Bank puts the brakes on Bobby Motaung's bling Bentley
Kaizer Chiefs boss and businessman Bobby Motaung is set to lose his R3.2-million Bentley Continental GT to the bank.
That is because Motaung has been labelled a bad payer by his bank and repo men have been set on him to get back the ultra- luxury car.
"Bob Steak", as the club administrator is known to millions of his fans, has been taken to the South Gauteng High Court in Jozi by car financier Wesbank after he defaulted on his monthly installments for almost a year.
When contacted for comment, Motaung said he was in a meeting but could not be reached later. He also did not respond to our SMSes.
According to court documents seen by Sunday World, Bob Steak is in arrears of more than R500000 on his repayments and also has an outstanding balance debt of R2.3-million to be paid before he assumes full ownership of the road monster.
The bank has asked the court to grant it an order authorising the Sherriff of the Court to attach the bling car, saying that Motaung was still clinging to the ride despite not paying.
According to court documents, Motaung had signed an electronic agreement with Wesbank/First Rand Auto Receivables Limited to purchase the 2013 Bentley Continental GT in 2014 for R4136601,76, including interest and finance charges of more than R900000.
As part of the agreement during the sale of the pricey machine, Motaung had agreed to make an initial deposit of R700000.
The ownership of the car was to remain vested in Wesbank and it was set to be passed on to Motaung once he had paid the full amount of R4.1-million to Wesbank, according to the court papers.
The club boss was set to pay a monthly instalment of about R48000 from October 1 2014 and was set to finish paying it off in 72 months (six years).
"The defendant has breached the terms of the credit agreement in that he has failed to effect payment of the monthly installments due to the plaintiff.
"The defendant is, as at 5 September 2017, in arrears therewith in the amount of R539577,25 and the balance outstanding is the amount of R2347 447,57...," the bank's attorney Pierre Jacques De Waal Smit of Smit Jones and Pratt Attorneys told the court.
The bank, according to documents, said Motaung failed to surrender the car to it even after realising that he was struggling to keep up with the instalments.
It alleged that Motaung was playing hide and seek and has ignored several letters sent to him about the nonpayment.
The bank also said Motaung failed to heed its advice to go for debt counselling in order to make payment arrangements.
"Notwithstanding that the plaintiff posted on 17 August 2017 by prepaid registered mail to the defendant, a letter dated 17 August 2017 ... wherein the plaintiff proposed that the defendant refer the credit agreement to a debt counsellor, alternative dispute resolution agent, consumer court or ombud with jurisdiction, with the intent that the parties resolve any dispute under the credit agreement or develop and agree on a plan to bring the payments under the agreement ...," reads the bank's affidavit.
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