********* Lending Practices and Misrepresentation of Vehicle Finance Application

On 29 November 2024 (Black Friday), I went to Capitec in Pietermaritzburg to apply for vehicle finance. At the time, my credit score was 646. Instead of being offered vehicle finance, I was unknowingly offered an Access Facility and a personal loan to make up the R400,000 I needed. As a result, the monthly installments for these two loans were set at R11,999 and R10,548 respectively.

I immediately requested the reversal of both loans. However, I was charged a R1,300 administration fee to reverse one of the loans. Furthermore, this situation has adversely affected my ability to secure a loan with other banks due to what I believe is ********* business practice and poor advice from Capitec.

I strongly advise against financing vehicles through Capitec’s unsecured lending options.

I have referred the matter to NCR for intervention. Can someone please advise what my recourse is in this situation?