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Wheels come off for YapYap clients (recall the 'new car for R699 a month' guy?)

23 September 2020 8:00 PM
Tags:
The Money Show
Personal finance
Wendy Knowler
car dealerships
car financing
YapYap car deals
'Drive a new car for R699'
online marketing
car finance instalments

The originator of the scheme is the man behind the 'Drive a new car for R699 a month' fiasco years back, warns Wendy Knowler.

Remember the “Drive a new car for R699 a month” fiasco?

It was introduced to the market back in 2008 and ran into trouble in 2014.

The scheme offered buyers the option of paying full instalments through a bank or offsetting instalments through fees received for advertising the campaign on their vehicles.

When these fees started drying up, some affected clients lost their cars or had to extend their loans.

Some owners of R699-a-month cars says they want their money and say they are prepared to pursue legal action against those responsible in court. Image: Facebook.

It turns out that the scheme's originator, Albert Venter, is behind the YapYap car deals currently being promoted on social media reports Wendy Knowler.

Arabile Gumede (in for Bruce Whitfield) interviews the consumer ninja on The Money Show.

Knowler summarises the complaints she's received from YapYap clients.

They responded to YapYap marketing advertising a specific vehicle repayment amount, and no residual, but the offer they signed was very different - higher monthly repayments, longer term and/or a residual.

Wendy Knowler, Consumer journalist

The complainants were allegedly not given copies of what they signed, says Knowler, and some never have since.

It's only later that they heard from the banks the real extent of what they had committed to.

Car rental/purchase agreement, car keys. Image: 123rf

In the response Knowler received from Albert Venter's attorney he says Venter was under the impression the clients concerned had come to him to rent cars:

"Upon initial contact with the clients, the clients opted not to rent a motor vehicle but rather to purchase a vehicle."

The attorney goes on to say that Venter is not the dealer that supplies the vehicles:

"The leads (in the referred cases) were given to Group 1 Nissan the Glen and Village Auto Melkbostrand... They knew exactly what their repayments were."

I think some of the dealers didn't do enough due diligence either in this matter.

Wendy Knowler, Consumer journalist

It's no secret what's happened to motor industry sales [during the pandemic] and I think that played a part here.

Wendy Knowler, Consumer journalist

Listen to Knowler's advice on how to avoid getting burned with possibly fishy deals:


23 September 2020 8:00 PM
Tags:
The Money Show
Personal finance
Wendy Knowler
car dealerships
car financing
YapYap car deals
'Drive a new car for R699'
online marketing
car finance instalments

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