Wesbank Early Settlement Penalty

[Jase]

I recently settled the outstanding amount on the wifes car (R60k). No penalties paid. I went online, accessed my account and requested a quotation to settle. I received and made payment and 3 days later I confirmed telephonically.

 

[Dolby]

Like was said earlier, for larger balances. But also they don't state it when you access online and get the quote.

Login, go to amortisation table and see what the outstanding capital is on a date. Then request a quote and see the difference.

My outstanding capital is 343k and my settlement is 353k

 

[reactor_sa]

MFC said for agreements over R250k there are penalties. They didn't say much more. I'd go with the previous post about what the NCA says: typically the finance house will charge as much penalty as is allowed under the NCA.