1 reviews | Active since Apr 2019
NEDBANK MFC: VEHICLE FIXED INTEREST RATE REVIEW
<p>Good day Nedbank (MFC) I bought my car in April 2017 on a fixed interest rate of 15%. Extremely high interest rate. I have not once missed a payment and my credit record is extremely good. My financial situation has increased and i have contacted MFC to see if i can renegotiate my extremely high interest rates? They simply sent me an email stating the following; Good Day Lesley We acknowledge receipt of your request. Unfortunately, we are unable to review the fixed interest rate on the above mentioned account. Rates, like all other terms and conditions of the contract are not reviewable and remain in force for the entire duration of the contract Please do not respond to this mailbox as it is an unattended mail box. All replies and queries are to be directed to ********** We trust the above is in order. Kind Regards ********* My problem is that they have renegotiate this same situation with someone else but are unwilling to do the same for me? see link below https://www.news24.com/Archives/City-Press/Can-I-renegotiate-my-car-repayments- ********** 9 Can I renegotiate my car repayments? 2012-09-29 11:54 Letters from our readers this month highlight the need to understand the interest rate on your loan. Make sure you always understand exactly how much your debt is costing you, not only your monthly repayments but how much you will pay over the whole period of the loan. It is also important to make informed decisions about whether or not to fix your interest rate Simon writes: In 2009 I bought a car that cost me R114?000. It was the first time that I bought through a bank and I didn’t ask about interest rates on whether to go for a fixed or variable rate. I ended up taking a fixed interest rate of 17.5% a year with Nedbank. Recently, a friend told me that I was paying way too much on interest and that I should be paying closer to 10.5% or 13.5%. I have 25 instalments remaining and I want to know if it is possible to change from my fixed interest loan, or should I go to another bank for a loan? Maya replies: I always recommend that you go to your own bank first. A bank would rather have the opportunity to retain a customer than to lose him or her to another bank, especially if a customer has been a good one and has paid on time. In this case, Nedbank was prepared to negotiate. Douw Leadley, executive head of sales and operation at MFC, a division of Nedbank, explains that at the time of Simon’s application, interest rates were high, with uncer*****y about the future direction of interest rates. “To protect themselves against possible increases, as in Simon’s case, clients chose rates that were fixed to the prevailing repo/prime rate, plus a reasonable margin. “Therefore, should rates have increased further, Simon would have benefited from the arrangement,” says Leadley. However, due to the financial crisis, interest rates have actually fallen to their lowest level in 30 years and Simon is paying well above market rates. As Simon is a good customer, Nedbank agreed to a new arrangement at a lower interest rate. “The client has been contacted with the resolution. He has expressed great satisfaction. “In line with the bank’s client services processes, a follow-up consultation will be done to ensure his satisfaction,” says Leadley. If you are able to benefit from a lower rate, rather than reducing your instalments, keep up with the original payments and pay off the loan over a shorter period of time to save on interest costs. Nedbank is unwilling to help with this and i demand you guys to show me the same courtesy as you have shown Simon in the past! Please contact me on ********** or ********** as soon as possible. Lesley Ann Du Plessis</p>
