WesbankVehicle finance

C Sep 21, 2020
This review was posted by
a verified customer
Verified customer

Good morning,
I decided to sell my vehicle to a family member as I was immigrating to the UK. My flight was booked for 24 August 2020 and in preparation for my immigration, we concluded a purchase agreement whereby Mrs. Daffue will purchase my Hyundai IX35, and I signed the vehicle transfer documents. I own the car, it is not subject to any finance. The family member in question applied for a loan with Wesbank (Ref 85310981342, Mrs Daffue) more then two weeks ago. The application was handled by Lesego Modibane.
Instead of a strate forward loan application, the bank contacted me (the Seller) and demanded that I proof my relationship with the Purchaser by submitting my marriage certificate. I was informed that it was a condition of the loan to submit this proof, when I questioned this and what the process was of a loan, I never received a response.
Two days later I received an email from Lesego indicating that I need to sign a contract with the bank whereby the Bank now purchases my vehicle and that they will then sell the vehicle to the Purchaser (Mrs. Daffue). I indicated to them that I was not going to conclude the contract as I have already concluded a contract with the Purchaser (Mrs. Daffue). The sale of the vehicle is subject to the law of contract. Furthermore, as the rightful owner of the vehicle it is up to me to decide whether or not to sign over the vehicle to the new purchaser before receiving the full purchase price. No other person or company can prescribe to the rightful owner what he or she must do with their property. It was in the best interest of all parties to have the vehicle signed over as I left the country on 24 August 2020 and I needed the vehicle to be in safe hands. This step was also necessary so that the vehicle can be insured by the purchaser's insurance. Therefore I am not sure why the bank is having a ïssue with me (the seller) signing over the ownership of the car to the purchaser.

I have requested the bank's policies and procedures relating to the assessment of a loan and the requirements that must be fulfilled by the purchaser to apply for a loan.
Furthermore, I want to know whether the full process was explained to the Purchaser? Please make sure that you listen to all the conversations in this regard between Lesego and Mrs. Daffue.
I am requiring a legal basis for the Bank wanting me (the seller) to proof any relationship with the purchaser. Furthermore, I need an explanation of why the bank is wanting to change the contractual relationship of this application - the contractual relationship is between the Bank and the Purchaser; not between the Bank and the Seller. I am not applying for the loan, the Purchaser is applying for the Loan.

Furthermore, why is it taking such a long time to evaluate and process this loan?

I am not able to copy and paste the email correspondence, so please forward me a email address and I will forward the correspondence. My email address is corlia. [protected]@hotmail.com

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