In february 2007, i bought my first car, a ford fiesta. I was 27 yrs old. I told the salesman that i dont have a deposit. He told me he was gonna arrange something for me, because i was doing everything telephonically. He phoned to say that he managed to get me finance, i'l be paying about R2584 per month. He did not mention anything about the baloon payment. Now afta 5yrs, i was told that there was a baloon payment and that my car will be refinanced for another 24 months, i asked them to make the term shorter which meant paying more instalment. I have been sick since 2010, but tried to pay the instalments. Now due to medical condition Dr has boarded me off at work, i have a remaining balance of R20000 from R178000. Now the bank wants to reposess the car. Please advise. I feel i was a victim of a saleman who wanted to make quick money.
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