CE
Colin E

1 reviews | Active since Feb 2013

17 Sept 2019, 15:47

ASBA Vehicle finance hidden rules

Good Day,i would like to share my experience with ABSA Vehicles Financial Services,before i start let me by saying that in started with ABSA from 1990,from it previous United Bank.I have a cheque account ,vehicle finance,credit card and a home loan.I bought a brand new VW Polo from Constantia Kloof VW in Feb 2018 and financed through ABSA through the dealership,with an interest rate of 11.00%.At a later stage i found out that throught the ABSA Bank i can get a loweer interest rate and approached the consultant(oevr the phone) at the bank.All was on its way to be approved,when i was told that because i dealt with the dealer and used ABSA,i cannot go through the ban directly,and with the bank i was getting prime minus 1,interest rate. ASBA vehicle finance is very unfair,in that they make deals with dealerships,which makes it difficult for customers to get out of and this should stop immediately ,thanks.

0
Replies (2)
Absa
Absa's reply18 Sept 2019, 08:58
Official
Good day,
 
Thank you for bringing this matter to our attention. Please be advised that an email has been sent to you requesting information. Once received, we will investigate further.
 
Regards
   
Pravesh Bejay
Specialist Case Manager
Customer Value Management 
CE
Colin E's update14 Oct 2019, 09:36
Reviewer Update
The Specialist case manager at ABSA has failed to understand and address my issue and just stated"ABSA will not lower its interest rate".it does'nt pay to be loyal to a bank,please be aware!!!