Motor Finance Corporation
MFC what a rip off

MFC is a total rip off they dont pay when your vehicle is damaged and MFC will refer you to Innovation Group. Innovation Group will refer you back to MFC. It is a farce. I decided to cancel the policy and for a policy over R5000 I receive R1000 and used the policy for 8 months. Thus I get a refund of R76 or so a month!!!

As below: What is inspection fee???
MotoMend Universal Pre-Owned, URQ002450
Total Premium: R5750.00
Policy start date: 26/11/2012
Cancellation date: 25/09/2013
Policy contract months: 24
Policy has run for 10 months

Payable Fess and Commission as per our policy docs:
Underwriter fee: R287.50
Administration fee: R862.50
Dealer Commission: R718.75
Pre-delivery Inspection fee: R2050.00
Total premiums minus the Fees and Commission payable equals R1831.25
R1831.25 divide by 24 (contract months) equals R76.30
Policy has run for 8 months, refund is for the remaining 14 months (i.e. R76.30 * 14 equals R1068.23).

STAY FAR AWAY FROM MFC!!!

Company: Motor Finance Corporation
Country: South Africa
City: Gauteng

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