MFC is the WORST Vehicle Finance Company on EARTH!!!!!!

I purchased my car in 2017 and paid roughly R144 000.00 towards the car, during the latter part of 2019, I started running a business and ended up in arrears, I had been put under pressure by MFC to make payments or my car would be repossessed. This had obviously given me sleepless nights and after taking a new policy in October 2019 with Budget insurance, the first premium was set to go off on the 01/11/2019; due to further pressure from MFC in late October 2019 and the fact that they reminded me again that my car would definitely be repossessed, I did not meet the insurance payment and took that one thousand rand and paid my MFC account, a few days later, I met an accident with a truck who cannot be traced(I still have the details on the accident report made on the 22/11/2022). The only option at that time was to allow the Towing/Panel Beating Company called Rennies Panel Beaters to tow the car to their premises which the driver of Rennies did very very happily. One month after the accident, I could not continue the business (which was not registered at that time, I do have slips of business transactions as proof of business activities) and I contacted MFC to repossess the car, their response was; you have to pay for your storage fees on your own and get the car out of the panel beaters then we can proceed with repossession. I had no business anymore in which to generate income, customers were calling to find out why I am not providing services to them as usual, I began hiring private cars to continue business activities, by which time, I lost most of my customers and the income received was way too low, business could not continue as normal without my own car. I tried to make cash in the business in which to pay the Panel Beaters and get the car out but the money made was way too low, reason being that I lost 80% of my customers. MFC still stood by their decision not to pay the storage fees and repossess the car, until June 2020 when they went in to Rennies Panel Beaters and attempted, only at that time, to negotiate to get the car out by which time, they said that the storage fees being R44 000.00 was too high for them to repossess the car. The question was why they did not repossess the car in December 2019 as I initially told them, no proper answer was given. The latest amount that the Panel Beaters gave me was R103 000.00 for storage fees alone. The car was "legally" ****** and MFC voted along the same lines the way it seems. I did report this to the banking ombudsman who versed a few clauses but did not mention the fact that I attempted to hand the car in one month after the accident which MFC declined. Three years later, the business is gone for good, even though I tried to register a business in 2020 and try to get things running OFFICIALLY again but without my own car this business would very shortly die which it definitely did. This has impacted me very negatively leading me to seek employment within other companies who constantly "let me go" after finding out that I do not have payment arrangements for the car. How can I pay for this car when firstly I cannot get employment, secondly the fact that I will never own the car again and thirdly trying to partner in a recycling business when such partnerships rarely last as if I introduce the customers, it won't take long for the partner to disappear with the customers leaving me alone(this happened 4 times during that time). The laws in South Africa are a bit good but rarely followed. How can the law allow this situation to happen? But they did, even the laws currently in place cannot prevent such thievery from happening! I am very very sure hundreds if not thousands other South Have experienced such situations be it past or present. It would of been better for MFC to repossess the car one month after the accident as I asked for and not when the storage fees were that high! SOUTH AFRICA IS A GOOD COUNTRY with alot of terrible and utterly disgusting people such as 99% of Panel Beaters and Finance houses. They do not have effective systems in place to prevent such situations. If the client goes into arrears, go in and repossess the vehicle in order to prevent further heartaches. Better a broken toe that a broken leg!

Dehren Naicker