Woman Pays R2,500 Monthly For 8 Years After R200k Car Deposit
- A TikTok video is making waves as a woman shares her story of paying R2,500 every month for eight years after putting down a massive R200k deposit on a car.
- The video showing her receipt quickly gained attention, sparking heated discussions among social media users who were left questioning the deal's fairness.
- Netizens weighed in with advice and opinions, offering suggestions on how to avoid similar financial pitfalls in the future.
Here’s a story from South Africa that’s left many scratching their heads. A woman in Mzansi is facing what some might call a financial nightmare—all because of a car deal gone wrong. Her tale has sparked a wave of reactions online, with TikTok users chiming in to express their shock and disbelief.
How Did This Happen?
TikTok user @usizilomuntuomnyama shared the woman's story in a viral video. The gentleman posted an image of her receipt, revealing that the car in question cost R340,000. To secure the vehicle, she made a substantial deposit of R200,000. But here’s the kicker: despite that massive down payment, she’s now locked into paying R2,500 every month for the next eight years.
The TikTok creator pointed out that the interest rate on the loan is a staggering 14%, and the remaining balance still includes over R116,000 in interest. That’s right—after all that money spent upfront, the total cost of the car balloons significantly due to the interest. The difference between the principal debt and the accrued interest is shockingly small, leading many to call it a rip-off.
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"Can you believe it? The outstanding interest alone is over R116,000! The gap between the original debt and the accrued interest is just R50,000. This is outrageous!" wrote the TikTok user in his caption.
Let’s break this down. The woman thought she was doing the smart thing by putting down a large deposit, but it seems like the dealership didn’t exactly have her best interests at heart. Instead of reducing her overall costs, the deal ended up trapping her in a long-term financial commitment.
Mzansi Reacts to the Story
The video didn’t just sit quietly—it sparked a firestorm of reactions on social media. Thousands of people weighed in with their thoughts, offering advice and sharing their own experiences. Some were sympathetic, while others were quick to point out mistakes they believed the woman had made.
One commenter, TK, offered a piece of advice that could help others avoid falling into the same trap:
"Never put a deposit on a car. Instead, apply for car finance and negotiate a reasonable interest rate. Once you’ve taken possession of the car, pay the first installment, and then use the R200k to pay off your finance early. It’ll eliminate most of the interest."
MotlatsiSibane echoed the sentiment:
"There’s absolutely no way I’d ever pay R200k as a deposit. That amount should get me a car outright, not leave me tied to years of payments."
Tumelo tlhame added:
"R200k? Bro, you could buy two decent cars at an auction with that kind of money. Why go through all this trouble?"
Shandu_kani shared a personal experience that many could relate to:
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"I remember when I bought my car, I made a huge deposit thinking it would reduce my finance costs. But when I looked at the invoice, I realized the deposit actually went straight to the dealership. It didn’t even touch the loan."
Another user, Nomhle, chimed in with a cautionary tale:
"I know someone who bought a car for R380k. She’ll be paying R7,900 monthly for six years, plus a balloon payment of R131k at the end. I’m still traumatized by her situation."
When Things Go Wrong: SA Couple Returns Car to Dealership
This isn’t the first time South Africans have faced tough decisions about cars and finances. Briefly News previously reported on a couple from Gqeberha who decided to return their car to the dealership after realizing the monthly payments were simply unsustainable. Their decision to share the story online turned them into internet sensations overnight.
The couple’s video highlighted the challenges many face when purchasing vehicles. While the allure of owning a shiny new car can be tempting, the reality of high monthly payments often hits hard. For these two, the decision to return the car was heartbreaking but necessary. Their story serves as a powerful reminder to always consider the long-term financial implications before signing on the dotted line.
