Vehicle Finance Service and Interest Rate Review

I app**** for vehicle finance through Nedbank/MFC, which was approved; however, the interest rate offered was significantly higher than expected despite having banked with Nedbank for many years and maintaining a strong credit profile with no existing debt. I also have a dedicated banker with the bank.

Following the approval, I requested a review of the interest rate, particularly as my credit score is very high. Unfortunately, the rate was only adjusted by 1%, which I found disappointing. What was even more concerning was that, upon applying with another bank, I was approved at a substantially lower interest rate.

I approached MFC once again to request a further review, but I was advised that no additional adjustment could be made.

In addition, I was disappointed to learn that the POD was sent directly to the dealer without any communication or notification to me. I only received the POD after personally following up and requesting it.

Overall, I am shocked and disappointed by the level of service and communication I have received throughout this process, as I have consistently had to follow up myself for updates and clarity.