Read Your Contract Thoroughly

DANGER BASOP LUMKELA

Let me tell yall something about Meyers Motors East London.

My aunt wanted to trade in her fully paid up car for a newer car. Cool no worries we find a car she likes at Meyers and go ahead and apply for finance in house at Meyers.

The condition was she was not trying to be paying more than R2500 for the installment and she was aware there would be a residual/balloon payment at the end of her term because she opted not to put down a deposit.

Fine Meyers offer her R160k for her vehicle and the new vehicle price was R310k.

Now this is where things get rather interesting. She gets a call from the finance lady stating the deal has been approved. When we get there she tells her all sorts of stories how she "bent her back backwards" contacting wesbank representatives from head office in Johannesburg to approve her deal because she is of age and they were going to decline her application. Basically she was implying she was not going to get a better deal than the one that was put on the table. Red Flag no.1

Going through the sale agreement I see that the residual amount is calculated from the original principle debt R310k and not from the deferred amount which is supposed to be the difference from the trade in of R160k. Anyways the balloon comes to R92k and I'm like how sway? Make me understand where does this figure come from? Reading further there are insurances added to this deal that amount to 100k in this deal. Then I ask again what are these insurances and why are they added. Still there's no clarity but instead she's firm on her statement that there will be no better deal from this one put on the table. Red Flag no. 2

So basically when I thoroughly assess this deal I find out that my aunt is buying this car at the selling price plus the interest rates from the bank and giving away her car for free which Meyers was going to pocket the profits. It was structured in way it looks legit on paper but when I inquired about the other costs added onto the deal there were no straight answers.

I advised my aunt not to sign then the finance lady kicks us out her office like we were dogs and I'm like you lucky today you caught me on a good day and I let it be kept my cool.

We walked away from the contract and left Meyers only to find out they squeezed and played on my aunt's emotions and got her to sign the deal without my presence an hour later.

I lost it my marbles because now they taking us for a p*@s. I do my research only to find out Meyers is an independently owned dealership and are known for conducting bogus deals for their clients.

Imagine being issued a delivery note but not an invoice. After requesting the invoice there's an additional R15k added over and above the R310k of the selling price with the description additional accessories. When I asked what are these additional accessories being included, I was given another wishy washy story. My aunt never requested additional extras on the vehicle. Red flag no.3

I advised my aunt to instruct them to cancel the whole deal infact.

Luckily they saw I was not having it and I was ready to take them on. They obliged and canceled it.

Imagine my aunt nearly gave away her fully paid up car buying a new one at its full selling price. A whole R160k they tried to pull a fast one on the wrong person.

NB! When financing a car through the dealership don't be too eager to sign on the dotted line otherwise you'll be in for a surprise down the line. Thoroughly go through the contract and seek for advice if needed don't allow yourself to be pressured to sign there and then on the spot.