{"id":45851,"date":"2015-12-31T17:44:30","date_gmt":"2015-12-31T15:44:30","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=45851"},"modified":"2015-12-31T17:44:30","modified_gmt":"2015-12-31T15:44:30","slug":"45851","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=45851","title":{"rendered":""},"content":{"rendered":"

Battling a R70 000 trade-in shortfall<\/strong><\/h1>\n

 <\/p>\n

A Fin24 user who had a R70 000 shortfall on his vehicle finance and battling to keep up with payments, seeks advice. He writes: <\/strong><\/p>\n

I purchased a car a few years ago that I could not afford. To reduce the payments, I opted for a 30% balloon payment. In an attempt to reduce the payments, I traded in the vehicle for a cheaper vehicle.<\/p>\n

However, due to the settlement amount being about R70 000 less than the market value of the vehicle, the balance was loaded onto the finance amount of the new vehicle. Currently, I am paying exactly the same monthly installment at a higher interest rate and still with a R70k shortfall. Due to a change in my job, I am no longer able to afford the current vehicle.<\/p>\n

I’ve spoken to my financing company, however they are unwilling to make any arrangement. I desperately need to either reduce my payments or get a cheaper vehicle. I am at the end of\u00a0 my tether and stretched financially. My vehicle is a 2012 Kia Rio financed with MFC, Nedbank.<\/p>\n

Douw\u00a0<\/strong>Leadley<\/strong><\/span> of, a division of Nedbank responds:<\/strong><\/p>\n

There are basically only 2 available options to reduce payments:
\n\u2022 Settle and purchase a cheaper vehicle,
\n\u2022 Restructure current agreement \/ extend term to reduce payments.<\/p>\n

Both options are conditional on the following:<\/p>\n

\u2022 shortfall on current deal and \/ or affordability assessment,
\n\u2022 conduct of current MFC account and
\n\u2022 status – current, arrears, DC or legal?<\/p>\n

I take it the client is unable to trade out of his\/her current deal because of the shortfall been added to the current deal so that leaves the client with two options:<\/p>\n

\u2022 Assist Sales – 2 to 3 offers to be assessed by MFC if the current deal cannot be settled. Agreed repayment plan on the shortfall, dependent on Credit Assessment in terms of affordability of a cheaper vehicle. (Credit discretion).<\/p>\n

\u2022 Extend term to maximum on current deal – dependent on previous history, restructures done, etc.<\/p>\n

Hope that helps!<\/p>\n

*Do you have a pressing financial question? Post it on our\u00a0\u00a0<\/a><\/strong>section and we will get an expert to answer your query.<\/p>\n

Disclaimer:<\/strong> Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.<\/p>\n","protected":false},"excerpt":{"rendered":"

Battling a R70 000 trade-in shortfall   A Fin24 user who had a R70 000 shortfall on his vehicle finance and battling to keep up with payments, seeks advice. He writes: I purchased a car a few years ago that I could not afford. To reduce the payments, I opted for a 30% balloon payment. …<\/p>\n","protected":false},"author":3,"featured_media":45854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-45851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-te-public"],"yoast_head":"\n- Arab Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arabtelegraph.com\/?p=45851\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"- Arab Telegraph\" \/>\n<meta property=\"og:description\" content=\"Battling a R70 000 trade-in shortfall   A Fin24 user who had a R70 000 shortfall on his vehicle finance and battling to keep up with payments, seeks advice. He writes: I purchased a car a few years ago that I could not afford. To reduce the payments, I opted for a 30% balloon payment. …\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.arabtelegraph.com\/?p=45851\" \/>\n<meta property=\"og:site_name\" content=\"Arab Telegraph\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/aliarabtelegraphhttps:\/\/m.facebook.com\/ali.aed2https:\/\/www.facebook.com\/aliarabtelegraph:\/\/www.facebook.com\/https:\/\/www.google.com\/?hl=ar\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/aliarabtelegraphhttps:\/\/m.facebook.com\/ali.aed2https:\/\/www.facebook.com\/aliarabtelegraph:\/\/www.facebook.com\/https:\/\/www.google.com\/?hl=ar\/\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-31T15:44:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2015\/12\/60e2b468f7fc4c719aa5ab86a6b29497.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1228\" \/>\n\t<meta property=\"og:image:height\" content=\"1515\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Arab Telegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/aligazette\" \/>\n<meta name=\"twitter:site\" content=\"@aligazette\" \/>\n<meta name=\"twitter:label1\" content=\"\u0643\u064f\u062a\u0628 \u0628\u0648\u0627\u0633\u0637\u0629\" \/>\n\t<meta name=\"twitter:data1\" content=\"Arab Telegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u0648\u0642\u062a \u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0645\u064f\u0642\u062f\u0651\u0631\" \/>\n\t<meta name=\"twitter:data2\" content=\"\u062f\u0642\u064a\u0642\u062a\u0627\u0646\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851\"},\"author\":{\"name\":\"Arab Telegraph\",\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/#\\\/schema\\\/person\\\/b796bd29af18bedbb5ec003a20ada50d\"},\"headline\":\"\u0628\u0644\u0627 \u0639\u0646\u0648\u0627\u0646\",\"datePublished\":\"2015-12-31T15:44:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851\"},\"wordCount\":408,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/#\\\/schema\\\/person\\\/b796bd29af18bedbb5ec003a20ada50d\"},\"image\":{\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.arabtelegraph.com\\\/wp-content\\\/uploads\\\/2015\\\/12\\\/60e2b468f7fc4c719aa5ab86a6b29497.jpg\",\"articleSection\":[\"PUBLIC\"],\"inLanguage\":\"ar\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851\",\"url\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851\",\"name\":\"- Arab Telegraph\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.arabtelegraph.com\\\/wp-content\\\/uploads\\\/2015\\\/12\\\/60e2b468f7fc4c719aa5ab86a6b29497.jpg\",\"datePublished\":\"2015-12-31T15:44:30+00:00\",\"inLanguage\":\"ar\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"ar\",\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?p=45851#primaryimage\",\"url\":\"https:\\\/\\\/www.arabtelegraph.com\\\/wp-content\\\/uploads\\\/2015\\\/12\\\/60e2b468f7fc4c719aa5ab86a6b29497.jpg\",\"contentUrl\":\"https:\\\/\\\/www.arabtelegraph.com\\\/wp-content\\\/uploads\\\/2015\\\/12\\\/60e2b468f7fc4c719aa5ab86a6b29497.jpg\",\"width\":1228,\"height\":1515,\"caption\":\"Smiling African American father holding his little boy and talking to the car salesperson and buying a new car.\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/#website\",\"url\":\"https:\\\/\\\/www.arabtelegraph.com\\\/\",\"name\":\"\u0639\u0631\u0628 \u062a\u0644\u064a\u062c\u0631\u0627\u0641\",\"description\":\"\u0623\u062e\u0628\u0627\u0631...\u0645\u0646 \u062e\u0644\u0641 \u0627\u0644\u0623\u0633\u0648\u0627\u0631\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/#\\\/schema\\\/person\\\/b796bd29af18bedbb5ec003a20ada50d\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"ar\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/#\\\/schema\\\/person\\\/b796bd29af18bedbb5ec003a20ada50d\",\"name\":\"Arab Telegraph\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"ar\",\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/\u0644\u0648\u062c\u0648-\u0639\u0631\u0628-\u062a\u0644\u064a\u062c\u0631\u0627\u0641-1-1.jpg\",\"url\":\"https:\\\/\\\/www.arabtelegraph.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/\u0644\u0648\u062c\u0648-\u0639\u0631\u0628-\u062a\u0644\u064a\u062c\u0631\u0627\u0641-1-1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.arabtelegraph.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/\u0644\u0648\u062c\u0648-\u0639\u0631\u0628-\u062a\u0644\u064a\u062c\u0631\u0627\u0641-1-1.jpg\",\"width\":300,\"height\":150,\"caption\":\"Arab Telegraph\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.arabtelegraph.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/\u0644\u0648\u062c\u0648-\u0639\u0631\u0628-\u062a\u0644\u064a\u062c\u0631\u0627\u0641-1-1.jpg\"},\"sameAs\":[\"https:\\\/\\\/www.arabtelegraph.com\",\"https:\\\/\\\/www.facebook.com\\\/aliarabtelegraphhttps:\\\/\\\/m.facebook.com\\\/ali.aed2https:\\\/\\\/www.facebook.com\\\/aliarabtelegraph:\\\/\\\/www.facebook.com\\\/https:\\\/\\\/www.google.com\\\/?hl=ar\\\/\",\"https:\\\/\\\/www.instagram.com\\\/arabtelegraph\\\/\",\"https:\\\/\\\/www.google.com.sa\\\/?hl=ar\",\"https:\\\/\\\/x.com\\\/https:\\\/\\\/twitter.com\\\/aligazette\"],\"url\":\"https:\\\/\\\/www.arabtelegraph.com\\\/?author=3\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"- Arab Telegraph","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.arabtelegraph.com\/?p=45851","og_locale":"ar_AR","og_type":"article","og_title":"- Arab Telegraph","og_description":"Battling a R70 000 trade-in shortfall   A Fin24 user who had a R70 000 shortfall on his vehicle finance and battling to keep up with payments, seeks advice. He writes: I purchased a car a few years ago that I could not afford. To reduce the payments, I opted for a 30% balloon payment. …","og_url":"https:\/\/www.arabtelegraph.com\/?p=45851","og_site_name":"Arab Telegraph","article_publisher":"https:\/\/www.facebook.com\/aliarabtelegraphhttps:\/\/m.facebook.com\/ali.aed2https:\/\/www.facebook.com\/aliarabtelegraph:\/\/www.facebook.com\/https:\/\/www.google.com\/?hl=ar\/","article_author":"https:\/\/www.facebook.com\/aliarabtelegraphhttps:\/\/m.facebook.com\/ali.aed2https:\/\/www.facebook.com\/aliarabtelegraph:\/\/www.facebook.com\/https:\/\/www.google.com\/?hl=ar\/","article_published_time":"2015-12-31T15:44:30+00:00","og_image":[{"width":1228,"height":1515,"url":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2015\/12\/60e2b468f7fc4c719aa5ab86a6b29497.jpg","type":"image\/jpeg"}],"author":"Arab Telegraph","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/aligazette","twitter_site":"@aligazette","twitter_misc":{"\u0643\u064f\u062a\u0628 \u0628\u0648\u0627\u0633\u0637\u0629":"Arab Telegraph","\u0648\u0642\u062a \u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0645\u064f\u0642\u062f\u0651\u0631":"\u062f\u0642\u064a\u0642\u062a\u0627\u0646"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.arabtelegraph.com\/?p=45851#article","isPartOf":{"@id":"https:\/\/www.arabtelegraph.com\/?p=45851"},"author":{"name":"Arab Telegraph","@id":"https:\/\/www.arabtelegraph.com\/#\/schema\/person\/b796bd29af18bedbb5ec003a20ada50d"},"headline":"\u0628\u0644\u0627 \u0639\u0646\u0648\u0627\u0646","datePublished":"2015-12-31T15:44:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.arabtelegraph.com\/?p=45851"},"wordCount":408,"commentCount":0,"publisher":{"@id":"https:\/\/www.arabtelegraph.com\/#\/schema\/person\/b796bd29af18bedbb5ec003a20ada50d"},"image":{"@id":"https:\/\/www.arabtelegraph.com\/?p=45851#primaryimage"},"thumbnailUrl":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2015\/12\/60e2b468f7fc4c719aa5ab86a6b29497.jpg","articleSection":["PUBLIC"],"inLanguage":"ar","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.arabtelegraph.com\/?p=45851#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.arabtelegraph.com\/?p=45851","url":"https:\/\/www.arabtelegraph.com\/?p=45851","name":"- Arab Telegraph","isPartOf":{"@id":"https:\/\/www.arabtelegraph.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.arabtelegraph.com\/?p=45851#primaryimage"},"image":{"@id":"https:\/\/www.arabtelegraph.com\/?p=45851#primaryimage"},"thumbnailUrl":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2015\/12\/60e2b468f7fc4c719aa5ab86a6b29497.jpg","datePublished":"2015-12-31T15:44:30+00:00","inLanguage":"ar","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.arabtelegraph.com\/?p=45851"]}]},{"@type":"ImageObject","inLanguage":"ar","@id":"https:\/\/www.arabtelegraph.com\/?p=45851#primaryimage","url":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2015\/12\/60e2b468f7fc4c719aa5ab86a6b29497.jpg","contentUrl":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2015\/12\/60e2b468f7fc4c719aa5ab86a6b29497.jpg","width":1228,"height":1515,"caption":"Smiling African American father holding his little boy and talking to the car salesperson and buying a new car."},{"@type":"WebSite","@id":"https:\/\/www.arabtelegraph.com\/#website","url":"https:\/\/www.arabtelegraph.com\/","name":"\u0639\u0631\u0628 \u062a\u0644\u064a\u062c\u0631\u0627\u0641","description":"\u0623\u062e\u0628\u0627\u0631...\u0645\u0646 \u062e\u0644\u0641 \u0627\u0644\u0623\u0633\u0648\u0627\u0631","publisher":{"@id":"https:\/\/www.arabtelegraph.com\/#\/schema\/person\/b796bd29af18bedbb5ec003a20ada50d"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.arabtelegraph.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"ar"},{"@type":["Person","Organization"],"@id":"https:\/\/www.arabtelegraph.com\/#\/schema\/person\/b796bd29af18bedbb5ec003a20ada50d","name":"Arab Telegraph","image":{"@type":"ImageObject","inLanguage":"ar","@id":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2024\/11\/\u0644\u0648\u062c\u0648-\u0639\u0631\u0628-\u062a\u0644\u064a\u062c\u0631\u0627\u0641-1-1.jpg","url":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2024\/11\/\u0644\u0648\u062c\u0648-\u0639\u0631\u0628-\u062a\u0644\u064a\u062c\u0631\u0627\u0641-1-1.jpg","contentUrl":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2024\/11\/\u0644\u0648\u062c\u0648-\u0639\u0631\u0628-\u062a\u0644\u064a\u062c\u0631\u0627\u0641-1-1.jpg","width":300,"height":150,"caption":"Arab Telegraph"},"logo":{"@id":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2024\/11\/\u0644\u0648\u062c\u0648-\u0639\u0631\u0628-\u062a\u0644\u064a\u062c\u0631\u0627\u0641-1-1.jpg"},"sameAs":["https:\/\/www.arabtelegraph.com","https:\/\/www.facebook.com\/aliarabtelegraphhttps:\/\/m.facebook.com\/ali.aed2https:\/\/www.facebook.com\/aliarabtelegraph:\/\/www.facebook.com\/https:\/\/www.google.com\/?hl=ar\/","https:\/\/www.instagram.com\/arabtelegraph\/","https:\/\/www.google.com.sa\/?hl=ar","https:\/\/x.com\/https:\/\/twitter.com\/aligazette"],"url":"https:\/\/www.arabtelegraph.com\/?author=3"}]}},"jetpack_featured_media_url":"https:\/\/www.arabtelegraph.com\/wp-content\/uploads\/2015\/12\/60e2b468f7fc4c719aa5ab86a6b29497.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=\/wp\/v2\/posts\/45851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45851"}],"version-history":[{"count":1,"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=\/wp\/v2\/posts\/45851\/revisions"}],"predecessor-version":[{"id":45855,"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=\/wp\/v2\/posts\/45851\/revisions\/45855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=\/wp\/v2\/media\/45854"}],"wp:attachment":[{"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arabtelegraph.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}