Your outstanding balance is the balance of the amount you've borrowed, plus interest for the remaining term of the loan, plus any arrears/advances, but excludes any monthly service fees. This is not the same as your vehicles settlement amount.
Yes, we will provide finance, based on the settlement figure and remaining period only and subject to a full application for finance. We will require your latest statement to ensure that your account is not in arrears. A roadworthy certificate is not required for switching. The rate granted will be based on a risk assessment. Please contact us on 0860 111 159 for more information.
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No. Your agreement with MFC is cancelled immediately. But we allow for the reasonable finalisation of your estate. Either your relatives and next of kin or the executor of the estate must keep the payment of the account up to date until we receive full settlement of the account.
Yes. Your agreement specifies that your instalments must be paid (even while an insurance claim is being finalised) until the account has been settled in full. When the full outstanding settlement amount has been paid, we will process any refunds that are due to you.
Your vehicle will be valued and sold to the highest bidder at a public auction. Should the amount raised on auction not cover the whole settlement amount, you will be liable for the shortfall. Your name will be listed with the credit bureaus until the outstanding balance is settled in full
Where applicable, the following costs will be charged:
- Arrears on voluntary surrender.
- Settlement, if repossessed with a warrant by sheriff.
- Storage costs that are levied daily.
- Valuation costs for an independent sworn valuator, according to section 127 of the NCA.
- A tracer fee.
- A towing fee or driver's fee.
- Legal costs (If applicable).
- Repair costs (If applicable);
- An administration fee.
Vehicle Finance Only
- Dealer stock and reregistration (all vehicles must be dealer-stocked, and reregistered into your name once released).
- Dekra and valet costs).
For a more accurate breakdown of costs, please contact the MFC consultant handling your account.
- Let us know that you want to sell the vehicle privately.
- Meet with the buyer so that he or she can view the vehicle.
- Accompany the potential buyer if they want to test-drive the vehicle.
- Sign a written agreement with full details of both parties to confirm terms and conditions of sale, and original identity documents (ID) must be verified.
- Confirm the transaction and the correct settlement figure with the financier of the potential sale.
- Accompany the potential buyer to the bank so that he or she can make the electronic transfer or pay the money.
- Send us the proof of payment.
- Check with us that the funds have been cleared and that you no longer owe us anything.
- Arrange for collection or delivery of the original Natis document.
- Sign duplicate change-of-ownership documents confirming buyer's and seller's detail so that the details can be updated at the licensing authorities.
- Hand over the asset to the buyer once all the above steps have been completed.
- Do not hand over the asset until you have verified and confirmed with us that the payment has been cleared.
