Motor Finance Corporation
No interest credit for advance payment

I bought a car some time ago through MFC. Whenever I have funds available, I make additional payments on my account. Upon checking my statement, I noticed that MFC doesn't deduct the funds from my account; instead the keep it in a holding account as "advance payment". This advance payment doesn't attract interest or decrease your installment or term. It just sits there.

I called the call centre and they informed me that I should have "informed" them what I wanted them to do with the advance payments.

This is unacceptable! Every other credit provider I have EVER dealt with, allocates advance payments AND gives credit on interest.

This is one of the MANY reasons I no longer bank with Nedbank. (MFC is now a division of Nedbank)

Please get someone to contact me URGENTLY to discuss the outstanding interest credit.

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

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