CARFIN SCAMMING PEOPLE FOR BIG LOAN AMOUNTS

I was recently in the market for a new vehicle after my previous one had some engine failures. My dealership was able to provide a replacement however, I found myself in a compromising position of having to pay a bigger instalment now.. With each bank approval being higher than the last, MFC / Wesbank & Standard bank were taking me for a ride due to the amount of applications made (How else are we suppose to get comparison quotes if it reflects badly ??) ANY WAAYYY.. I figured it was a bad idea but worth a shot to go to an Independent Financial Lender. It was looking like a lose-lose situation anyway.

Now at this point, I already had all my necessary documents on hand, and to my surprise I was met with a helpful Maria, How within 2 days got me approved at a rate and instalment waaay more affordable!! I was stoked! Now the nitty gritties started. The extra's i.e Waraanty & Scratch and dent cover which i didn't take however she told me - The finance application would not be processed for a vehicle out of warranty without a warranty cover. Which made total sense I guess, So I look online and find an affordable warranty for my vehicle, send proof of policy and it's all green lights. Now comes the time to interact with the dealership regarding invoicing and such. Gladly everything is sent. Now because this was a replacement vehicle I had requested the dealership to take it for a full DEKRA inspection and repair any faults found. To which they oblidged hence I was in the process of buying the vehicle.

Car Dealership Invoice sent, AA Waranty taken, Insurance confirmation sent, Tracker confirmed - EVERYTHING SORTED AS PER REQUIREMENTS!!! Maria comes starts being unavailable, I am always calling and she never comes back to me and whenever I do talk to her "The risk department is having a look and will revert feedback" .. after a good week and a half of the run around I am told the car isn't viable for vehicle financing.. I'm confused, since WHEN ? AND AT WHAT POINT WAS THIS REALIZED? MFC/Wesbank can approve a vehicle but CARFIN finds it not viable ????

I query the basis of this statement to which they "They noted the DEKRA report on the faults on the car and due to the repairs it's undergone - deal is off". My first compliant is the lack of communication. They spent daaysss "assessing this" instead of asking as I did respond - All the faults listed on the DEKRA report were repaired at RMI approved workshops with invoices to show the vehicle - Also no major repairs were done. The engine was cleared, Lighting was okay, Tyres were smooth(Which was replaced), Suspension had 1 control arm defective which was taken to a suspension specialist to have a look at the entire under carriage.

So with each fault thrown out the window as repaired or replaced. CARFIN still said it's not good enough and the only way they will continue to finance this vehicle is if I take a warranty and scratch and dent cover inclusive in my loan.. This bewildered me because ; 1 - Maria made me take out a warranty will in the process of getting the vehicle financed, which now she's on her department's side saying I should take the warranty with her 2 - If the vehicle is not good for financing, why agree only on the basis that my loan with you is greater ? 3 - Were the vehicle faults ever an issue or this was about squeezing a small vehicle being financed for all the pennies they can get ? 4 - Can they legally refuse my loan just because i don't want to take OPTIONAL EXTRA'S as part of the contractual agreement ?

My take from this weird occurrence was - It started out well, and they genuinely would've gained a great referral and client in me had they communicated any issues arising and kept everything about board. They really shot themselves in the foot by watering down their establishment to a Corner-shop Negotiation of "throw this in and take the deal". I would not recommend - I will be contacting the Financial Services Ombudsman and Financial Sector Conduct Authority seek the validity of this rejection if it is in line with the Consumer Protection Act