The easiest thing to do is as soon as you see your financial position change try sell the car and settle the amount. Places like webuycars and other used car dealers will buy the car from you and pay the bank directly removing all the stress
@@didintlemonyai1973 yes, just make sure you sell the car for more than what you owe the bank. most legit places pay the bank directly on your behalf and give you the balance
I didn't even know you can surrender. Always educative. Your channel had made me create educative as well as I noticed when adulting a lot of things we don't know.
Most people actually surrender their cars unknowingly. Where the people who "repossess" your car don`t have the court order.They threaten you to voluntary surrender.
It is a big boost for me to subscribe on your channel Nicolette. Thank you for the straight talk. Finances are not taboo anymore. I used to treat money like some secret. It did not work. Money needs a clear budget. Finances require a good plan
I financed a tesla when it was priced WAY more than what it's worth now. I've only had it for 2 yrs. I still owe way more than the brand new models are going for these days. It's sickning
I love your honesty and I believe your teachings are what we need as the black african community. Asazi lutho ngalezinto and we would rather burry our heads in the sand than face the truth. Love you Lebo
I wish this kind of information was shared more widely because so many people get stuck with cars and debts they can't afford or manage. I like the fact that you highlighted the pros and cos of the process. Thank you Nicolette.
Thanks Nicolette for this video it was very informative👏. Last year I surrendered my Toyota Quantam, keeped calling the bank to ask what's progress on the sale nd only last month they gave me the figure I need to pay. And I was lyk these ppl are crazy I will not pay that money, but after dis video I will go and negotiate with them coz I can already feel the effect of that account.
I ran into some financial trouble 5 years ago because I left my corporate job with no plan for income. I provided business services and the business was slower than slow but just enough so I would get fat, overeating because I was scared of going hungry - you can tell I had problems. I had traded in my Audi for +R100k debt 6 months before that. I then also had a R79k credit card I didn't have before. 5 months into quitting, my money ran out and I started missing payments. Over the next 24 months, I would pay 3-4 months late by evading the car repossession guys. I did not even answer my door when people knocked because I was scared they would repossess my car and I would park it at my second parking space hiding it. I went to court also for incurring +R100k debt for a deal that went awry because I had signed a contract stating I have to pay regardless. So, to say I was in trouble is an understatement. So, this Indian guy, Vis, from Absa comes to repossess my car and I sat him down on my couch, after praying for a long time and avoiding him and I said to him: "God said I must tell you that no matter how much you chase me to repossess this car, you will not get it and He will pay it in full. I also told Him that God says he must stop whatever deal he is trying to do." His eyes grew big and he said he will drop it. He then asked me which God it was. I told Him He is the God professed through the Apostles Creed and taught of in the Roman Catholic Church. He left. This was in 2017. In 2021, end of the year, I sent him an sms that the car is paid off. I still have not fetched my logbook though. Praise be to God for He is the only one who keeps His Word, every time.
Such an important video! I appreciate you so much❤️. Living within your means is absolutely necessary and cars are usually the pitfall of many. I hope people will learn from the information you shared!🙌🏽I recently shared a video on how one can budget and live within one's means on an average salary.
I had to surrender my car in 2021 which was already being fixed after a minor accident by the dealership. I was in financial strain & couldn't afford both the fixing and the installment. I used my bonus at work and provident fund after I got a new job to purchase a 2nd hand demo car cash and am happy, the bank has been quiet & I haven't seen anything on my credit report. Will follow up soon😂Ngikhathele yoh
Go to different dealership in attempt to get offers for your car. Once you get a better offer. Go to bank and check how much you might need extra to cover excess. Then ask for early settlement of the car. I haven't seen or experienced the process but it's possible. Leaving it to the bank to sell it at some funny low price should be last option and I believe the car shouldn't be sold at below market value.
True. The bank will send it off to an auction and they won't care much about how much they get because you will still be liable for the remaining amount.
What about selling your car through platforms like Carzuka, We Sell/Buy Cars...etc? Because what they do, they settle the payment on your behalf so that you can close your account.
You've said it with a mouthful Nicolette and I can attest to with everything, a friend of mine was in a dynamic situation because he completely misunderstood the entire process of his situation. He bought a brand new car for 315k, 2 months down the line the car had a problem, he then gets hold of the dealership and they took it in and "repaired" it, after a week of getting it back the same problem came back and out of anger he started threatening them and they ended up taking long to come and fetch the car because he said he wants a new car, the car had around 2000km on the clock, because of his demand they didn't want to give him a new car but wanted to repair it so the fight continued. So he decided to stop paying for the car because he wasn't using it and it had a problem, 3 months down the line the bank called demanding the arrears but he argued that the car he is paying for is giving him problems so the bank came and took the car as a repossession, they sold it came back to him with a letter saying that he owes the bank 160k - he went to court and tried to fight with bank but he ended up losing the case, the judgement was that the banks are a financial lenders not car dealers; they didn't choose which car he must buy and where he must buy it but they just assisted him with financial services, so in essence he fought the wrong people "the bank" instead of the dealership and ended up losing so much money because he was suppose to continue paying the installment and get everything sorted with the dealership - it's not like couldn't afford the installment it's just that he was so frustrated about the fact that he was paying for a car that's not drivable, he lost the car plus 160k.🤭🤭😐😐
So is it better to sell the car and pay the bank so that you clear the loan yourself?how does that affect ones credit score if you have missed a few payments but then you sell the car?
I bought my car cash but now I feel like I can't afford to keep it 🥺 I can't even afford to pay insurance, service plan and maintenance plan monthly, is it wise to sell it?
I agree, I applied for debt review and ended up under debt administration where my account was debited monthly however my creditors were paid quarterly while interest was charged daily, I only learnt this after I had surrendered my car which was the main reason for the debt review. I still don't know how they got it wrong when all e-mail correspondence was about DEBT REVIEW. My take away from this experience is to try and negotiate with your creditors before you consider debt review because also, the first 2 or 3 months debit orders go towards the legal and admin fees while interest is being charged on your accounts.
Debt review actually does help because most of the time it reduces the interest on your loans, eliminates the monthly admin fees you're charged by the creditors, and has the ability to extend the term of your credit repayments to an amount you can afford. The downside with negotiating directly with your creditors is that they only reduce your installment meaning that most of the time you'll never finish paying them off as they continue charging the same interest, admin and insurance fees. Downside with debt review is that you can't get credit until you've been cleared and some debt counselors are in it for the money so they'll put you under debt review even when it's not in your best interest. Best to speak to a financial advisor
I recently sold my car at we-buy-cars, settlement amount was R160k they bought it for R167k.. the bank confirmed its settled I don't owe. How would this effect my credit score 😪
Clever move. Surrendering the car should be the last resort. You even made profit. The bank might have auctioned it for 120K and you'd still have to pay them 40K.
The easiest thing to do is as soon as you see your financial position change try sell the car and settle the amount. Places like webuycars and other used car dealers will buy the car from you and pay the bank directly removing all the stress
Is it still possible to go that route when the bank still has the ownership of the car,
@@didintlemonyai1973 yes, just make sure you sell the car for more than what you owe the bank. most legit places pay the bank directly on your behalf and give you the balance
@@didintlemonyai1973 yea it is
I didn't even know you can surrender. Always educative. Your channel had made me create educative as well as I noticed when adulting a lot of things we don't know.
Most people actually surrender their cars unknowingly. Where the people who "repossess" your car don`t have the court order.They threaten you to voluntary surrender.
It is a big boost for me to subscribe on your channel Nicolette. Thank you for the straight talk. Finances are not taboo anymore. I used to treat money like some secret. It did not work. Money needs a clear budget. Finances require a good plan
I always learn alot from you. You make me look smart.
I financed a tesla when it was priced WAY more than what it's worth now. I've only had it for 2 yrs. I still owe way more than the brand new models are going for these days. It's sickning
I love your honesty and I believe your teachings are what we need as the black african community. Asazi lutho ngalezinto and we would rather burry our heads in the sand than face the truth. Love you Lebo
I wish this kind of information was shared more widely because so many people get stuck with cars and debts they can't afford or manage. I like the fact that you highlighted the pros and cos of the process. Thank you Nicolette.
Thanks Nicolette for this video it was very informative👏. Last year I surrendered my Toyota Quantam, keeped calling the bank to ask what's progress on the sale nd only last month they gave me the figure I need to pay. And I was lyk these ppl are crazy I will not pay that money, but after dis video I will go and negotiate with them coz I can already feel the effect of that account.
I ran into some financial trouble 5 years ago because I left my corporate job with no plan for income. I provided business services and the business was slower than slow but just enough so I would get fat, overeating because I was scared of going hungry - you can tell I had problems. I had traded in my Audi for +R100k debt 6 months before that. I then also had a R79k credit card I didn't have before. 5 months into quitting, my money ran out and I started missing payments. Over the next 24 months, I would pay 3-4 months late by evading the car repossession guys. I did not even answer my door when people knocked because I was scared they would repossess my car and I would park it at my second parking space hiding it. I went to court also for incurring +R100k debt for a deal that went awry because I had signed a contract stating I have to pay regardless. So, to say I was in trouble is an understatement.
So, this Indian guy, Vis, from Absa comes to repossess my car and I sat him down on my couch, after praying for a long time and avoiding him and I said to him: "God said I must tell you that no matter how much you chase me to repossess this car, you will not get it and He will pay it in full. I also told Him that God says he must stop whatever deal he is trying to do." His eyes grew big and he said he will drop it. He then asked me which God it was. I told Him He is the God professed through the Apostles Creed and taught of in the Roman Catholic Church. He left. This was in 2017. In 2021, end of the year, I sent him an sms that the car is paid off. I still have not fetched my logbook though. Praise be to God for He is the only one who keeps His Word, every time.
Such an important video! I appreciate you so much❤️. Living within your means is absolutely necessary and cars are usually the pitfall of many. I hope people will learn from the information you shared!🙌🏽I recently shared a video on how one can budget and live within one's means on an average salary.
I had to surrender my car in 2021 which was already being fixed after a minor accident by the dealership. I was in financial strain & couldn't afford both the fixing and the installment. I used my bonus at work and provident fund after I got a new job to purchase a 2nd hand demo car cash and am happy, the bank has been quiet & I haven't seen anything on my credit report. Will follow up soon😂Ngikhathele yoh
I had noooooo idea you could do this as a person. Thank u for the enlightenment Nico! 🙂
Go to different dealership in attempt to get offers for your car. Once you get a better offer. Go to bank and check how much you might need extra to cover excess. Then ask for early settlement of the car. I haven't seen or experienced the process but it's possible. Leaving it to the bank to sell it at some funny low price should be last option and I believe the car shouldn't be sold at below market value.
True. The bank will send it off to an auction and they won't care much about how much they get because you will still be liable for the remaining amount.
Does this also apply to home loans?
What about selling your car through platforms like Carzuka, We Sell/Buy Cars...etc?
Because what they do, they settle the payment on your behalf so that you can close your account.
if the value of the car can pay off the loan, if not you will still pay the difference if this is an option
You've said it with a mouthful Nicolette and I can attest to with everything, a friend of mine was in a dynamic situation because he completely misunderstood the entire process of his situation. He bought a brand new car for 315k, 2 months down the line the car had a problem, he then gets hold of the dealership and they took it in and "repaired" it, after a week of getting it back the same problem came back and out of anger he started threatening them and they ended up taking long to come and fetch the car because he said he wants a new car, the car had around 2000km on the clock, because of his demand they didn't want to give him a new car but wanted to repair it so the fight continued. So he decided to stop paying for the car because he wasn't using it and it had a problem, 3 months down the line the bank called demanding the arrears but he argued that the car he is paying for is giving him problems so the bank came and took the car as a repossession, they sold it came back to him with a letter saying that he owes the bank 160k - he went to court and tried to fight with bank but he ended up losing the case, the judgement was that the banks are a financial lenders not car dealers; they didn't choose which car he must buy and where he must buy it but they just assisted him with financial services, so in essence he fought the wrong people "the bank" instead of the dealership and ended up losing so much money because he was suppose to continue paying the installment and get everything sorted with the dealership - it's not like couldn't afford the installment it's just that he was so frustrated about the fact that he was paying for a car that's not drivable, he lost the car plus 160k.🤭🤭😐😐
Yhu 😭
So is it better to sell the car and pay the bank so that you clear the loan yourself?how does that affect ones credit score if you have missed a few payments but then you sell the car?
Currently paying extra to keep things under control 😢, this rate hikes are slowly taking more from the budget
This is informative. Thanks.
Very informative. Thank you
I bought my car cash but now I feel like I can't afford to keep it 🥺 I can't even afford to pay insurance, service plan and maintenance plan monthly, is it wise to sell it?
Could you please make a video on leasing vs financing a car
Yes Ma’am
Hi, will you kindly also cover the topic of debt review/counseling for next time ❤
I agree, I applied for debt review and ended up under debt administration where my account was debited monthly however my creditors were paid quarterly while interest was charged daily, I only learnt this after I had surrendered my car which was the main reason for the debt review. I still don't know how they got it wrong when all e-mail correspondence was about DEBT REVIEW. My take away from this experience is to try and negotiate with your creditors before you consider debt review because also, the first 2 or 3 months debit orders go towards the legal and admin fees while interest is being charged on your accounts.
Debt review actually does help because most of the time it reduces the interest on your loans, eliminates the monthly admin fees you're charged by the creditors, and has the ability to extend the term of your credit repayments to an amount you can afford. The downside with negotiating directly with your creditors is that they only reduce your installment meaning that most of the time you'll never finish paying them off as they continue charging the same interest, admin and insurance fees. Downside with debt review is that you can't get credit until you've been cleared and some debt counselors are in it for the money so they'll put you under debt review even when it's not in your best interest. Best to speak to a financial advisor
Yoooo ngiku mess ,but thank you for clarifying things I'll try and do better
May God be with you 🙏🏾
So what about the credit short fall?
We learn something new everyday
What happens in the case that the car has been in an accident and you want to surrender the vehicle ?
They will still take it even if it's one tyre left or a door or mirror its their asset
@@bongumusasokhulu260 thank you so much Mr Sokhulu
My favorite person in here❤️❤️❤️
❤🙏🏽
Nicolette please help me. I need to speak with you please
I need 70k to settle my car. Would it be best to service and fix the car and try to sell on webuycars to settle the loan?
I recently sold my car at we-buy-cars, settlement amount was R160k they bought it for R167k.. the bank confirmed its settled I don't owe. How would this effect my credit score 😪
wish i was in your shoes
Your credit score will go up because you don’t owe any money
Selling it yourself works best than leaving it to the bank to sell it for you. Big up for that
Clever move. Surrendering the car should be the last resort. You even made profit. The bank might have auctioned it for 120K and you'd still have to pay them 40K.
May I please have the contacts of the person that assisted you with selling🙏
I sold my car at webuycars last week Monday and I settled my car with the bank
Did you pay extra money?
Hi,how did you sold a car that is owned by a bank?
I contacted the bank and asked for a settlement we buy cars bought my car and settled with the bank for papers and admin