Motor Finance Corporation
Increasing your repayment has NO interest benefit

I financed a vehicle at the beginning of the year... I have being paying up to twice the required repayment for most of the year. The latest statement (finally one I can understand) shows an amount in advance of R42 000-00 but no entries to show any interest benefit for the additional payments
Once queried I was told Eish "some-one" should have called me to ask how I want the money applied? I would have thought it obvious... to my account please.
Further along the line it turns out my additional payments can either decrease the installments or shorten the period but neither impact on the interest?
I would love to complain to the Ombudsman BUT cannot get more than Doreen's staff number from her and no referral higher up the food chain?
I want my money back - I can invest it and when it (with interest etc) equals the outstanding balance - settle the account. Otherwise MFC alone benefits from my money?

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

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