The year 2017 September I purchased a vehicle with Stanbic Bank through asset financing.
I did a deposit of Kshs. 450K and they financed me with Kshs. 900K; so in an a period of 2 months they claimed I was not paying monthly installments as it was required.
But they came and took the car and gave me 14 days to have cleared the arrears. Remember that for 2 months I was paying something which i had. I personally went to the bank and talked to them to explain what had happened to me that had the arrears accrue for 2 months arrears.
We agreed I take something which I have and we continue with the new payment arrangement.
After 4 days I went to the bank with cash of Kshs. 50k since the arrears was Kshs. 90k plus auctioneer’s fee of Kshs. 30k.
They told me the car has been sold.
I was so disappointed. I just moved on since they have sold the car and recovered their loan fully.
Today as we speak they keep on sending me texts that I owe them Kshs. 450k. The car was a unit of Kshs. 1.35 million and I had already used it for a period of 5 months.
If they financed me 900k and I had already payed them for some months, does it mean they sold the car for less than 600k?
So they have already listed me on Credit Reference Bureau (CRB) essentially crippling me, because I cannot get loan from other lenders.
Yaani they have just made my life nought. Am stressed what can I do?
Remember they didn’t even give me any kind of notification…that during this period if I’ll not clear my arrreas they will reposess the car