KK
Koogan K

1 reviews | Active since Feb 2018

27 Feb 2018, 16:26

Poor vehicle financing options as a Private Wealth Client

I app**** for vehicle finance through VW financial services for a second-hand vehicle at a purchase price of R385 000. After the application to the various Banking institutions, Wesbank, a division of FNB, was however not placed first to return the most favourable financing option. The rates received were not competitive or even matched to the other Banking institutions. As a loyal FNB client, my banking portfolio is extensive, ranging from Private Wealth cheque and credit accounts, home loans, revolving credit loans, investments etc. I currently possess vehicle finance with Wesbank at favourable rate of +0.75% above prime, at a fixed rate, however, I am disappointed with the service returned from Wesbank and I am doubtful regarding my future with FNB as Private Wealth Client as I prefer to keep my banking portfolio with a single Banking institution. After approaching my Private Banker with regards to applying for vehicle finance independently, it was not disclosed, that only a single application can be submitted to Wesbank for vehicle finance either it be VW financial services or myself. After receiving a non-favourable financing option through Wesbank, I feel as loyal FNB client, I was ****** of my loyalty benefits being a Private Wealth Client for many years.

The issue may be resolved by offering me a similar rate to my current vehicle finance. I would appreciate the sentiment such that I keep banking with FNB as Private Wealth Client, as I have been a satisfied client throughout my professional career.

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Replies (1)
FNB (First National Bank)
FNB (First National Bank)'s reply28 Feb 2018, 09:50
Official

Hello Kistan ,

Thank you for bringing this to our attention.

We truly regret taking note of your experience and the frustration this has caused.

A complaint has been routed to the relevant department and I have requested that they provide you with feedback.

I do apologise for any inconvenience caused.

***

Regards,

Client Experience Team

Email address: ***

Tel number: ***