Same Bank, Multiple Interest Rates – And Apparently Cash Is No Longer King

I am currently in the process of purchasing a vehicle through Omoda Alberton and financing through Wesbank , and the experience has left me questioning how the system actually works for consumers.

The dealership initially submitted my application through their F&I department and received a rate from WesBank. As an FNB Private Client who does ALL my banking with the group (including my home loan), I decided to also approach WesBank directly to see whether I could obtain a better rate. I am such a loyal FNB person I even convinced our company to switch to FNB

Interestingly, I did receive a better interest rate directly from WesBank than the one initially presented through the dealership.

However, the dealership then indicated that if I proceed with my own financing directly with the bank, I will lose the negotiated vehicle discounts on this demo model because the finance would not be processed through their F&I department.

In other words, the consumer is placed in a position where arranging your own finance may cost you the discount on the vehicle, presumably because commissions on the finance deal are affected.

What became even more confusing is the following sequence:

• The dealership initially obtained one interest rate from WesBank • I obtained a better rate directly from WesBank • The dealership then went back and obtained another different rate from WesBank • After that, the new offer I received directly from WesBank was suddenly higher again. At this stage we have multiple different interest rates from the same bank, for the same applicant, for the same vehicle, within the same transaction and same dealership.

To be fair, I must specifically acknowledge Rebone from WesBank, who has been extremely helpful and has genuinely tried to assist me through the process. Unfortunately it seems that internal systems and dealership structures limit what can actually be done once applications are loaded into the system.

Another interesting observation for consumers: It appears cash is no longer king in the motor industry. Paying cash actually results in paying more for the vehicle, while financing through certain channels appears to unlock discounts. That feels somewhat counter-intuitive for many buyers.

From a consumer perspective this situation also raises a broader question around transparency. If the same bank can issue different interest rates for the same deal depending on how the application is submitted, it becomes difficult for customers to know whether they are truly receiving the best available rate or whether intermediary structures influence the outcome. Plus it's more of you fix it and that differs too.

WesBank has built its reputation over decades as one of South Africa’s leading asset-based finance providers and promotes customer-focused values. I am hopeful that this matter can be resolved fairly so that:

1. The best available interest rate offered by WesBank is honoured. 2. The vehicle discounts already negotiated remain in place. 3. The transaction can proceed transparently without the consumer being penalised for engaging directly with the bank.

As a consumer this experience highlights the importance of transparency in vehicle finance. If different rates can be produced by the same bank for the same applicant and vehicle depending on whether the application is submitted through a dealership F&I office or directly with the bank, it becomes very difficult for customers to know whether they are truly receiving the most competitive rate available.

I trust that Wesbank, FNB and Omoda Alberton can assist in resolving this matter constructively so that the deal can proceed fairly for all parties involved.