Don’t Fall Victim To ‘Pawn-It-And-Drive-It’ Scams
Typically, after a home, the most valuable asset in our lives is our vehicle. More than just transport from A to B, an extension of our personal taste or a signifier of success, a vehicle is—first and foremost—a store of value.
Once the finance has been settled though, the only way to access the cash value of your vehicle is to sell it. Of course, this resolves a cashflow issue, but unless the sale is funding the purchase of another vehicle, it leaves one with a transport problem.
And this is where pawn shops, scammers and the like have their opportunity.
Avoid The Scammers
Preying on good-willed people simply seeking to raise some cash, ‘pawn-it-and-drive-it’ scams understand that most of their clientele are, often-times, on the back foot—when looking to sell our cars quickly, we often overlook high-interest charges or do our due diligence to ensure that what we’re getting into is not just legitimate, but fair and credible.
Unfortunately, there is a long history in South Africa of “pawn-your-car-and-drive-it” products that are both predatory in nature and that contravene the National Credit Act, making them illegal. These unlawful loans focus on attracting people searching online for pawn loans, bad credit loans, loans with no credit check, no credit check loans, cash loans and the like.
They target individuals who are financially challenged, have bad credit scores, that are blacklisted and/or have judgements against them, which makes it extremely difficult (if not impossible) for them to access traditional credit products such as personal loans or credit cards. Using their clients’ vehicle as collateral, they will loan their clients an amount that is—more often than not—a fraction of the value of their vehicle and charge exorbitant interest rates and fees against the money advanced to the client. There is little, if any, chance that their clients can afford the repayment costs, thus taking advantage of their clients’ financial predicament — repossessing the vehicle and leaving the them worse off than before.
That’s where DriveAwaySA comes in.
We have a better solution trusted by thousands of South Africans
DriveAwaySA provides everyday South Africans with the means to tap into the embedded value of the vehicles they own outright, allowing them to free up cashflow while still providing them with the opportunity to continue driving their (or another) vehicle.
Our product is structured so that we can lawfully and responsibly give clients access to the funds that they need by facilitating the sale of the vehicle they own and providing them with an option to rent a vehicle so they can put the money they need in their pocket and carry on with their lives.
But more than just an innovative approach to helping you raise cash quickly, DriveAwaySA understands that in this space, trust, security and discretion are incredibly important.
DriveAwaySA doesn’t provide loans—rather, we act as an agent for a network of vehicle buyers. If you own your car outright, we arrange for your car to be sold at a fair market price and for the purchase price to be paid over to you.
Our leasing agreements with these buyers then ensures that you can, if you so wish, rent yours or another vehicle from us (at rate similar to, and often times less than, market-related long-terms vehicle rental rates), keeping you mobile and living the life you’re accustomed to.
What’s more, if you do choose to rent your vehicle and think you might want to buy it back at some stage in the future, you can do so at the original price you sold it to us for. And if you’re renting another vehicle, we arrange that the buyer offers it to you first at the end of the rental period.
Choose DriveAwaySA and Keep On Driving
If you live in or around Cape Town, Gauteng or Durban and need cashflow quickly and reliably, then consider DriveAwaySA’s innovative solutions.
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