I PURCHASED A CAR THROUGH ABSA VECHILE FINANCE 5 YEARS AGO. THE INSTALLMENT REMAIND FAIRLY CONSTANT. I WENT INTO BRANCH TO FIND OUT SETTLEMENT AMOUNT ON THE CAR ON 28 MAY 2013. THE CAR HAS ONLY 11 MONTHS TO BE PAID UP. CUSTOMER SERVICES INFORMED ME THAT THEY HAVE INCLUDED AN INSURANCE PREMIUM ON TO MY FINANCE WITHOUT MY CONSULTATION AND CLAIM THAT IT IS WELL WITHIN THEIR RIGHT TO DO SO. THEY CLAIM THAT THEY DONT HAVE PROOF THAT MY VECHILE IS INSURED.
1.THE QUESTION IS WHY WAIT TILL THE CAR IS CLOSE TO BEING PAID UP TO QUERY INSURANCE.
2. A CAR UNDER FINANCE IS ONLY RELEASED TO THE BUYER ON PROOF OF INSURANCE AND NO INSURANCE COMPANY CAN CANCELL INSURANCE IF A CAR IS STILL UNDER FINANCE. MY CAR IS CURRENTLY INSURED BY TWO INSURANCE PROVIDERS. THIS IS ILLEGAL IF SOMETHING HAPPENS TO MY CAR WHICH COMPANY WILL BE LIABLE.I QUERIED ABSA HAS TO HOW THEY CAN DO THIS WITHOUT CONSULTING ME AND WHAT IF I DID NOT BUDGET FOR THE EXTRA AMOUNT OF R500. THAT WILL RESULT IN THE DEBIT ORDER NOT BEING PAID. WHICH WILL RESULT IN ME DEFAULTING MY PAYMENT WHICH WILL EFFECT MY CREDIT RATING AND IF COMPOUNDED DUE TO ME BE UNABLE TO MAKE PAYMENT, THEY WILL REPOSSESS MY CAR. IS THIS ABSA'S PLAN.
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