Good afternoon, I bought a bmw x5 2005 model a year and a half ago for R189000-00 from a dealer in Benonie, when I got my first statements from stannic I was schocked to see that the finance cost were R450000-00. A month before I bought a bmw x3 for more or less R170 000-00, but due to the fact that the engine was jamed I phone the dealer within a week to tell him about the default and he said that they will repair ie, I took the car back and got it back after a week with the same problem, they said they will sell me a other car thats when I bought the x5 for R1890000-00, before I sighned the contract for the x3 they told me a got 30 days to give the car back if I got any problems, I asked them to put in a aditional policy to cover disability, death and retrenchment, they said it was done, when Iphoned stannic today to confirm the policy they said there was one on the x3 but not the x5, I was retrenched on 21June 2012, Everest Platinum mine closed without warning. What can I do now, I believe they put the x3 price with the x5 and the banks is suppose to know how much a car is worth, how can they finance a car that is worth R1890000-00 for R450000-00. Something isnot right. Can you please help me.ThanksAndre Mike Erasmus
Friends only tell me to contact ombudsman
Good day. This is an info request to assist you better. Please continue on this thread.Please confirm if the following is correct:The dealership took back the X3, canceled the whole deal pertaining to the X3. In other words, they were supposed to refund you for the X3 and then refinanced the X5?
Yes, they were suppose to do that but I think they didnot do it, butwhat can I do
Did you keep up with your payments on the second vehicle?
I donot know what to do that please help me
Yes, I have never skip one payment
I will assist you, but I need all the information I can get from you in order to make the answer as accurate as possible. You will get an answer before the night is up, I promise you. Does the dealership still exist?
Yes the dealership name isXXXXX in Benoni
It is very difficult to tell you what to do without knowing what exactly happened there. I can think of a couple of scenarios, but I think these two is the most likely candidates:1. The dealership saw an opportunity and wrote you two loans, but only supplied you with one vehicle. In that instance, it would be fraud and theft and you should report it at the Commercial Branch of the SAPD. To find out whether this is the case, you would need to approach the dealership and request the relevant documentation on both deals in order to establish exactly what happened.2. There was some mistake on the side of the bank and the did not cancel the previous loan. This can only be sorted out at the bank, unfortunately and that is a big ship to get into motion on your own.Your friends are correct. The best place to get this resolved is by approaching the ombud. This would be the Credit Ombud whose details you can find at www.creditombud.co.za. You should request the ombud to include the dealer in the investigation and if the bank can show that there is nothing wrong on their side, you know that it is the dealer and half the SAPD investigation would have been taken care of by the ombud. Look, this problem is not going to be solved overnight, but as long as the matter is at the ombud, the bank cannot sue, so I suggest you do this as quickly as possible. If the ombud finds nothing wrong on the side of the bank, the bank will sue and in that case, you should add the dealership to the proceedings. One thing is certain and that is that you did not receive two vehicles and there should be no reason why you should pay for two and I am sure that, at the ombud or at court, that will reflect. If you are satisfied with the quality of my service, please rate me between okay service and excellent service in order for me to get paid for my work. If not, please choose to reply to expert and put your further questions for my consideration.
L.LB, Civil and criminal litigation, contracts, labour and family law
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