a bad person, just the wrong people advising him.

So why has the Uber thing not worked out? Has he tried?

If there are missed payments on the car and it gets "stolen" would he still be covered?

Uber needed specific requirements i.e replacing tyres that are more comfortable, tinting windows etc. It would've costed money and we aren't sure that Uber will work. Also, we need a driver that will not hammer a 3L. Virtually impossible.

^^^^ This!!

The more I read this, the more I think that you should let your mate rot for this one, what a Goddam idiot!

Not that easy hey........

 

[F1 Fan]

Who are these 'friends'. Who in their right mind tells a friend to buy a R300k (roughly) when they have no income? And then commit fraud by forging salary statements? That is crazy at best and criminal at worst.

Especially if the car was to be used to generate income, there are an almost endless selection of better vehicles.

If you friends with any of these 'friends' I would suggest not having anything to do with them again, as it looks very much like they abused and effectively stole money from your family member.

They did effectively steal from him, but at the end of the day he is an adult and he makes his own decisions, regardless of who influences him. I don't know said friends, and I don't really care. As long as he keeps his distance from them.