standard bank vehicle finance this time

[murdock]

who the hell do these people think they are...threatening me that the call is being recorded and i must start rattling off all sorts of personal details...telling them my id number etc...i am told that i havent made payment yet etc blah blah blah...i told them that the installment is paid by the 7 th ever month without fail for the past 15 months...nothing was different this month...it is not my fault that standard bank asset finace and standard bank dont talk to each other...instead they waste a call every month telling me my vehicle installment is not made...surely if someone at the department took the time to look into their records or contact standard bank they will see the installment was paid...

then just to really pee on my battery i am told that if i dont produce proof that the vehicle is insured and has been for the past 30 months within 24 hours they will debit my bussiness account for insurance installments for the vehicle thru standard bank insurance.

it is a %^&** joke.

and even a bigger joke the fact that 15 months again because i changed the due payment date from the 1st to the 7th they recalculated the settlement figue...so i now pay an additional fee and interest which is also a ridiculous amount just because i moved the date 7 days forward.

here some other interesting info...in the past 10 years...of all the vehicle i have purchased their total value doesnt even match the interest only i am paying on the vehicle i now drive....the moral of the story...dont buy a vehicle on hp.

i have people calling my cellphone and sending me emails requesting my personal information on a daily basis to a point that i have changed my number...as i mentioned to the person on the phone...the fact that they tell me the call is being recording means absolutletly nothing to me...i still regard it as a hoax call...so unless standard bank send me some legit form of notification requesting proof of my insurance i dont plan on doing anything about it.

do they think i spend my life driving around with my vehicle account number and insurance details in my vehicle all day.

and try get hold of management to complain...thats even a bigger joke...you would be lucky to get past the telesales people.

[Hudson]

I agree that hire purchase did not work out well for you. But when I took a truck for hire purchase I did not undergo any hassles. It was absolutely perfect, the rate of interest for me was also nominal and it hire purchase financially helped. I would suggest you to find genuine financial intermediary for your next hire purchase.

[Blurock]

When you enter into an HP or any finance agreement, the interest accrues on the daily balance and is capitalised monthly. The interest and capital is amortised (calculated & paid off) on the selected day, i.e. 31st of each month. By changing the date, you now pay 7 days later, so an additional 7 days interest will be added. If you paid 7 days earlier, the converse would apply. Regarding insurance, the banks can no longer do conditional selling as before. However, the onus is still on you to provide proof of insurance. Do not insure separately, but take out comprehensive insurance which covers all your vehicles and other assets. Get quotes (use a good broker) to negotiate the best premiums and cover.

[AmithS]

A little bit of the topic but that is something that really annoys me.

I have been having problems with ADT for the past 2 months which is not resolved as yet. I have gone through all there call center and website contact channels, left like 20 messages for the manager to contact me with different people and channels (i even know the guys name and i request for him directly) but till now nothing all i get is call center people who don't understand the problem and cannot help at all!!! they wont even give me his direct contact details either.

Is this now becoming the norm where complaints don't get heard any more because they are hidden behind a huge layer of but sir the call is being recorded or but sir i am trying to help you (help me how exactly)

All they are doing is setting up barriers and channels to complain so they can take your money and then you cannot complain afterwards or at least you can complain to your hearts content but nothing will get done about it.

As far as my experience in life goes this is not how customer service goes at all!!!

[Justloadit]

This calls for http://www.hellopeter.com/ - make a complaint here. Many people before getting into a service contract look for the bad service complaints first. So it does get handled quickly because it affects the new sales.

[murdock]

When you enter into an HP or any finance agreement, the interest accrues on the daily balance and is capitalised monthly. The interest and capital is amortised (calculated & paid off) on the selected day, i.e. 31st of each month. By changing the date, you now pay 7 days later, so an additional 7 days interest will be added. If you paid 7 days earlier, the converse would apply. Regarding insurance, the banks can no longer do conditional selling as before. However, the onus is still on you to provide proof of insurance. Do not insure separately, but take out comprehensive insurance which covers all your vehicles and other assets. Get quotes (use a good broker) to negotiate the best premiums and cover.

sorry mate but i dont know who told you that if you pay early the interest is taken off...i paid my more on my installment every month and was told by the bank that it doesnt benefit me in any way what so ever...if i want to apy early i must contact them before time and advise them of the amount so they can adjust the capital or something to that effect.

[Blurock]

The calculation on early payment would only apply on a contract negotiated on these terms. This was only a hypothetical example to indicate how interest is calculated. Of course the banks do not give credit for early settlement unless you give 90 days prior notice.

[Dave A]

sorry mate but i dont know who told you that if you pay early the interest is taken off...i paid my more on my installment every month and was told by the bank that it doesnt benefit me in any way what so ever...

Agreed - If it's ad hoc, most banks tend to allocate it as a prepaid instalment at the moment.

The calculation on early payment would only apply on a contract negotiated on these terms. This was only a hypothetical example to indicate how interest is calculated. Of course the banks do not give credit for early settlement unless you give 90 days prior notice.

I don't know if this is still the case, but about 3 years ago I did an early settlement with Standard Bank and they had changed their notice policy - interest was calculated to date of payment.

I think there've been quite a few changes in the way banks handle both early payments and early settlements over the last ten years. At one stage, [I think it was] Wesbank was even using the "save interest with early payments" facility as a marketing tool.