Standard Bank
Unusual business practice

I was in the process of selling my car privately to a person that applied for finance via Std Bank. The vehicle finance consultant and the manager wanted me to hand over my car reg doc to the buyer so that he could reg the car with Std Bank as titleholder and himself as owner, without providing me with any doc as proof that there was a transaction between myself and Std bank. I requested that they simply sign the 'purchase agreement', which I had already signed, as Std bank rep and send that to me. The manager said they don't have the authority to do so, only could do that and the docs would only be sent to once the transaction was finalised. He could also not send me anything else in writing (vehicle details, amount owing, etc.) as he would have to get something from legal for that. He did however feel that as a Std Bank representative I should take his word for it and if it was a problem I should not have entered into the deal. Two hours after requesting me to hand over the documents they phoned and requested that under no circumstances should I hand over anything to the buyer or contact him as there was outstanding information from the buyer. I have not heard from them since!?

Company: Standard Bank
Country: South Africa
City: Upington

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