Privatw Clients Is Just A Title

This is more for Wesbank but I have little faith in getting any resolution from Wesbank so alas, here we are:

Absolutely disgusted with their service!

I had a pre-approval on my FNB app for vehicle finance. I am a Private Clients account holder and I’m well aware that this isn’t a full approval, but decided it time to look for a new vehicle.

I app**** on the FNB app (private sale) but when applying, it gave me a drastically reduced amount when I clicked the pre-approval. I notified FNB and they attempted to apply on my behalf and it auto-declined. They then did a manual application and it was approved. Keep in mind the selling price of the vehicle was R575 000 for a 2019 model with 39 000km on the clock.

After being told the deal was approved, they requested the sellers details in order to conduct a road worthy test and technical test. I provided the sellers details. Followed up a few days later and was then advised that Wesbank had revised their offer without seeing the car or testing, and required a R180 000 deposit as the car was “valued at R400 000”. A quick Google search will tell you that these vehicles sell for nothing less than R650 000, at BMW or any dealership.

I’m now at risk of losing the sale as the seller has been pulled from pillar to post and we’ve gotten nowhere. Countless calls to Wesbank (just rings) have gone unanswered and I’m frustrated beyond expression.

How does a deal go from declined, to approved, to requiring a R180 000 deposit without seeing the vehicle in the space of two weeks? I am unable to get any answers or any feedback as to what’s happening or how on Earth a valuation of R400 000 was thumbsucked?

ABSA had approved the same vehicle at R550 000, 2017 model, with double the mileage just last week so I’m terribly confused as to how Wesbank can’t value a vehicle correctly or provide clients with any proper feedback. I’ll definitely be taking all my business elsewhere.

Maybe FNB can actually step up. That would be lovely.