What’s hap­pen­ing to my R699 car fi­nance deal?

CityPress - - Tenders -

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 rus­selbo@absa.co.za or avafhot­line@absa.co.za, with the sub­ject line be­ing “Satin­sky”.

– Maya Fisher-French

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