Motor vehicle financing

I traded my second-hand Hyundai IX35 Diesel Elite in on a new Hyundai IX35 Diesel Elite in August 2015 at Hyundai Menlyn on the advice of the salesman at the time who told me that my repayments would not be much more but that I would have a brand-new vehicle. The financing was done through MFC, the Motor Financing Corporation. Being under pressure at the time and without assistance I eventually agreed and purchased the new vehicle. My circumstances changed dramatically the month after I purchased the vehicle. I went back to the store manager and told him what happened, but he said there was nothing he could do as the deal was done. His advice was to drive the vehicle for two years and then trade it in. As it turned out it is now just under 4 and a half years later. I approached dealers two years later, but the second-hand value of the vehicle was too low to trade it in on any other vehicle. To date I have paid almost R500 000,00 for the vehicle and still owe more than R300 000 on it. I have approached many dealers in an attempt to trade it in, but no one can help me as the value of the vehicle is much less than the outstanding amount which leaves me with a huge shortfall. I am now, for the first time, not able to make the monthly repayment of almost R9 000.00. Nobody I know can assist me or know what to do. Surely this must be against the Credit Act? How is it possible to owe almost as much as the original purchase price on a vehicle after four and a half years and having paid so much down on it already?