I-Me Solutions bike finance

[Warm-Patat]

Stay away!!! You will end up paying thousands of hard working money extra. I managed to settle my financed bike in full after 3 months of installments also paid R20 000 deposit. The bike ended up costing over R30 000 more than retail. I was told that if I settle early I only pay 2x months of installments extra. My deposit is not even taken in consideration the installments did not make a dent in the financed amount. When I query this with Mr Fourie I get no response. People I am warning you. If someone who has settled there bike have an different story please share. Regards

[eddy]

Stay away!!! You will end up paying thousands of hard working money extra. I managed to settle my financed bike in full after 3 months of installments also paid R20 000 deposit. The bike ended up costing over R30 000 more than retail. I was told that if I settle early I only pay 2x months of installments extra. My deposit is not even taken in consideration the installments did not make a dent in the financed amount. When I query this with Mr Fourie I get no response. People I am warning you. If someone who has settled there bike have an different story please share. Regards

Please post the detail of the deal:

 

Bike cash price, deposit paid, financed amount, rate charged, period of contract, repayment amount, settlement amount, etc.

 

Very interested in your experience.

[Warm-Patat]

Hi, bike cash price R79 000. Deposit paid R20 000.financed 24 months 3x months installments paid at R3880. I was told by Freddy Fourie that if I settle earlier that I will pay an extra 2x months of instalments, and I dont have a problem with that. Begged them weeks for settlement amount and it came out that I had to pay R79 000 to settle the bike , and I did. Afterwords I started to realize I now paid over R100 0000 for the bike. 3x months... when I queried this I get no answer. The deposit and the 3x months instalments had no effect. This is a total ripoff and I am not leaving it here.

[IceCreamMan]

On the face of it , this is not legal. I would pursue it if i were you.

[Shebeen]

https://www.facebook.com/IMEGEAR/videos/1870785406328410/

 

he got me at "Track biking"

 

 

 

 

https://www.facebook.com/ime.gear.90?hc_ref=ARTv31s5AMIApTshcDMLovSHhrtwN8ublC3Wi9BBB9A6fmhvtMBDF6cWjrNlHlfXQIM

[Shebeen]

Hi, bike cash price R79 000. Deposit paid R20 000.financed 24 months 3x months installments paid at R3880. I was told by Freddy Fourie that if I settle earlier that I will pay an extra 2x months of instalments, and I dont have a problem with that. Begged them weeks for settlement amount and it came out that I had to pay R79 000 to settle the bike , and I did. Afterwords I started to realize I now paid over R100 0000 for the bike. 3x months... when I queried this I get no answer. The deposit and the 3x months instalments had no effect. This is a total ripoff and I am not leaving it here.

that's not a great deal.

 

R79k - R20k deposit so you financed R59k over 2 years at R3880 R338,51 per month.

 

according to excel =Rate(24;-338,51;59000) which is 2,74% interest per month, or 38% annual interest.

 

AFAIK this is borderline legal (max rate of double prime + 10% right)

 

edit:updated figures

Edited August 23, 2018 by Cipollini

[Dirkitech]

Hi, bike cash price R79 000. Deposit paid R20 000.financed 24 months 3x months installments paid at R3880. I was told by Freddy Fourie that if I settle earlier that I will pay an extra 2x months of instalments, and I dont have a problem with that. Begged them weeks for settlement amount and it came out that I had to pay R79 000 to settle the bike , and I did. Afterwords I started to realize I now paid over R100 0000 for the bike. 3x months... when I queried this I get no answer. The deposit and the 3x months instalments had no effect. This is a total ripoff and I am not leaving it here.

Thank you for sharing your experience- I was looking at them for financing a bike but this put me totally off for now.

 

Also sounds like rubbish that the settlement amount is exactly the same as the retail price for a 3 months depreciated bike. I also hope you can get something done about what seems like an injustice. Good luck!

[eddy]

Hi, bike cash price R79 000. Deposit paid R20 000.financed 24 months 3x months installments paid at R3880. I was told by Freddy Fourie that if I settle earlier that I will pay an extra 2x months of instalments, and I dont have a problem with that. Begged them weeks for settlement amount and it came out that I had to pay R79 000 to settle the bike , and I did. Afterwords I started to realize I now paid over R100 0000 for the bike. 3x months... when I queried this I get no answer. The deposit and the 3x months instalments had no effect. This is a total ripoff and I am not leaving it here.

 

 

Beaten to the rip-off comment by Cippo. (Even if his interest calc is a bit dubious    )

 

But he is right, you were ripped off at the start, not when you wanted to cancel

Edited August 23, 2018 by eddy

[Warm-Patat]

On the face of it , this is not legal. I would pursue it if i were you.

Just checked my Rental premium per month was R3 385.31 and not R3 880.

 

But look at this: If I paid my premium for the full 24 months it would be R81 247.44 + to get full ownership after rental period I must pay an extra 2x monthly premiums R6 770.62(witch I agreed on, I understand this) so R88 018.06 in total for full 24 Months.

 

I was told by mr. Fourie from I-Me Finance that if I settle early I still pay 2x extra premiums (no problem). 

 

Now I settled the full amount to get full ownership of the bike and end up paying:

 

Deposit =  R20 000

Premium x3 Months =R10 155.93

Settlement fee = R78 724.69

 

Total R108 880.62   

 

On approved capital of R77 900

 

This is terrible do not consider I-me Finance EVER!   

 

  

[Warm-Patat]

Just checked my Rental premium per month was R3 385.31 and not R3 880.

 

But look at this: If I paid my premium for the full 24 months it would be R81 247.44 + to get full ownership after rental period I must pay an extra 2x monthly premiums R6 770.62(witch I agreed on, I understand this) so R88 018.06 in total for full 24 Months.

 

I was told by mr. Fourie from I-Me Finance that if I settle early I still pay 2x extra premiums (no problem). 

 

Now I settled the full amount to get full ownership of the bike and end up paying:

 

Deposit =  R20 000

Premium x3 Months =R10 155.93

Settlement fee = R78 724.69

 

Total R108 880.62   

 

On approved capital of R77 900

 

This is terrible do not consider I-me Finance EVER!   

 

  

[Warm-Patat]

Beaten to it

This is really unfair unless I am an total idiot and actually feeling like one after doing business with them   

[partydave]

It's not Friday yet?

[Shebeen]

Beaten to the rip-off comment by Cippo. (Even if his interest calc is a bit dubious    )

 

But he is right, you were ripped off at the start, not when you wanted to cancel

adjusted now.

am more than happy to be shown the correct calcs, which is why I included the formula.

[Shebeen]

This is really unfair unless I am an total idiot and actually feeling like one after doing business with them   

I'm totally against high end bikes being financed.

 

If he has duped you into signing a totally unfair but legal contract, then I'm afraid the school fees are on you. But don't let it go, if he wants to do more business in the space then he does need to atleast answer you.

[Warm-Patat]

This can take long to resolve and I learned my lesson. My goal here is just to get the people out there to learn out of this mistake NOT to approach I-me Solutions / Finance. 

Edited August 23, 2018 by Warm-Patat

[bikebloke]

I'm totally against high end bikes being financed.

 

If he has duped you into signing a totally unfair but legal contract, then I'm afraid the school fees are on you. But don't let it go, if he wants to do more business in the space then he does need to atleast answer you.

 

^^^^^^^^^^^^^^^^