1 reviews | Active since Aug 2023
Marquis Finance overcharges on interest and inflates the settlement amount so that it is more that what you owe them.
I have been paying an amount of R7600 every month without missing an instalment for the past 6 years. Which means I have paid Marquis Finance an amount of R456 000 in 60 months. Yet when I requested a settlement amount from them just yesterday, they told me I still owe R309 000!
I purchased a car with autohaus Beyers assisted by Mohammed for R399 000 in 2022, I took up finance with their finance house marquis Finance. I had been paying monthly installments of R7900 or R7600 ( the installments with vary). 2026 marks now six years paying for the same vehicle and I have never missed a payment. I requested a settlement letter just yesterday intending to hopefully settle the vehicle and they informed me in the letter that I still owe an outstanding amount of R309 000. Which means that over a period of 6 years, after paying almost R8000 every month( which was a very high installments for a 400k vehicle), I have only paid R90 000 of the total debt. How is this possible??? I request that they re-look this matter and provide me with a plausible outstanding balance. I had been overcharged for years on interest, but I continued knowing I woul settle the vehicle myself when the time came. Marquis Finance overcharges on interest such that the interest ends up being more then the debt. How else this ridiculous amount they say I'm owing them. I have paid R456 000 over the space of 60 years when I calculate the R7600 I have been paying, however they are only willing to accredit 90 000 towards the actual debt.!
Please find below the detailed breakdown of your settlement amount. As per your signed finance agreement, the total amount originally financed was R685,861.04.
- Interest Capitalization Balance: R7,368.02
This represents the interest that has been capitalised on the account. - Vehicle Cost Balance: R287,739.76
This represents the outstanding balance relating to the financed vehicle. - Initiation Fee Balance: R789.42
This is the remaining balance of the initiation fee applicable to the finance agreement. - Interest Accrued: R1,712.56
This is the interest that has accrued on the outstanding balance up to the date on which the settlement amount was calculated. - Early Repayment Fee: R11,856.15
This is the applicable fee charged when the finance agreement is settled before the originally scheduled end date. Total Settlement Amount: R309,465.91
Please find below the detailed breakdown of your settlement amount. As per your signed finance agreement, the total amount originally financed was R685,861.04.
- Interest Capitalization Balance: R7,368.02
This represents the interest that has been capitalised on the account. - Vehicle Cost Balance: R287,739.76
This represents the outstanding balance relating to the financed vehicle. - Initiation Fee Balance: R789.42
This is the remaining balance of the initiation fee applicable to the finance agreement. - Interest Accrued: R1,712.56
This is the interest that has accrued on the outstanding balance up to the date on which the settlement amount was calculated. - Early Repayment Fee: R11,856.15
This is the applicable fee charged when the finance agreement is settled before the originally scheduled end date. Total Settlement Amount: R309,465.91