I went to purchase a motorbike, from a dealer, finance applications were sent to FNB and MFC. They both responded within 24 hours, with a good rate. Being a STD Bank Private Banking client, I decided to apply through my Private Banker. Over a week later, I had not heard anything. After chasing the banker, i finally got a reply that they could not finance the bike as it was a grey import, i informed the dealer of this. The bank contacted the dealer, only to be told, the bike was not grey, but a parallel import. The bank approved my finance, so i told the dealer the deal was still on. I even got an approval sms from the bank. The dealer in the mean time had informed another buyer that my deal was back on and that he could not have the bike. 1 hour later, i get an email from Standard Bank, informing me the deal was off, because they do not finance grey or parallel imports. The Standard Bank though is prepared to offer me a personal loan at 2% above prime to buy the bike...! This does not make sense, how come one department will finance it but not the other...! In the mean time I look like a real in front of the motorbike dealer... Private Banking what a shambles...
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