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Resolved Question

IF MY VEHICLE IS FINANCED BY MFC(IMPERIAL BANK) AND I HAVE A DEBT WITH FNB (CREDIT CARD DIVISION) CAN FNB REPOSSESS M

44 mths ago

Best Answer

No, FNB won't be able to repossess your vehicle but they can take legal action against you if the credit card payments are not made, they can go the route of a garnishee order where the money is deducted from your salary every month and you will be blacklisted and won't be able to get credit for a period of 5 years. The best thing to do in the event that you have financial difficulties is to apply for debt rehabilitation to prevent assets being repossessed or being blacklisted with credit bureaus

44 mths ago

Answers -

Yes? Go on...

44 mths ago

If you wanted to ask if FNB can repossess your car,the answer is no.That is if your car payments are up to date

Source: Banking experience

44 mths ago

No they can't, not if the vehicle is still financed with an institution...because, legally, the vehicle still belongs to the bank, until you have paid your last installment. Only then, does it become your property.

44 mths ago

The MFC financed vehicle is no property of yours for repocession by anybody but MFC. FNB will have to find other cahtels under your ownership to recoup the money owed to them. The vehicle is a property of the MFC until you effect the last payment in the finance contract. You are more like a proxy owner.

Source: FIFA 2010

44 mths ago

Exactly what the others said.

44 mths ago

the car is another financial institution's asset. so in short, i dont think so.

44 mths ago

you will need to phone them.

44 mths ago

No the bana fide owner of the vehicle is still the bank until you pay it off

44 mths ago

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