Frequently Asked Questions
Is this a loan against my car?
Not at all! A cash offer is made to purchase your vehicle. If the offer meets your cash flow need, then your vehicle is purchased. You then rent the vehicle at a very competitive and manageable monthly rate until you buy the vehicle back at the SAME amount it was purchased for. So you get the Cash you need and you KEEP driving the vehicle!! No credit checks, No loans, No interest, No Hassle!
What are the requirements to be eligible to use this service?
- You have to own the vehicle and the vehicle must be fully paid off (in other words, you cannot owe any money to a bank or anyone else on the vehicle)
- The vehicle license must be current
- You will need to provide us with the papers for the car, your identity document, your proof of residence, proof of bank account and some other information.
- Because this is not a loan, there is no affordability assessment.
- There is no credit check as this is not a loan.
- The vehicle must pass a roadworthy test
- You need to be in the Western Cape or Gauteng.
- The amount you need must be R40 000 or more.
What price will I get for my car?
You will be provided with an indicative maximum and minimum cash purchase offer that is based on the current market value of your vehicle. Depending on your cash flow needs, you choose any purchase amount between the indicative maximum and minimum cash purchase offer. A final cash purchase offer will be made once the vehicle has been inspected and the roadworthy condition has been assessed.
There is also an origination fee of R5,750 which is payable by you to the buyer up front, and this is deducted off the purchase price so will not affect your cash flow.
What will the monthly rental amount be?
Our rentals are generally substantially cheaper than if you were to rent a similar sized vehicle from a car rental company on a long-term rental. Our rental amount will also include insurance on the vehicle.
How long can I rent the car for?
For a maximum of 12 months. The rental runs on a month to month basis, and you are not tied into any minimum or lock-in period. At the end of each month, you can either return the vehicle to us or rent the vehicle for another month by paying the rental for the next month.
If I want to buy the car back at the end of the rental period, what would it cost me?
You will be provided with the option to purchase the vehicle upon termination of your lease for the same amount it was sold for. A R2,000 administration fee will be added to that amount. The vehicle purchase option and price will be clearly indicated on the contract. No surprises.
Are there any hidden costs?
No. Our process is completely transparent, and you will be informed and any and all costs and fees before you sign any contracts.
- A R5,750 origination fee will be charged when the vehicle is purchased and the rental is initiated.
- A R2,000 administration fee will be charged when the vehicle purchase option is exercised.
- You will have to settle all e-tolls, fines, traffic infringements or other penalties charged while you rent the vehicle.
- You will also have to pay the insurance excess if the vehicle is involved in an accident while you are renting it.
- Any costs of operating the vehicle are also for your account – such as fuel, oil, tyres, etc. for the period that you rent the vehicle.
- Administration fees can be levied by us if a payment bounces or if we have to make any payments or do any of the things that you are responsible for under the rental agreement (such as pay your speeding fines, etc.) These amounts are not included in your monthly rental amount and are therefore payable by you as and when they arise.
- If you default under the rental agreement, you will also be liable for our legal and other costs to enforce the agreement.
How quickly can I get cash for my car?
VERY! And it’s completely up to you! After providing us with your vehicle details by completing the form on our website, within 1-2 hours we will provide you with an indication of the maximum and minimum vehicle purchase offer and the respective monthly rental amounts. If you decide to proceed, we will request the you send us some documents and typically, within 24-48 hours from the time you submit the required documentation, the process can be completed. The final purchase price will be transferred to you as an immediate payment as soon as the contracts are signed.
