Logically if you are purchasing a car from a dealer via the Bank Financing, it's Technically not ur car from the word Go. The bank borrowed u the car Until you finish your Payments. Let's not Confuse Credit with outright fully paid Purchase. Just work hard enough to fully afford to Pay Cash yes Pay Cash it's called delayed sweet gratification.
Personal experience We Buy Cars are a good and safe way to let go of a financed vehicle. They will make sure all the admin and payments are done before taking the car and you can negotiate with them.
I was in this situation 11yrs ago I had just lost my job & everytime the bank called I would decline the calls. Went to the lalis, lived there while I was looking for a job. In my head I thought I would find work soon & repay the the arrears. Until 1 day I was stopped at a roadblock & taken to custody, the bank had flagged the car as stolen. The car was repossesed, then they auctioned it & I was still liable for the balance. Found work after sometime & had to pay for a car that I did not even have , Ja what a blow.
@@godsfavourite6134 Oh yes, Im debt free right now, It wasnt easy & the lesson has made me wiser. Bought my current car cash at an auction 5yrs ago & I have no plans on trading for a new 1.
@@malusibless9823 thanks so much u just gave me hope, I'm currently drowning in debts I was thinking of starting paying off bit by bit but I was discouraged thinking it's impossible to be debt-free . Thank you 🙏🏾
@@godsfavourite6134 It is indeed possible, like Nicolette says "be honest with yourself"& budget using real numbers not just in your head. You will be surprised at how much money you can spare. You do not need dstv, thats just 1 example, goodluck with your financial journey.
Ahhhh man you're so sweet, I saw what you did there at the end, trying to convince the mind to reason because wow it's really hard to let go of your car even when you KNOW you can no longer afford it! Thanks for this, we appreciate you ❤️
Tjeeer, this is great. Thanks a lot. The cost of ownership in these things called cars is too much, unplanned trips and maintenance. Can't breathe, I'm returning it!lol
When it comes to calling I ask the consultant that assist for their name and email address to continue the conversation in writing, I follow up and ask a lot of Questions. With their email we can schedule call appointments and reschedule them. With ABSA, MFC (Nedbank) and Wesbank (FNB) the vehicle Finance is not within the branch but rather you will have to call, there's usually a toll free number or ask to call from the branch. They do send one around and final you get through.
You deliver great information especially for young adults who have just entered the professional world. Could you please do a video on buying a car vs relying on uber/bolt and other public transportation 😊
Also, when they do the handover to debt collectors a client might be liable to pay for the shortfall amount after the auction. Please explain that, how it works and whatnots.🙏🏾
Very informative as always 👌🏽, thanks Nicolette. Can you please do one on how to pay off your car quicker in terms of paying off Interest first or Principal amount, Howmuch or how little, do the extra contributions have to be double the instalment or does every little contribution count even if it’s R200 extra etc 🌹
Before you schedule that extra payment on your car loan, you need to find out whether your lender applies the payments to your loan principal or to the interest. Applying extra payments directly to the principal (that is, the amount of money you borrowed) is ideal because it reduces both the amount you owe and your total interest. (The exception: If your loan has precomputed interest, meaning the total interest was calculated and fixed based on the term of your loan, you'll pay the same amount of interest no matter how quickly you pay off the loan.)
Last year I didn’t pay for my car for 9 months and I was hiding it. I was able to get 90k this year and paid of the car. Now I have the car papers 💃🏽and called transunion to clear my credit score
@@keepitfrankwithfentse it was the worst time of my life 😅 living in fear. All I knew was there’s no way I can pay for a car then when it’s only a ballon payment left, I should just let them take it.
Lmao. I mean. I’ll take an equivalent of that but health is also a tax so I’ll go with a fruit salad at the same price. But let me not fool you I understand the value of money and cheap isn’t always value
Great video 👍! Very informative! Swallow the pride and let. I started the conversation with insurance company to reduce the premium it just a R100 less and R3000 increase on the Excess. Refinance good option if working something but might take a month or two but as soon as you are back on track I will say go back to what you were paying to at least finish paying faster.
Umm, ur right on some points, but not all I went trew it number one reference. It is bad bc u digging the hole bigger trading in the car for a much lower car u still get the depth rolled over to the new one u just took so now u driving a car that might have issues the right thing to do is to give it up wait till they sell it an pay the remaining balance if u think ur credit score got to do whit it no it had to do what u do whit ur money an ok credit score goes down u can rebuild it an just buy a car whit cash an u got no more Hadake its just like people get credit cards u use it they charge u intrest late fees transaction fees an paying it off u still while u think u paying it off by portian an still they take portion whit out u knowing ontill ur state meants
My sister God bless you 🤯🙌🏿🔥 can you please make a video about which INSURANCES ONE SHOULD HAVE AS THEY ABOUT TO GO FROM VARSITY TO WORK, OR THE TYPES OD INSURANCES AND ADVICE ON THAT🙏🏿🙌🏿🔥
I believe you have a book that you wrote, can I pls have the book title... When you take a ride with a wise person like you, I can end up wiser myself...... I'm buying my car for cash by Gods will soon...
I bought your book mam,I m learning a lot I even have to buy it to my friend,,if I knew abt U before I was gonna be faar,but I going somewhere,,I m planning to start a property ,buy to rent one,, advice please
You know I might do a video about that next. In all honesty I don’t understand them and don’t see the benefit long term but I might need to dig a bit deeper
on that VS part i am in the middle of that situation where i had surrender my vehicle after missing 2 months of payment ,2 or 3 months ago i handed in the vehicle ,signed the necessary documents but then end of the month a debit order was ran in my acc. and looking at my credit score it reflects as missed payment meanwhile the vehicle is with them and its set up for auction
You missed an important a very important part. People who can't afford their cars can OPT for DEBT COUNSELING. They'll be put on Debt review and pay a reduced consolidated installment while all their assets are safe from repossession. Please make another video and let people know about this relief
Its important to know that while you are under debt review you cannot take out any debt. This includes loans, credit cards, scorecards etc. It is a legal process & if you skip payments or do not honor them you can still lose your assets. Also make sure you find a legitimate debt review company because there are many fraudsters posing as debt review companies.
Hello. Is there a way of dealing with the instance of the vehicle being damaged and it can be proven that it was prior to the purchase that now renders the car not roadworthy?
Hi Sis... Subscriber from Botswana.. You once made a video about not buying a car thru a loan if I'm not mistaken... Soo I just got a proper job with better pay and currently saving money for a car with a unit trust... But I'm getting a little impatient( I guess), I reaaaallllyyy want a car asap... Do you suggest I just go take a car loan
So in a scenario where you are under debt review.Say you get into an accident and your car is written off, the insurer would obviously pay the bank right? Or can they still give you same car and you continue paying the bank off?
I took an advantage of 3 months payment holiday that was offered by the bank due to COVID 19 last year for my car. The payments were halted for 3 months and resumed again after that. I used that saving to build a cottage in my house so I could rent it out for extra income. My only issue with the bank is that they increased my term with 5 extra month. My original expiry date for the payment was going to be in August, now because of the payment holiday they have moved the payment date to January. That's 5months extra. Is that allowed?
Logically if you are purchasing a car from a dealer via the Bank Financing, it's Technically not ur car from the word Go. The bank borrowed u the car Until you finish your Payments. Let's not Confuse Credit with outright fully paid Purchase. Just work hard enough to fully afford to Pay Cash yes Pay Cash it's called delayed sweet gratification.
Personal experience We Buy Cars are a good and safe way to let go of a financed vehicle. They will make sure all the admin and payments are done before taking the car and you can negotiate with them.
I was in this situation 11yrs ago I had just lost my job & everytime the bank called I would decline the calls. Went to the lalis, lived there while I was looking for a job. In my head I thought I would find work soon & repay the the arrears. Until 1 day I was stopped at a roadblock & taken to custody, the bank had flagged the car as stolen. The car was repossesed, then they auctioned it & I was still liable for the balance. Found work after sometime & had to pay for a car that I did not even have , Ja what a blow.
Wow 😒, so 11 years later have u survived financially?
@@godsfavourite6134 Oh yes, Im debt free right now, It wasnt easy & the lesson has made me wiser. Bought my current car cash at an auction 5yrs ago & I have no plans on trading for a new 1.
@@godsfavourite6134 this is savage
@@malusibless9823 thanks so much u just gave me hope, I'm currently drowning in debts I was thinking of starting paying off bit by bit but I was discouraged thinking it's impossible to be debt-free . Thank you 🙏🏾
@@godsfavourite6134 It is indeed possible, like Nicolette says "be honest with yourself"& budget using real numbers not just in your head. You will be surprised at how much money you can spare. You do not need dstv, thats just 1 example, goodluck with your financial journey.
Ahhhh man you're so sweet, I saw what you did there at the end, trying to convince the mind to reason because wow it's really hard to let go of your car even when you KNOW you can no longer afford it! Thanks for this, we appreciate you ❤️
Thank you so much!!
Darling, you're such a blessing......
God has truely blessed you with wisdom......
Thanx for enlightenment..
Very important topic, most of us are just clueless when we are in that situation. Thank you.
This actually happened to me in 2019, out of all the options I opted for a private sale and I sold it on the settlement value.
Tjeeer, this is great. Thanks a lot. The cost of ownership in these things called cars is too much, unplanned trips and maintenance. Can't breathe, I'm returning it!lol
Lmao. If the downside is far more prominent then return to sender my brother
So informative. Weird people disliked This video. These are confusing times . Great video 😊
They are basically enemy of progress!!
Please make the same video but focusing on houses, this is really informative.
Move out, rent it out.
Since I've started watching your videos I am getting a bit smart with my finances thanks hey 😊
I needed you 6 years ago 😭😭😭.
It's lonely in these streets, you'd swear what you going through doesn't happen in South Africa
My apologies for the lateness of this content
When it comes to calling I ask the consultant that assist for their name and email address to continue the conversation in writing, I follow up and ask a lot of Questions.
With their email we can schedule call appointments and reschedule them.
With ABSA, MFC (Nedbank) and Wesbank (FNB) the vehicle Finance is not within the branch but rather you will have to call, there's usually a toll free number or ask to call from the branch.
They do send one around and final you get through.
I just discovered your channel and the way I hit subscribe in the first 10 minutes of watching the first video!!!!! CONTENT!!!! Viewing from Kenya.
Very insightful, love from Namibia. I have been binging your videos all day.
Thank you Sis❤️
The surrender is repossession without the embassment basically 😅, thanks Nicollet we appreciate you. 🙏🏾❤️✨
Lol
You deliver great information especially for young adults who have just entered the professional world. Could you please do a video on buying a car vs relying on uber/bolt and other public transportation 😊
Also, when they do the handover to debt collectors a client might be liable to pay for the shortfall amount after the auction. Please explain that, how it works and whatnots.🙏🏾
Eish I saw a Twitter thread of people who were returning their cars life is tough, surely helpful information
Very informative as always 👌🏽, thanks Nicolette. Can you please do one on how to pay off your car quicker in terms of paying off Interest first or Principal amount, Howmuch or how little, do the extra contributions have to be double the instalment or does every little contribution count even if it’s R200 extra etc 🌹
Here is the thing. On car loans paying extra will reduce the term of the loan. The monthly cost is worked out upfront
@@FinancialBunny Thank you very much 🌹🙌🏽
Before you schedule that extra payment on your car loan, you need to find out whether your lender applies the payments to your loan principal or to the interest.
Applying extra payments directly to the principal (that is, the amount of money you borrowed) is ideal because it reduces both the amount you owe and your total interest. (The exception: If your loan has precomputed interest, meaning the total interest was calculated and fixed based on the term of your loan, you'll pay the same amount of interest no matter how quickly you pay off the loan.)
@@FinancialBunny 💣💣💣💣Archiving 🙏🏽
@@FinancialBunny this would be a great video for better explanation
Last year I didn’t pay for my car for 9 months and I was hiding it. I was able to get 90k this year and paid of the car. Now I have the car papers 💃🏽and called transunion to clear my credit score
They did clear it?
@God's Favourite! Yes they did. As long as you send transunion proof of settlement, they will clear it.
LOL...The fact that u were hiding it...you like to live dangerously.
@@keepitfrankwithfentse it was the worst time of my life 😅 living in fear. All I knew was there’s no way I can pay for a car then when it’s only a ballon payment left, I should just let them take it.
Did u pay the 90k cash or in installments while the car was in hiding
The type of lady that can appreciate McDonalds cause she knows how hard it is to make money.super attractive 😍
Lmao. I mean. I’ll take an equivalent of that but health is also a tax so I’ll go with a fruit salad at the same price. But let me not fool you I understand the value of money and cheap isn’t always value
It is as if she knew I was planning on buying my first car and she made this for me
Listen I live in your head lmao
Great video 👍! Very informative! Swallow the pride and let. I started the conversation with insurance company to reduce the premium it just a R100 less and R3000 increase on the Excess.
Refinance good option if working something but might take a month or two but as soon as you are back on track I will say go back to what you were paying to at least finish paying faster.
Eish thank you sthandwa for this💕
Any time!
Thanks needed to hear this...out loud
My brother cousin signed 28% interest rate 72 months without knowing
Bought my car cash (bmw m8) to reduce stress in my life ↗️
Umm, ur right on some points, but not all I went trew it number one reference. It is bad bc u digging the hole bigger trading in the car for a much lower car u still get the depth rolled over to the new one u just took so now u driving a car that might have issues the right thing to do is to give it up wait till they sell it an pay the remaining balance if u think ur credit score got to do whit it no it had to do what u do whit ur money an ok credit score goes down u can rebuild it an just buy a car whit cash an u got no more Hadake its just like people get credit cards u use it they charge u intrest late fees transaction fees an paying it off u still while u think u paying it off by portian an still they take portion whit out u knowing ontill ur state meants
My sister God bless you 🤯🙌🏿🔥 can you please make a video about which INSURANCES ONE SHOULD HAVE AS THEY ABOUT TO GO FROM VARSITY TO WORK, OR THE TYPES OD INSURANCES AND ADVICE ON THAT🙏🏿🙌🏿🔥
Will do. They say it’s an advantage to get a life insurance at this stage so that you don’t have too many loadings that can push up your premiums
Thank you Sis, this is really informative.🙏🏿
Thank you ❤️❤️❤️❤️
wowwwwwwwww, this is great. Thanks a lot ....am planning to buy a car am in a contract and i dont know if i can go for auction or garage
I believe you have a book that you wrote, can I pls have the book title...
When you take a ride with a wise person like you, I can end up wiser myself...... I'm buying my car for cash by Gods will soon...
Thank you for this!
I bought your book mam,I m learning a lot I even have to buy it to my friend,,if I knew abt U before I was gonna be faar,but I going somewhere,,I m planning to start a property ,buy to rent one,, advice please
Hi financial bunny. Always love watching your videos. Dankie
Hi Nicolette. Thank you for your videos, I'm learning a lot. Please can you share your thoughts on car subscriptions. Are they worth it?
You know I might do a video about that next. In all honesty I don’t understand them and don’t see the benefit long term but I might need to dig a bit deeper
on that VS part i am in the middle of that situation where i had surrender my vehicle after missing 2 months of payment ,2 or 3 months ago i handed in the vehicle ,signed the necessary documents but then end of the month a debit order was ran in my acc.
and looking at my credit score it reflects as missed payment meanwhile the vehicle is with them and its set up for auction
Hi Lwazi , what was the implication on your profile for surrendering the car and have you recovered?
Mara why not be a financial advisor vele?
Haaai I don’t want to be put in a position where I may lie to people for commission
@@FinancialBunny ngaze ngahleka sisi wam yuuuu
Thank you for this
My pleasure!
Glad I’m here before getting a car❤
I missed the good story telling while we are learning ❤❤❤
You missed an important a very important part. People who can't afford their cars can OPT for DEBT COUNSELING. They'll be put on Debt review and pay a reduced consolidated installment while all their assets are safe from repossession. Please make another video and let people know about this relief
Its important to know that while you are under debt review you cannot take out any debt. This includes loans, credit cards, scorecards etc. It is a legal process & if you skip payments or do not honor them you can still lose your assets. Also make sure you find a legitimate debt review company because there are many fraudsters posing as debt review companies.
Hello. Is there a way of dealing with the instance of the vehicle being damaged and it can be proven that it was prior to the purchase that now renders the car not roadworthy?
Hi Sis... Subscriber from Botswana.. You once made a video about not buying a car thru a loan if I'm not mistaken... Soo I just got a proper job with better pay and currently saving money for a car with a unit trust...
But I'm getting a little impatient( I guess), I reaaaallllyyy want a car asap... Do you suggest I just go take a car loan
Can shortfall insurance assist in what you’d still owe the bank in such a situation?
Does this also apply with Westbank?
Does the insurance settle the entire amount or just a portion of the amount should you lose your job?
I think it’s for 12 months max depending on the policy and assurer
Some it's 6 months
@@makhadziparousiaphusewa1367 so they continue with making payments of the same instalments?
Very informative
Glad you think so!
Insightful thank you
Glad it was helpful!
So in a scenario where you are under debt review.Say you get into an accident and your car is written off, the insurer would obviously pay the bank right? Or can they still give you same car and you continue paying the bank off?
They will give you the book value of your car. This is why it’s important to make sure you don’t have a short fall
@@FinancialBunny you mean I have the shortfall?
I took an advantage of 3 months payment holiday that was offered by the bank due to COVID 19 last year for my car. The payments were halted for 3 months and resumed again after that. I used that saving to build a cottage in my house so I could rent it out for extra income. My only issue with the bank is that they increased my term with 5 extra month. My original expiry date for the payment was going to be in August, now because of the payment holiday they have moved the payment date to January. That's 5months extra. Is that allowed?
Unfortunately yes it’s allowed.
During the payment holiday the bank was still accruing interest on your debt hence the extended payment term.
@@SinikiweNgcobo thank you for replying. Really appreciate 🙏
My lady😍
🥺🥺🥺u a gem
Ay wangichaza yazi :)
Please save this live
Its a Video
🙌🏿🙌🏿🤯🔥🔥
Can I still go and ask them to refinance me even all the I still have my job 🤔
Yes. If you aren’t coping with the repayments
After how long can you ask for a refinance? I’ve had my car for a year now
Depends on bank and your financial status
this is kinda scary - go gola le madi bathong :/
😘😘
.