‘A shortfall’: Kagiso Modupe’s automobile is auctioned by a bank

‘A shortfall’: Kagiso Modupe’s automobile is auctioned by a bank

Kagiso Modupe, a former Scandal! actor and film director, is the latest Mzansi star to suffer financial disaster as a result of COVID-19 and the lockout.

The star had to relinquish his automobile to Nedbank in 2020 after failing to make payments, according to the Daily Sun.

SCANDAL!’ ACTOR KAGISO MODUPE LOSES HIS CAR  

Kagiso Modupe is a veteran actor who is most recognized for his performance as Mangi Nyathi in Scandal! After failing to repay his loan, he forfeited his vehicle.

According to documents obtained by the magazine, the father of two was unable to pay the bank the R134k he owed due to the COVID-19 lockout.

The actor’s car was auctioned for R80k by Nedbank to cover part of his debt, according to the People’s Paper.

In 2015, the 38-year-old actor paid R716 868 for a 2015 Chevrolet Captiva.

NEDBANK COMMENTS ON HIS DEBT  

Most people don’t realize that they still have to pay their financial obligations after surrendering their belongings/property, according to vehicle finance specialist Vongani Mashile.

“After the car is surrendered, the bank auctions it, and the proceeds are applied to the existing loan.”

“If the proceeds from the auction are insufficient to pay off the obligation, the customer is responsible for the balance, known as the shortfall.”

When approached, Nico Georgiades of Jay Mothobi Incorporated, who represents Nedbank, refused to respond.

When reached, Kagiso Modupe likewise declined to comment on the situation.

Modupe is the second star to make news due to financial difficulties, following SAMA award winner Zahara.

According to City Press, the singer is having trouble repaying her R1.9 million loan for her Roodeport home, and Nedbank may auction it off tomorrow to the highest bidder (Saturday 7 May).

The R1.9 million loan for the Loliwe hitmaker was finalized on July 25, 2012, but she has been at odds with Nedbank after failing to return it.

»‘A shortfall’: Kagiso Modupe’s automobile is auctioned by a bank«

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