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Barend B.
Barend B., Legal Consultant
Category: South Africa Law
Satisfied Customers: 1361
Experience:  BLC LLB (Pret) LLM (Augsburg)
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Good day. I Bought a vehicle that was financed trough MFC

Customer Question

Good day.
I Bought a vehicle that was financed trough MFC ( motor finance corporation ) When my small business went trough a bit of a tough time i contacted MFC and requested assistance from them in the form of re-financing the car. My request was refused with no assistance offered from MFC. I was ( becuase of this ) forced to hand the car back. The value of the car was about R 380 000-00 and i owed around R400 000-00. Without notifying me of the process MFC sold the car on auction for R177 000-00 and is now sueing me for the balance. Do i have any rights in this situation? kind regards. theo Jacobs
Submitted: 4 years ago.
Category: South Africa Law
Expert:  JJ replied 4 years ago.
Hi Thea

Welcome to Just Answer!! Thank you for giving me the opportunity to assist you.

Was the car sold on public auction?
Customer: replied 4 years ago.

Yes Sir, MFC auctioned the car after collecting the car from me.

Customer: replied 4 years ago.

I Bought a Volvo C70 and paid it for little over a year. My business then went trough a bad patch. I Contacted MFC who financed the car and asked for assistance. I suggested re-financing the car but got the cold shoulder from MFC totally unwilling to assist in any way. i was thus forced to hand the vehicle back ( in perfect condition ) MFC then sold the car ( that was worth around R390 000-00 for R127000-00 on Public auction without any form of communication from MFC between collecting the car ( without a court order ) and the Auction. MFC ( motor finance corporation ) is now taking me to court for The Balance of about R260 000-00. Pls Help.I feel that i am being bullied by MFC who is now willing to accept R120 000 settlement but i am being forced to sign the agreement tonight wherafter i have to pay the R120 000 within 30 day,s. this to me is just not possable.

Customer: replied 4 years ago.