Cloned Motor Vehicle
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The complainant's motor vehicle was repossessed by the bank as his account was in arrears.
Subsequently the parties agreed that he would pay R60 000 to settle the account. His mother would refinance the R60 000 in her name and the application for finance was approved. The motor vehicle was subsequently released.
The following month, on finding that the vehicle was cloned, the bank cancelled the agreement to refinance. It offered to write off the remaining balance, reimburse the repair costs and clear the complainant's name with the credit bureau. The complainant requested that, in addition, the bank reimburse the capital and the legal fees.
As the bank had obtained judgment, all obligations of the initial agreement were terminated and the agreement cancelled. The complainant, therefore, had no further claim to ownership of the vehicle, as his earlier claim for transfer of ownership was sealed in the agreement. There was no legal case for the bank to reimburse the capital.