What’s happening to my R699 car finance deal?
Afew weeks ago, the National Credit Regulator (NCR) issued a statement that it had come to an agreement with Absa over the clients who had taken car financing deals with the Satinsky dealership as part of the “own a car for R699 a month” scheme.
The scheme sold clients the promise that by driving around with an advert on their car they would receive enough advertising revenue to pay for the car.
Many people bought cars that they could not necessarily afford without the “advertising revenue”, and when the scheme collapsed in July 2014, many were left in financial difficulty.
As the Satinsky dealership used Absa for financing, the NCR investigated the bank’s lending practices as the proper processes, according to the National Credit Act, had not been followed.
An agreement was reached between the NCR and Absa to remediate the affected customers. The details, however, have not been made public and remain “confidential”, according to both the NCR and Absa.
Absa has, however, confirmed to City Press that all Absa customers “affected by the accommodation reached with the NCR have been contacted”.
According to an Absa spokesperson, the bank is doing “everything in our power to ensure no customer loses their car as a result of this scheme”.
“We have established a dedicated team to assist customers who may have questions or who are facing financial difficulties in repaying cars bought via the Satinsky scheme.”
Absa has asked concerned customers to contact Russel Booysen to assist with a possible solution. He can be reached via email on firstname.lastname@example.org or email@example.com, with the subject line being “Satinsky”.
– Maya Fisher-French