ABSA Vehicle Finance – Fast Buy Complaint

What was presented to us as an excellent service by ABSA has turned into an ongoing nightmare.

Last year, my family planned to immigrate to the Netherlands. Both my wife’s and my vehicles were financed through ABSA. Prior to emigrating, I contacted ABSA to enquire about surrendering our vehicles, as we would need to sell them before leaving South Africa. We were then introduced to ABSA’s Fast Buy solution.

We were informed that our vehicles would be listed on the ABSA platform, where registered vehicle dealers could view them and submit offers. Once offers were received, we could select the best one, after which the vehicle would be sold. We were explicitly told that once the sale was concluded, ABSA Fast Buy would contact us to confirm the outstanding balance, which would be discounted by 40%, and that this amount could then be repaid over the remaining contract term.

My wife’s vehicle was sold, and the process proceeded as explained. Approximately six weeks later, an ABSA employee contacted us with the agreed discounted settlement amount and debit date, which we accepted. I rep**** to the same employee to advise that my vehicle had also been sold, but that I had not yet received any feedback regarding my account. By this time, we were already in the Netherlands. Both vehicles were sold in September 2025.

At the end of November, I unexpectedly received an email from attorneys stating that two instalments were in arrears and threatening repossession of the vehicle — a vehicle that had already been sold. We returned to South Africa at the end of November, only to discover that my credit score had dropped by more than 40 points due to missed ABSA Vehicle Finance payments, despite no agreement ever being finalised for my vehicle.

Since the beginning of this year, I have been engaging with ABSA Fast Buy to resolve the issue. ABSA has now acknowledged that the error was on their side. However, I have been informed that I will lose the 40% settlement discount due to this mistake — a mistake that was not caused by me. In addition, ABSA has indicated that they are unsure how to correct the incorrect negative listing on my credit profile.

Today it was approved that the arrears amount will be written off, as no agreement was ever in place between ABSA and myself. However, the damage has already been done. My wife and I are now back in South Africa with a four-year-old child and a newborn on the way, and we are being declined by every dealership due to the incorrect credit record reflecting missed vehicle instalments.

If I hear the phrase “we will escalate this” one more time without resolution, I will seriously consider closing both my private banking and business banking accounts with ABSA.