Motor Finance Corporation
Exessive interest

In August 2013, I finished paying off a vehicle. (One year early) that I had through MFC. I went to look at a new car. An application was sent to MFC for the new car yesterday.

I was told they approved the loan but the interest will be 15.2 percent fixed. That to me is excessive, especially for a customer who's account was paid up in advance.
I called the New business call center and was told that a new interest rate will not be negotiated.
I was offered to speak to the person dealing with my application but after hearing that it will not be negotiated I was fed up.
I take it that they want to recover the interest that they lost on me paying my previous car off early.

I am also waiting for my vehicle papers and my refund. Once received that will be our last communication or interaction ever.

Good bye MFC.

Company: Motor Finance Corporation
Country: South Africa
City: New business

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