MFC Credit Shortfall Cover
Use the calculator to find out if you're currently underwater on your car loan — and whether MFC Vehicle and Asset Insurance is worth the premium. MFC / Nedbank Vehicle Finance customers only. If your vehicle is financed by a different lender, see the open-market alternatives.
No shortfall risk
R 0
Your outstanding balance (R 266 354) is less than the estimated vehicle value (R 280 000). You are not currently exposed to a shortfall.
Balance vs. vehicle value
Estimated outstanding balance
Month 12 of 60
R 266 354
Estimated market value
8% of purchase price retained
R 280 000
Is shortfall cover worth it?
Your exposure now
R 0
Potential shortfall
Cost of cover
R 3 840
R 80/mo × 48 months remaining
Shortfall cover is not needed at this point.Your outstanding balance is already below the vehicle's estimated market value. If you have existing shortfall cover, you may want to consider cancelling it — you are no longer exposed to a shortfall. Verify with the actual market value of your specific vehicle before cancelling.
Finance summary
Amount financed
R 315 000
Deposit
R 35 000 (10%)
Balloon
None
Rate
12.25%
Term
60 months
Months remaining
48
Depreciation estimates are based on SA market data and vary by mileage, condition, colour and demand. Outstanding balance uses the standard annuity-with-balloon formula. Market value is an approximation — get a valuation from AutoTrader SA or WesBank's book value tool for your specific vehicle. This is a planning tool, not a formal insurance quote. Not financial advice.
Get a MFC shortfall quote
MFC's premium is risk-rated — your quote depends on vehicle value, outstanding balance and your profile.
About MFC (Nedbank) Vehicle Finance Credit Shortfall Cover
MFC, the vehicle finance division of Nedbank, offers credit shortfall (GAP) insurance to its vehicle finance customers. The product covers the difference between the outstanding MFC loan balance and the comprehensive insurer's total-loss settlement. As with all bank-captive products, your vehicle must be financed through MFC / Nedbank to qualify.
MFC's shortfall cover is typically offered at the dealership alongside the finance proposal. Because MFC and Nedbank are the same underlying lender, customers who applied via the Nedbank Money app also have access to this product. If your vehicle isn't financed by MFC / Nedbank, the open-market alternatives from King Price and Santam don't have a lender restriction.
What's specific to MFC
- ›MFC / Nedbank Vehicle Finance customers only.
- ›Covers the shortfall between your outstanding balance and the insurer's total-loss payout.
- ›Accessible via the Nedbank Money app for existing Nedbank banking customers.
- ›Offered alongside the finance proposal at the dealership — add at point of sale.
Monthly premium
Risk-rated
R50–R110/mo industry range
Payout cap
Not published
See policy schedule
Cover type
Bank captive
MFC / Nedbank Vehicle Finance
MFC credit shortfall cover — frequently asked questions
Is MFC shortfall cover the same as Nedbank shortfall cover?
Yes — MFC is the trading name of Nedbank's Vehicle and Asset Finance division. An MFC shortfall policy and a Nedbank vehicle shortfall policy are the same product from the same lender, accessible via the dealership (MFC brand) or the Nedbank Money app (Nedbank brand). The underwriting, terms, and claims process are identical.
What events trigger MFC shortfall cover?
The shortfall payout is triggered when the vehicle is declared a total loss: theft and not recovered, hijacking and not recovered, or accidental damage declared beyond economical repair by the comprehensive insurer. MFC then pays the difference between the outstanding balance and the insurer's net settlement. Standard exclusions apply — see the full MFC policy wording.
Does MFC shortfall cover require MFC comprehensive insurance?
No — MFC shortfall cover tops up whatever your comprehensive insurer pays, regardless of who provides your comprehensive policy. You choose your own insurer (OUTsurance, Santam, Discovery Insure, etc.). You must have comprehensive insurance in place — third-party or no insurance doesn't qualify.
How much does it cost per month?
MFC's shortfall cover is risk-rated — the premium depends on the vehicle's value, the outstanding loan balance, the remaining term, and your risk profile. MFC does not publish a standard tariff. Get a quote when signing your finance agreement. Industry range: R50–R110/month for comparable products.
Can I add MFC shortfall cover after signing the finance agreement?
Typically yes, within a window (usually up to 90 days after signing). After that, open-market providers like King Price and Santam offer credit shortfall cover without any lender restriction. Confirm the eligibility window with MFC insurance.
Sources & methodology: MFC product details sourced from MFC's public website. Premium is risk-rated — industry range R50–R110/month from SA broker aggregator sites (2025–2026). Outstanding balance modelled using the standard annuity-with-balloon formula. Depreciation curves from AA SA and AutoTrader SA 2025–2026 data. Not financial advice — consult your lender or a registered financial adviser before purchasing cover. MFC product terms may change; always verify current cover details directly with MFC.