Warning to consumers: Penalty Interest on Vehicle Finance even when refinancing!

<p>I am well aware of the practice of finance institutions charging 3 months penalty interest when settling vehicles early. Unfortunately I was a loyal Wesbank support and the way they do business is when you settle early and reapply for finance they waive your penalty settlement; makes perfect sense as they will be getting your continued interest with the new contract. ABSA however only gives you this option (and not even the full amount) once your contract has aged atleast 6 months. WHAT??? WHY????? Let me tell you, because this way they get the opportunity to get interest on money for an additional 3 months even though they already get the full loan amount back (settlement) and this ontop of the interest on the new amount you borrowed for the new vehicle. Incredible how you generete income by not delivering a service. Just beware of this clause in their policy when signing asset finance contracts with them. You can rest assured they will NEVER finance another one of my assets. Regards, ABSA Private Client</p>