Broke former Orlando Pirates star Khethokwakhe Masuku loses BMW 320i Coupe Sport car

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Former Orlando Pirates playmaker Khethokwakhe Masuku has suffered the axe of the repo man and was stripped off his luxury BMW 320i Coupe Sport.

The South Gauteng High Court granted BMW Financial Services an order to repossess his ride after he failed to keep up with his R6 934 88 monthly installment. The 32-year-old midfield maestro, who currently plies his trade at Bloemfontein Celtic, bought the vehicle in November 2014 for an amount of R710 094.84 at a fixed interest rate of 12{1f0bb132e08ca1f8565add86e1f8740171c75f84ed80bad4a750114913f392ef} per annum.

"The purchase price for the vehicle was payable by the respondent (Khethokwakhe Masuku) to the applicant (BMW Financial Services) by way of 59 equal monthly instalments of R6 934 88 commencing on 1 January 2014 and thereafter on the first day of each and every successive month and one final instalment of R200 936 92 payable on 1 December 2018," read the court papers.

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According to the affidavit reposed by company manager Bavika Chhotalal, ownership of the vehicle remained the property of the applicant until all amounts were payable.

"In an event that defaults occurs, if the respondent failed to make punctual payment of any of the payable amount to the applicant or breach any of the other terms of the agreement between the parties, upon an event or default of loss, damage or destruction of the vehicle, the applicant would be entitled at its election and without prejudice to any other remedy which it might have in terms of the agreement or otherwise, inter alia, due to demand cancellation of the agreement."

The papers also reveal that the Soweto-born marksman was in arrears for over 20 business days.

"In breach of the credit agreement, the respondent failed to effect monthly payments due to the applicant in arrears in the amount of R20 830.89 and the balance outstanding is the amount of R263 102.97."

The company also alleges that Masuku failed to surrender the vehicle after a letter of demand was sent to him.

"The respondent has furthermore failed to surrender the vehicle to the applicant as is contemplated in the terms of the provisions of Section 127 of the National Credit Act."

Masuku denied he was stripped off his ride.

"My brother, I don’t know what you’re talking about," he said.

– Sundaysun


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