ABSA Vehicle Settlement figure is incorrectly calculated by ABSA

Item: Absa
Rating: 1
Author: Shashi S

I have financed a vehicle through ABSA. I have paid extra into the account and the settlement figure that ABSA quoted is incorrect. I am an accountant and when I calculated the settlement - ABSA definitely calculated incorrectly. I have emailed Rezona Louw from ABSA. She had requested my workings. When I sent her the workings, she did not respond. I do not appreciate a person not responding. If they are still investigating, it is only ethical to keep me informed and give me a date where I can expect an answer.

Helpful (0)

Replies (2)

Absa's replyOfficial

11 Nov 2019, 09:39

Dear Customer

Thank you for bringing this matter to our attention. We will investigate the matter and furnish feedback once matter has been resolved.

Kind regards

Daphne le Grange

Specialist Case Manager

Absa's reply11 Nov 2019, 09:39

Official

Shashi S's updateReviewer Update

14 Nov 2019, 14:34

I was assisted by Nelien Dreyer and Russell Booysen. Both staff were excellent and they showed me how they came to their figures. Even though I had correctly calculated the settlement value, I was unaware that if a vehicle finance is over R 250k, the bank is allowed to charge three month's interest if you settle early. If you want to settle early and avoid the three month's interest penalty, you will need to give the bank three month's notice.

Special thanks to Nelien Dreyer for being so polite when I spoke to her.

Thanks!

Shashi S's update14 Nov 2019, 14:34

Reviewer Update