1 reviews | Active since Jun 2016

21 Sept 2022, 12:20

Absa vehicle finance installments inconsistencies

Absa vf have consistently failed to offer me a satisfactory explanation why my car installments between the months of August and September 2022 sky rocked by over 1200 in such a short space. I asked why was I not informed prior to the escalations as per usual practice by email about the hikes if indeed they are informed by the repo rate changes as claimed. It does not make sense because even though the repo rate went up twice it does not justify the percentage amount absa increased my installments. To make matters worse I asked for the amortization statement, and was provided to me. The shocking part is that the installments seems to be hard coded to keep going up every 2-3 months up until it reach a cap of about +9k in the months to come. I need a proper explanation on this calculations and why it seems that the repo rate is not even a factor in increasing or decreasing my monthly installments, since I signed up for a flexible rate informed by the repo rate. A manager in the absa vf named Nomalanga was promised to communicate with me via phone to provide clarity for this issues, but it's been couple of days now, no contact has been made to date.

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