Motor Finance Corporation
First pay and then we will say what it was for!

I have send numerous enquiries about a penalty of R6430 that I had to pay when I settled my MFC finance account. When I received the settlement quote I phoned MFC enquiring about how the amount was made up it they at no stage indicated that I would be liable to pay a penalty.
1. My contract stated that MFC MAY charge a penalty upon early settlement.
2. My telephonic and email enquiries regading the settlement quoted did at no stage indicate that a penalty was added. It was only when I received the final statement when my account was settled when it was first indicated that there was indeed a penalty added to the settlement.

If MFC would have said that the settlement quoted included a penalty of R6430 (and not just outstanding capital, interest and courier charges as was stated), I would have informed them in advance and waited until the penalty period has lapsed.

Company: Motor Finance Corporation
Country: South Africa
City: MFC, a division of Nedbank

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