Poor Service from WesBank/FNB

This is an extract from a mail that was sent by me to my personal banker at FNB. Do whatever you like with this.

Good morning Virgul, hope you are well, as I am certainly not well at all.

My disappointment comes from one of the worst banking experiences since I joined FNB, and I last had such bad service when I was with my previous banking institution.

Please note that this complaint is not directed at you as a person at all, but rather the incompetency of FNB, making me look like an idiot to the friendly people at Oranje Toyota Hartswater. I am just sending it to you to understand my frustration and to also note what my further intention is, if you can’t get me something better than the slap in the face deal that was sent to me yesterday.

Starting off, I have received an answer from Toyota Financial service, which I never intended on dealing with, only yesterday after numerous calls(30 to your cell alone) and emails to you surrounding the vehicle that I wanted to purchase. I am giving these details so that the people ultimately receiving this complaint will see what we have been through to get an answer on something as simple as vehicle finance, which was obtained by the dealership in a day from other institutions, and once again not to show that you were lacking any effort,, as you could only give me the feedback that you were given.

You indicated some time last week that I would qualify for a preferential rate(given to you by someone at your office that deals with WesBank for private clients) of something like 9.75% or maybe a little higher, which came from my application on the online tool on FNB online banking, which you said I should use and then send you my reference. I spoke to you before I even spoke to the guys at the dealership to find out what to do surrounding finance, after which I indicated to the people at Toyota that they don’t have to apply at WesBank, as I know from previous experience that I should apply directly with my banker, or else the *********** people at WesBank won’t give me a good rate. I know this because I have financed numerous vehicles through them and was told so by my previous private banker.

Now after keeping Oranje Toyota waiting, I get the same rate that I can get from MFC, with whom I don’t bank, and this is just to show a loyal client what you think of me??

I know I have been a private client for only a little while, but I have been one before, and as a result of my wife losing her job, we had to save on cost and I decided to go back to premium banking. My history should still be on your systems if you don’t believe me.

Thing is, I don’t see the risk if you want to put this up as an excuse for my high interest rate, as I have never in my life missed a payment, and secondly this vehicle is a low risk, although it is an older model, it is a sought after model from Toyota that I am getting at less than its book value, so please don’t come with the excuse of the rate being what it is as a result of a high risk item. I am an auditor and know something about risk, and know that you can’t apply the same risk factors to all situations as all situations are not equal. An older vehicle carries more risk, but don’t you think a Toyota has less risk than most other brands? After all what is the risk to you? If I lose my job, worst case scenario is that you repo the vehicle and this vehicle and the amount outstanding will be much closer than any new vehicle and the amount owing, as a result of the big loss in value already being app**** to this vehicle by the first owner.

I feel for a guy like the Sales Manager at Oranje Toyota that I had to try and convince that my bank will come to the party, but which at last did not realise. I must say that I am disappointed and will be forwarding this mail to all your complaints channels as well as the guys where I wanted to buy the vehicle from and also helopeter, as I am not going to be the fool that kept them on the line waiting to hear from my own bank and then just to realise that it is the same deal as what Nedbank/MFC can give me.

After all my time, wasted on the phone I am told that “here is a prime plus three interest rate and no sorry we can’t help you with a small balloon payment because the risk is to high”? Tell me, is the risk on a new vehicle to you not higher, as a result of me driving it off the floor resulting in it losing as much as 10-15% of its value whereas the vehicle that I want to buy not losing that much, as I am buying it for less than retail?