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.
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Vehicle Repossession/Surrender
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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
Expert Member
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
Executive Member
O wow. So he screwed himself proper.
I read somewhere if the loaned amount is less than 250k, they can't. In this case its more, so penalties.
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
Honorary Master
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.
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.
Brenden_E
Executive Member
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
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
Honorary Master
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
Honorary Master
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.
I want that. He shouldn't be allowed to take out more credit.
BMW 335
ToxicBunny
Oi! Leave me out of this...
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
Executive Member
Haha! Out of interest, how are you related to this person. Almost sounds like you are the dad.
ToxicBunny
Oi! Leave me out of this...
Then start investigating that...
Do it now BEFORE you hand over the car and he is proper fscked.
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 *****.
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.