Vehicle Repossession/Surrender

[Wall]

By arrange you mean go for dinner in central jhb and use street parking?

yep, doors unlocked, keys in car.

 

[Sinbad]

yep, doors unlocked, keys in car.

Unable to produce keys = insurance investigation of note.

 

[Wall]

Unable to produce keys = insurance investigation of note.

fine keep the keys and leave the wires easily accessible for hot wiring.

 

[ToxicBunny]

fine keep the keys and leave the wires easily accessible for hot wiring.

Yeah, you can't actually "hotwire" a car like a 335.. haven't been able to for years. Maybe you should stop watching so many Hollywood movies

 

[JV_011_]

Insurance fraud ??

 

[Progenix Oj101]

That's quite a story, but I know a way out. Sell the movie rights.

 

[Priapus]

Yeah, you can't actually "hotwire" a car like a 335.. haven't been able to for years. Maybe you should stop watching so many Hollywood movies

Easier to have the car written off.

 

[F1 Fan]

The bank is offering R101 000 for a car they approved a loan of R270 000 for. Surely something is not right? Who can I lodge a complaint with? OMBUDSMAN?

 

[Rouxenator]

How much has the car aged since the loan was approved and what mileage did it do?

 

[Wall]

How much has the car aged since the loan was approved and what mileage did it do?

from his posts. 3 months since purchase. only did an extra 500km plus removed some dents on the car.

 

[Rouxenator]

Somehow this whole tread just seems like....

 

[F1 Fan]

How much has the car aged since the loan was approved and what mileage did it do?

3 months and 500kms..

 

[ToxicBunny]

Something is not right...

This sounds very much like a case of reckless lending on the banks part, fraud on your mates part..... lots of dodgy stuff....

 

[HapticSimian]

The bank is offering R101 000 for a car they approved a loan of R270 000 for. Surely something is not right? Who can I lodge a complaint with? OMBUDSMAN?

Perhaps, if your buddy hadn't secured the loan with a fraudulent payslip.

 

[F1 Fan]

Perhaps, if your buddy hadn't secured the loan with a fraudulent payslip.

I acknowledge that it was fraud, doesn't give the bank the right to recklessly lend.

 

[ToxicBunny]

I acknowledge that it was fraud, doesn't give the bank the right to recklessly lend.

Well how exactly were the bank to know it was reckless if the information they were given was fraudulent?

Ultimately the responsibility for all of this lies with your friend.

 

[HapticSimian]

I acknowledge that it was fraud, doesn't give the bank the right to recklessly lend.

Sure. What do you think might be the repercussions for your mate, when the ombudsman's questions to the bank lead to his fraudulent conduct being uncovered?

 

[creeper]

I acknowledge that it was fraud, doesn't give the bank the right to recklessly lend.

It does in a way. If you misrepresent your income and expenses, it exonerates the bank from the liability of reckless lending.

 

[Wall]

I acknowledge that it was fraud, doesn't give the bank the right to recklessly lend.

lend irresponsibly is better.

How the feck could they agree to finance a car for R270K when the buy back is 190K at dealers and 100K with them.

 

[Hitchcock]

I acknowledge that it was fraud, doesn't give the bank the right to recklessly lend.

The problem with fraudulent applications are as follow:

Legally, it is not expected from the bank to identify fraud on every application. In fact, many fraudulent applications can be pushed through without the bank even knowing it.

The fraudulent application may actually fall into favour of the bank. They will just state that they would never have approved the finance, had they known fraud was committed. They may even state that the fraudulent application lead to the 'reckless lending'.

The bank will also, without delay, have their fraud department investigate the application and - if fraud is found - open criminal charges with the saps commercial crime unit with immediate effect.

The family member can expect to be arrested and put on trial in the commercial crimes court.

If fraud was committed, I would highly recommend that you do not piss the bank off and take this losses and ensure the bank is paid to make this all go away.