We bought a car through Capitec, same day of loan approval we cancelled before money could be transferred. Cancellation was acknowledged, however money was already with Interbank and all Velocity had to do was transfer it back within 24 hours, needless to say that never happened. In the meantime we had to pay Capitech the monthly installment, for 4 months. Velocity Management kept saying there is a hold up and they will transfer money and it will cost us nothing as all monies paid into Capitech by us will be re-imbursed by Capitech. 4 months down the line and Velocity pays the money into our, not the bank, our account. Upon requesting the balance, thinking it would be 90 000 minus the 14 000 paid to date, imagine our surprise when the balance turned out to be 87 600, meaning we "lost" over R11 000. And no response from Velocity, phone calls and emails goes unanswered. Velocity is nothing but and artists, one minute Niyaaz Allie was poor as a pauper and the next he opens Velocity branches across the country, makes you wonder.
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