********* Practices by Monte Carlo Auto

I would like to log a complaint regarding recent motor vehicle finance I obtained via MFC.

2 months ago I app**** for Finance on the purchase of an Audi TT Convertible through Mote Carlo Motos in Johannesburg. As per the screenshot included I gave the dealership all my expenses and they did the application to MFC on my behalf. When I got the documentation and was told I was approved I was excited and eagerly signed the documentation not going through it thoroughly. Once I was back in Cape Town about 2 weeks later I did my budget and noticed that I was about R3'500 over budget now and that there was no way that I could afford the Audi. I then questioned how the finance was approved by MFC.

I went back and looked at the application submitted to MFC and noticed that the dealership only submitted my rent as my only expense on my application to get the application approved.

I could not make the car payments and as a result of this also had to apply for Debt Review and get the car sold after 2 months at a massive loss, through the assisted selling option through MFC. I bought the car for about R245k and was told that the settlement with MFC is now R303k. The dealership buying the car only offered us R175k so this means that I am now liable for a shortfall of R128k.

This is extremely unfair and I would like to report the dealership in question as this finance should never have been approved if due diligence was followed.