What to do when you can no longer keep up with your monthly car loan payments? 1. Downgrade 2 Restructure your loan 3. Cut down your other living expenses 4. Surrender the car to the bank
I downgraded after getting myself into a financial mess. I had an SLK350 until I got woke. I realised my installment + insurance could buy me 3 rental properties. Yes you can't drive an apartment but I downgraded to a kwid for 3yrs and now the rental income is paying for my haval jolion. My friends laughed ba re ke wele coz I went from SLK350 to a Kwid. Guess who is laughing now.
Mr Sambo, you are quite right 😢 I look at white colleagues at work no fancy cars and lunch time no takeaways 365 days straight, rena Nandos,ntonton everyday. I have learned…. all my cars I own them no installments for me and now I have managed to payoff my home loan
Attachment issues is what a lot of us suffer from. Trying to hold on to material things which shouldn't be much of an effort letting go. It takes real mental and emotional strength to accept reality for what it truly is and move on. Great content as always!!
You're really a gift to all of us bro. Especially to us black kids that are doing this life thing without the memo or examples to look up to. We appreciate you my guy. keep up the great work.
As a umlungu I enjoy watching your videos and I'm vibing to your jams 🎧🎶 keep it up brother! I feel like there's 1 more viable option which isn't an immediate solution but It can work. Say you have a shortfall (R90k) you should try as best as possible to keep paying till that shortfall is finished (usually occurs after around 2 years of ownership) that's when people usually trade in or sell privately and most times depending on how your finance is structured (and depending on the car) you will break even. So in short u must eat pap and eggs for at least 2 years until u can trade in or sell to break even. This will be best not to hurt your credit score.
Aaaah dude I love your content. I own 3 old vehicles of my own, they in Immaculate condition. Teacher Sambo thank you for all your hard work to provide us with factual and educational information about finance etc. Thanks my guy. I work in car insurance and the premiums for a quote is never the same. All quotes are different. The only logical answer for why the premiums are that way for the swift in terms of a new driver is risk factors involved. While the baleno is a more expensive car and the swift cheaper. The swift is more of a demand than the baleno itself thus making its a high risk vehicle in multiple scenarios such as accident rates, theft, hijacking and the list goes on. It also comes down to the persons driving history that plays a big role in insurance in terms of premiums.
You videos are very educational broe and your views on different matters just show how wise and intelligent you are. We are learning a lot from you. Stay blessed🙏
Hey Muzi. Please consider a video on the effects of paying deposit at the beginning, when you first purchase a car over paying that deposit/ lump sum after the purchase.
I also would like to hear what the best practice is on this part. I've had so many people tellig me to save the deposit and just do a lump sum after purchase
To be honest I don’t see the benefit of a hefty deposit ( you only save like 3-400 pm) I’d rather take the 40+ K and put it in a unit trust /ETF for the duration of the finance term
Bro, this is sheer wisdom! For a moment I felt like you've copied and pasted from my brain 😩🙆🏾♂️ Kodwa jokes aside, well done nduna. This is particularly very important information for our especially black society. We love living beyond our means and cry "devil" and "witchcraft" when sh!t hits the fan. Thanks for empowering us bozza🤜🏾🤛🏾
We meet on the streets of CapeTown and on RU-vid Avenue😜 mr Benji. This brother is dropping wisdom nuggets and I'm starting to think it's a polo driver tendencies like you but asikho lapho.
Quite an eye opener Muzi. Even though I know about most of these things I still find it intriguing and reassuring when hearing it from a passionate and knowledgeable person like yourself.
Best video ever,,,,, i like it when you tell us nothing but the truth,,,, most of us we don't know when to let go.... Big ups brother,,,,No one in our circle is ready to talk about this,,,, it's all about pride and competition,,,, many thanks for changing our perspective
Ngfundze lokuningi just buy watching this short video. This channel is not only about car reviews but it also gives great advice, take it at your own risk though as the guy mentioned that he's not giving you financial advice and isn't qualified to do so
1 minute in and I'm on the floor 😂😂😂🤣🤣😭😭. Wa re o etsang makgowa!? 😂 And then he says today I'm serious no silly jokes when he knows he's delivered knock out punches 🤣🤣😂😂
Man I've been following your channel for months now and you're gradually expanding my thinking capacity. Anyway thank you for your useful information and knowledge. 🙌
1. Before voluntary surrender one can sell the car on their own and see if they can get "good" money, closer to what they owe. 2. On top of insurance get shortfall cover. For those who don't know, shortfall covers the difference if you sell your car or write off etc. 3. When they auction the car on your behalf, there's fees. So if car is sold for R100k, it doesn't mean 100k will be credited to your account
Thanks for the wisdom, bro. We desperately need this knowledge. The expensive cars and materialistic lifestyle is slowly destroying black South Africans, shem! 😟
This was very helpful, my wife and I are owning a picanto, and the car installments are showing us flames, we are even thinking of returning it back to the dealer
Taking it bank to the dealer may be a costly option because you are surrendering it and that will taint your credit record. If you were to sell it privately, how much would you sell it for? What year is the model?
even If you do not know the Liquidity wara wara or Turbo charged and natural aspirated what what …. when you tune in here you know you will gain more information than you gained on your first year in varsity 🔥🔥
PROFESIONAL. i once advised a friend to pre-downgrade on the choices of cars he was opting for but hey he went for a VW GTI Like the lemmon🙂 and he only recalled my words after 8month of ownership and it was then that he went and read his contract😪, BALLOON PAYMENT, PLUS THE INSTALLMENT OF 12K BARRIED HIM. ITS SAID, IT WAS REPPOSSED
Sester lost his job 2019 while still owing the car she was driving, hoping she was going to get a job soon she kept the car until she couldn't pay, fast forward the bank took the car, and she still owed them..she later got a job, payed off everything and save money,she asked me and my brother to go buy her a car that will take her from point A to B we went and got her a car that was still in great condition at we buy cars it's been over 2 years now the car is still running NYC...dude she is so financial free I can't help but admire...I would really advice saving then deposit for the car you want or buy it cash if you want
I don't have a house,I'm driving a rusty bakkie,one thing I make sure off is invest tiny when I do contract work abroad.....I'm hoping to do this for 2 more years till we get out of this recession
yarreee man wena. Literally the first few seconds of the video and I'm cracking up. The problem with biltong is what...🤣🤣🤣 I enjoy your content man, I watch a lot of car reviews and related topics. I'm super glad I found a great content creator about such topics from my own land. Educational and funny as hell, its the perfect combo.
As some point the truth has to be told even when it hurts. 💯 in most cases people are failing to downgrade or take the car back to the bank because they are thinking about the society standards they set themselves 💯 you'll hear some saying they won't take the car back nor even take an effort to make arrangements with the bank, they keep quiet due to pride and don't even ask calls from the banks which makes things worse
Chief you made my day, bikes and biltong. I'm going to subscribe because you are one of the few black human beings that I've listen to that don't speak crap. Keep it up chief
Hahahahaha when u said Lebogang i jumped cos by that time Im sitting at the office with one ear piece, i even take it out to check whos calling me. Thanks for the content bro.
Eish grootman when times are tough, we must do what must be done! It's unfair that I'm seen as a bad person after voluntary surrender though! It's not like I wanted to be in a bad financial position mos!🤷♂️🤞😤🤨
The repo option is very messed up heyy, in terms of all the costs you have to pay(lawyer, storage, fixing the car(if needed),etc) and in a case of a shortfall after auction they will still have to chase you to try recoup the money(They can take the lawyer route again or other route).😢
So I watched the video with my seven year old , am like , are you choosing this video cos you love BMW or u love the content, he responded, mommy I love the content, at the end , hayi ashaye tandla so😂😂😂😂day made . Thank Mr Sambo
Good work Muzi you are giving us facts Mzansi style, I've learned that it's best to be honest with thyself and properly analyse research before jumping into these situations
For heavy installment car it's depend on what you want you utilize it, As asset I say go for it But as liability don't unless you're in good financial status
