Asset Finance

I have been a client with ABSA for 10 years. Why, most probably because I do not want to go through all the admin, but I think it is about time!

I app**** for asset finance, my first email was 13 August 2021. Eventually in September after my 2nd email they started. The asset finances department made the one promise after the other, then they do not come back to me and I had to follow up.

Eventually they decline, one of the reasons being my VAT status. I have an agreement with SARS after Covid. This is my main problem. After a deposit and discount, I want R140 000, yet, in October 2020 ABSA granted me R700 000 loan for a vehicle, no deposit. Yet at that stage my VAT was more in arears than now. Nobody can explain this.

So I asked my banker to escalate this. It was send to 2 different area managers on Thursday the 16th of September 2021, result, NO REPLY! I assume that is why the asset finance department did not get back to me until I followed up, standards are set from the top!

Worst, with my previous asset purchase, I ABSA had an issue with my affordability. That same day when it was declined, I went and buy a vehicle through ABSA for double the price of the asset I wanted. Approved the same day. Eventually the asset was also approved. So from no affordability to approved for 3 times the cost.

Why are there 2 sets of rules?

That is how you treat your clients, especially after 10 Years! Now why am I declining Mercantile's offer to take over my portfolio?