vehicle finance contracts Archives Page 2 of 2

Nissan South Africa partners with WesBank for vehicle finance

vuyi on August 19, 2020

…we are excited for this collaboration to respond to our customer’s needs using digital innovative solutions.
– Nancy Moodley, Nissan South Africa’s Head of Customer Experience and Digital.

Johannesburg, South Africa (18 August, 2020) – Nissan South Africa has become the first vehicle manufacturer to launch a new intuitive digital application technology to assist customers when applying for vehicle finance online.

The Nissan pre-finance tool is powered by WesBank and allows customers to check their affordability by completing a pre-approval form before applying for finance. This tool is integrated into the bank’s engine.

Nissan is the first vehicle manufacturer in South Africa to offer pre-financial approval within their website which is linked to the credit bureau. The intelligence or algorithms built into the tool provides immediate confirmation of approval or declined status while allowing the customer the flexibility to structure their deal using balloon payments or deposits.

The process is seamless, convenient and quick. Removing the hassle of the full vehicle application process which is usually tedious and time consuming. Once the customer receives an approval, a reference number is issue with the full downloadable pdf. deal structure for the customer to utilize at their dealer once they are ready to purchase. Nissan continues to explore innovate solutions to ensure that the vehicle purchase process is seamless and simplified for their customers.

“As the first OEM to partner with WesBank, we are excited for this collaboration to respond to our customer’s needs using digital innovative solutions. The integration of WesBank’s digital application technology into our website will enhance Nissan and Nissan Finance’s offering to prospective Nissan vehicle owners,” says Nancy Moodley, Nissan South Africa’s Head of Customer Experience and Digital.

When developing this platform, our goal was to make the online journey of applying for vehicle finance a stress-free conversation
– Dane Reddy, WesBank’s Head of Digital

As the coronavirus creates significant challenges for the automotive industry, it has become more important than ever to use technology to deliver the full bouquet of virtual customer solutions including e-commerce. This impactful tool launched by WesBank and Nissan allows customers get car finance approval in minutes from the comfort of their mobile devices. The laborious and complicated process of applying for vehicle finance has now been simplified offering potential & current Nissan customers a tailor-made deal suited to their budget.

“When developing this platform, our goal was to make the online journey of applying for vehicle finance a stress-free conversation, not an interrogation, for our customers – simple as that. We ask the applicants to tell us a bit about themselves and the car they are interested in purchasing and in under 10 minutes, we can tell them whether they are approved for the requested vehicle financing or not. If not, we can offer them alternative options to fit their budget,” says Dane Reddy, WesBank’s Head of Digital.

Nissan recently introduced a host of digital services as part of its Shop@Home platform to make it easier for customers to interact with their products particularly during these times when we are observing best practice in managing COVID-19.

Understanding the Outstanding Debt Policy on your vehicle

vuyi on August 7, 2020

Customers are entitled to select the vehicle cover best suited to their needs and financial means
– Lebogang Gaoaketse, WesBank’s Head of Marketing and Communication.

The car-buying journey is certainly an exciting one. However, with the excitement, it is important to ensure that all the paperwork involved in the purchasing process is in order. One such element is making sure that the car is comprehensively insured, whether the car is financed or not. This is a vital safety net for you as the car owner.

Under the current economic circumstances and with extra budget pressures, vehicle owners might consider cancelling their vehicle insurance policy to save money. However, the risks involved in not having any form of vehicle insurance far outweigh the perceived short-term savings by either cancelling an existing policy or not taking it up in the first place.

If the vehicle is financed through an approved financial services provider, comprehensive insurance cover is a prerequisite and a contractual obligation. A customer is required to purchase and maintain comprehensive short-term insurance on the vehicle for the duration of the credit agreement. If a customer does not have comprehensive cover in place, WesBank can assist with temporary cover in the form of its Outstanding Debt Policy (ODP).

This type of insurance cover is limited, and does not provide cover for third-party liability. This means that the vehicle owner will be responsible, if found liable, for damage to another vehicle following a vehicle accident.

Without ODP or comprehensive vehicle insurance cover, the customer remains responsible for the outstanding balance on the finance agreement in the event of an accident, theft, or total loss. Total loss is where the vehicle is written off or stolen and not recovered.

This policy can be loaded onto your contract to protect you and your vehicle if proof of comprehensive insurance has not been provided to the bank, or if you have subsequently cancelled your insurance. The bank will put the ODP in place until such time as you are able to take out comprehensive cover once again. It must be noted that ODP is not comprehensive insurance and therefore it offers only limited vehicle insurance.

The insured amount will be equal to the vehicle settlement amount owed to WesBank, up to a maximum of R750 000 (seven hundred and fifty thousand rand) at the time of the incident. The monthly premium for this cover will depend on the amount outstanding on your finance agreement with WesBank. Your monthly instalment will increase because the ODP premium will be added to your monthly vehicle instalment amount.

“We encourage customers to communicate with us so we can understand their current financial position
– Lebogang Gaoaketse, WesBank’s Head of Marketing and Communication.

Customers who elect to sign up for the ODP limited insurance cover from WesBank will also benefit from two useful services: the CarLicence Renewal benefit is an SMS and email reminder sent 45 days prior to your vehicle licence’s renewal date, with a link to the WesBank renewal web page. The reminder also includes any outstanding fines or penalties owing on your vehicle, and CarLicence can arrange for the issuing and delivery of your new vehicle licence.

The second service you can access is Project HELP, a security and emergency medical service, that offers a state-of-the-art crisis management centre, armed reaction units, a panic button on your phone and location tracking.

“Customers are entitled to select the vehicle cover best suited to their needs and financial means. As a vehicle finance institution, we have a responsibility to educate and guide our customers through the process of purchasing and insuring a vehicle. While cancelling a vehicle insurance policy, or not insuring the vehicle at all, might seem an option during tough times, this choice could result in very expensive consequences for an uninsured owner in the unfortunate incident of an accident or total vehicle loss,” says Lebogang Gaoaketse, WesBank’s Head of Marketing and Communication.

“We encourage customers to communicate with us so we can understand their current financial position and offer an effective financial solution to ensure they are covered in the case of an accident, loss or theft,” concludes Gaoaketse.

Adulting – The Art of Buying Your First Car

vuyi on June 25, 2020

For many young students and graduates their first introduction to adulting starts when they make a decision to buy their first car. This can be a daunting experience as car ownership involves many additional expenses such as fuel, insurance and maintenance which can all impact monthly budgets and cash flow.

Becoming independently mobile can be an exciting prospect, but buying a car is also a long term commitment so it’s important to understand the economics involved.

These tips from WesBank will help navigate the decision making and buying process and ensure that students and graduates are better equipped in their financial journey:

• Track your income and expenses:

This means understanding exactly how much you make versus how much you spend. Draw up a detailed budget including income and expenses to determine what you can realistically afford to spend on a car. As difficult as it may be, stick to your budget.

Purchasing a vehicle can be stressful for students and graduates, especially because they do not always have a credit history.

• Spend less than you make every month:

A budget is important as it helps to ensure that you spend less than what you make each month. If you do not track your spending, it can be easy to overspend and ultimately end up in a debt situation that’s difficult to overcome.

• Minimise on lifestyle inflation:

Being young often means high pressure to go out and socialise, or buy the most expensive items of clothing and gadgets, instead of sav- ing towards bigger purchases, like a personal vehicle, a house, or saving for emergencies. It’s important to be aware of your entertainment needs, and identify other less expensive means of entertainment. Binge spending once in a while is okay, budget permitting, but be careful not to overdo it through lifestyle pressures. The money that you’re spending on unnecessary items, such as excessive entertainment, is money that you could be using towards something that will make a real difference to your life.

• Start saving early:

One of the most common mistakes any working individual makes is thinking they will only start saving once they start earning a certain amount. Saving is one important financial discipline that should not be put off. Even if you start with a small amount, saving is a lifelong decision which impacts how early you can retire as well as having a go-to ‘piggy bank’ in case of a financially demanding emergency.

Purchasing a vehicle can be stressful for students and graduates, especially because they do not always have a credit history.

For those looking to buy their first car, the WesBank Graduate Finance offering provides graduates with competitive interest rates and credit history is not essential. The entire application process can be accessed and completed online.

Wesbank Graduate Finance is designed for graduates who:

Have a University degree, three-year diploma or NQF 6 qualification
Have graduated within the past three years from date of application
Are under the age of 31
Can provide proof of employment
Hold a valid driver’s license
Are South African citizens