Motor Finance Corporation
Addition charges on statement after account change

I have the same complaint as many other unhappy MFC customers about "as per your example - initial Finance Charges: the remaining unearned finance charges as per point 5 on the sample statement". Also as per point five stating: the amount of money you owe on your motor finance account. the outstanding balance is the remaining capital amount plus the remaining unearned finance charges. Unearned finance
charges are the interest and other finance costs payable on the motor loan for the total term of the loan.
Important Notice: the outstanding balance on your new statement now displays the remaining unearned
finance charges as well. the term and installment amount remains the same.
On my statement is R 8268.12 more added onto my outstanding balance - from R 33000.00 to over R40 000.00?
NOW CAN YOU PLEASE SEND ME THE FULL CALCULATIONS ON HOW DID YOU GET TO THIS AMOUNT FROM THE DAY WHEN I BOUGHT THE VEHICLE TILL THE DAY OF YOUR NEW CHANGES AND CHARGES - IF YOU CANNOT SHOW AND PROVE THESE CALCULATIONS, THEN YOU GIVE ME NO OPTION TO REPORT THIS TO THE NEDBANK OMBUSMAN AND THE MEDIA. WHY WAS THIS NEVER MENTIONED WHEN I BOUGHT THE VEHICLE.
There is NO balloon or residual under this finance.

Company: Motor Finance Corporation
Country: South Africa
City: Head Office

  <     >