The Car Finance Agreement is essential for any vehicle financing transaction in South Africa, used when a customer requires credit to purchase a motor vehicle. The agreement must comply with the National Credit Act 34 of 2005, Consumer Protection Act 68 of 2008, and other relevant South African legislation. It typically includes comprehensive details about the vehicle, financing terms, interest rates, payment schedules, insurance requirements, and ownership conditions. The document protects both the credit provider's security interest and the customer's consumer rights, while ensuring transparency in all costs and terms as required by South African law. It's particularly important for financial institutions, vehicle dealerships, and consumers engaging in vehicle financing transactions, providing a legally enforceable framework for the credit relationship.
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1. Parties: Identification and details of the Credit Provider and the Customer (including registration/ID numbers, addresses, and contact details)
2. Background: Brief context explaining the purpose of the agreement - customer wishes to purchase vehicle and requires financing
3. Definitions: Definitions of key terms used throughout the agreement, including financial terms as required by the National Credit Act
4. Vehicle Details: Comprehensive description of the financed vehicle including make, model, year, VIN, engine number, and registration number
5. Financial Terms: Details of the credit amount, interest rate, total cost of credit, payment schedule, and all fees as required by the NCA
6. Payment Terms: Specifics about payment methods, dates, installment amounts, and consequences of late or missed payments
7. Insurance Requirements: Mandatory insurance requirements and specifications for comprehensive vehicle insurance
8. Security and Ownership: Terms regarding vehicle ownership, registration of security interest, and transfer of title
9. Customer Warranties: Customer's confirmations regarding their financial position and ability to pay
10. Credit Provider Rights: Rights of the credit provider including inspection, repossession, and early termination rights
11. Customer Obligations: Obligations regarding vehicle maintenance, usage, and reporting requirements
12. Default Provisions: Consequences of default and credit provider's remedies
13. General Terms: Standard contractual provisions including notices, amendments, and governing law
1. Balloon Payment: Terms for final lump sum payment, used when agreement includes a balloon payment option
2. Trade-in Vehicle: Details of any vehicle being traded in as part of the transaction
3. Co-Signatory Terms: Additional terms when a co-signatory or guarantor is involved
4. Vehicle Delivery: Terms regarding vehicle delivery if not immediate possession
5. Tracking Device: Requirements for installation and maintenance of vehicle tracking device if required
6. Value-Added Services: Terms for additional services like maintenance plans or extended warranties
7. Early Settlement: Detailed terms for early settlement calculations and procedures
1. Schedule 1: Payment Schedule: Detailed amortization schedule showing all payments, interest, and fees over the loan term
2. Schedule 2: Vehicle Specification: Detailed technical specifications and condition report of the vehicle
3. Schedule 3: Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
4. Schedule 4: Quotation: Pre-agreement quote as required by the National Credit Act
5. Appendix A: Disclosure Statement: Statutory disclosure statement required under the National Credit Act
6. Appendix B: Cost of Credit: Detailed breakdown of all costs, fees, and charges
7. Appendix C: Vehicle Maintenance Requirements: Specified maintenance and service requirements to maintain warranty
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Automotive
Insurance
Consumer Finance
Retail Automotive
Vehicle Manufacturing
Vehicle Leasing & Finance
Relevant Teams
Legal
Compliance
Credit Risk
Sales
Collections
Contract Administration
Vehicle Finance
Customer Service
Documentation
Risk Management
Operations
Finance
Relevant Roles
Credit Manager
Finance and Insurance Manager
Vehicle Finance Specialist
Automotive Sales Manager
Legal Counsel
Compliance Officer
Risk Manager
Contract Administrator
Collections Manager
Dealership Manager
Banking Relationship Manager
Credit Risk Analyst
Vehicle Finance Consultant
Financial Services Representative
Documentation Specialist
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