Motor Finance Corporation
I paid 25% of my car and my payments are the same

I bought a car for R280, 000 five months ago. I was paying around R5, 000 per month. Last month I paid in an additional R73, 000. My latest payment was still around R5, 000. When I called the call center the lady explained to me that the repayments and term would stay the same, I had just reduced the capital. I tried to explain to her that capital = repayments x term but she couldn't get it that you can't only change one side. I asked for a supervisor and was cut off.
I called again and it was explained to me that my payments HAD dropped - from R4, 980.76 to R4, 926.54. A one percent reduction. I tried to explain that you can't pay 25% of an agreement off and reduce it by 1%. She didn't see the problem. When I asked for a supervisor I was put on hold for 10 minutes and then dropped. I can't find anyone to explain to me where my money has gone.

Company: Motor Finance Corporation
Country: South Africa
City: Call Centre

  <     >