Motor Finance Corporation
Residual added to my account without my consent

Hi

my name is Marcus Lowe, my Motor Finance Account number is 19016290001.
I purchaed my VW Polo classic in 2007 for R101 000 (financed amount). i have been trying to contact people at MFC to help me resolve why i have a Residual amount of R82 907.48 (including Interest) loaded onto my account. Yet nobody at MFC can assist me. i never agreed, asked for or even requested a residual to be activated. i was subsequently contacted by mfc today stating that my final payment of R82 907.48 is due by no later than 25th december 2013. i must either pay the amount in one full payment or refinance the residual of which it is now R82 907.48 excluding interest.

I am at breaking point here. nobody can tell me who authorised the residual, who loaded the residual or who requested the residual. they have confirmed that it wasnt me as i never requested it or signed for it. MFC has clearly made a huge mistake with my account and it will now cost me in excess of R100 000.00 extra to finally pay off my vehicle which is only worth R50 000.00

Please can you help me to sort this out

Company: Motor Finance Corporation
Country: South Africa
City: Johannesburg Legal depar

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