My question, I was under debt review from April 2009. I was retrenched in March 2014 but kept on paying until February 2016.
At the end of July last year, I wanted to take out my vehicle license, and the authority informed me that the car is not in my name anymore, but back on MFC’s name. According to my math, I still owed about R13000 on the car.
Now I want to know must I let MFC know to come and collect the car or will I be able to trade the car in, so that the dealer can settle the car with MFC although the car is not in my name anymore?
Thank you for your question.
Once you buy a vehicle from the bank the vehicle is registered in the bank’s name. Only once the outstanding balance owed to the bank is paid, the vehicle can be registered in your name.
If you stopped making payments towards the vehicle account since February 2016 the bank might have already proceeded with Legal Action. There could also possibly be a Warrant of Delivery of Goods if Legal Action has been taken.
You will not be able to trade in the vehicle if you are behind on payments.
It is best to contact MFC to find out what the status is on the account.