I bought my vehicle in 2008 and the prime rate at the time was 15.5%. The contract said the interest rate will be fixed and have been paying a rate of 17.5%. Now I want to refinance the balloon payment and MFC refuses to review my interest rate as this is now a new contract. I think being charged prime plus 9% is "criminal" and the fact the MFC refuses to review is proof that they don't care about customers. All they want is stuff money in their pockets while we suffer.
I have tried to send an email to Marvin as he is the one that sent me the quotation and he didn't even send an acknowledgment of receipt of my email. Instead I got a contract to sign as soon possible. If I never do business again with MFC it will be too soon, and I make sure everyone I know stays away from them.
Please be careful when dealing with MFC and Nedbank, they are the most expensive bank. The article in the media is very true.
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