The Auto Finance Contract is a crucial document used in South African vehicle financing transactions, designed to comply with the National Credit Act 34 of 2005 and other relevant legislation. It is employed when a borrower requires financing to purchase a vehicle, whether for personal or business use. The contract establishes the legal framework for the credit arrangement, including payment terms, interest rates, security provisions, and ownership conditions. It incorporates mandatory consumer protection provisions required by South African law, details the rights and obligations of all parties, and includes specific requirements for vehicle maintenance, insurance, and default remedies. This document is essential for financial institutions, dealerships, and borrowers in structuring compliant vehicle financing arrangements within the South African jurisdiction.
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1. Parties: Identification of the credit provider, borrower, and any guarantors with their full details as required by the National Credit Act
2. Background: Context of the agreement and purpose of the vehicle finance
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Details: Comprehensive description of the financed vehicle including make, model, year, VIN, engine number, and registration details
5. Financial Terms: Purchase price, deposit, loan amount, interest rate, term, and payment schedule as per NCA requirements
6. Payment Terms: Payment method, dates, and consequences of late or missed payments
7. Insurance Requirements: Mandatory insurance coverage requirements and consequences of non-compliance
8. Vehicle Use and Maintenance: Conditions for vehicle use, maintenance obligations, and restrictions
9. Security and Ownership: Retention of title, registration of security interest, and transfer of ownership conditions
10. Default Provisions: Events of default and creditor's remedies in compliance with the NCA
11. Representations and Warranties: Declarations by the borrower regarding their financial status and intended use of the vehicle
12. General Terms: Standard contract provisions including notices, amendments, and governing law
13. Signatures: Execution clause and signature blocks for all parties
1. Guarantor Provisions: Additional terms when a guarantor is involved in the finance agreement
2. Balloon Payment Terms: Specific provisions for agreements including a balloon payment structure
3. Trade-in Details: Terms relating to any vehicle trade-in forming part of the transaction
4. Additional Security: Terms for any additional security required beyond the vehicle itself
5. Value-Added Services: Terms for optional services like extended warranties or service plans
6. Early Settlement: Detailed terms for early settlement options beyond the NCA requirements
7. Cross-Border Use: Special conditions for vehicles that will be used across borders
1. Schedule A - Payment Schedule: Detailed amortization schedule showing all payments, interest, and fees
2. Schedule B - Vehicle Specification: Detailed technical specifications and features of the vehicle
3. Schedule C - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
4. Schedule D - Delivery Acceptance: Vehicle condition report and acceptance confirmation
5. Appendix 1 - Statement of Account: Initial statement of account as required by the National Credit Act
6. Appendix 2 - Pre-agreement Statement: Statutory pre-agreement statement and quotation as per NCA requirements
7. Appendix 3 - Cost of Credit: Detailed breakdown of all costs associated with the credit agreement
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Arrears
Balloon Payment
Borrower
Business Day
Credit Provider
Commencement Date
Consumer Protection Act
Default
Deposit
Effective Date
Event of Default
Finance Charges
Financial Intelligence Centre Act
Fixed Interest Rate
Guarantor
Initial Amount
Instalment
Insurance Requirements
Interest Rate
National Credit Act
Outstanding Balance
Payment Date
Payment Schedule
Principal Debt
Purchase Price
Repayment Period
Schedule of Payments
Security
Settlement Amount
Settlement Date
Term
Total Cost of Credit
Trade-in Vehicle
Vehicle
Vehicle Description
Vehicle Documents
Vehicle Identification Number (VIN)
Vehicle Registration
Warranties
Annual Percentage Rate (APR)
Arrears
Balloon Payment
Borrower
Business Day
Credit Provider
Commencement Date
Consumer Protection Act
Default
Deposit
Effective Date
Event of Default
Finance Charges
Financial Intelligence Centre Act
Fixed Interest Rate
Guarantor
Initial Amount
Instalment
Insurance Requirements
Interest Rate
National Credit Act
Outstanding Balance
Payment Date
Payment Schedule
Principal Debt
Purchase Price
Repayment Period
Schedule of Payments
Security
Settlement Amount
Settlement Date
Term
Total Cost of Credit
Trade-in Vehicle
Vehicle
Vehicle Description
Vehicle Documents
Vehicle Identification Number (VIN)
Vehicle Registration
Warranties
Clauses
Interpretation
Loan Amount and Purpose
Interest Rate
Payment Terms
Security
Vehicle Description
Ownership and Title
Insurance Requirements
Vehicle Use and Maintenance
Representations and Warranties
Default and Acceleration
Repossession Rights
Early Settlement
Assignment
Notices
Force Majeure
Dispute Resolution
Governing Law
Confidentiality
Data Protection
Anti-Money Laundering
Amendment
Severability
Entire Agreement
Consumer Protection
Credit Insurance
Registration and Licensing
Maintenance and Repairs
Cross-Border Use
Balloon Payment
Cooling-off Rights
Indemnification
Termination
Loan Amount and Purpose
Interest Rate
Payment Terms
Security
Vehicle Description
Ownership and Title
Insurance Requirements
Vehicle Use and Maintenance
Representations and Warranties
Default and Acceleration
Repossession Rights
Early Settlement
Assignment
Notices
Force Majeure
Dispute Resolution
Governing Law
Confidentiality
Data Protection
Anti-Money Laundering
Amendment
Severability
Entire Agreement
Consumer Protection
Credit Insurance
Registration and Licensing
Maintenance and Repairs
Cross-Border Use
Balloon Payment
Cooling-off Rights
Indemnification
Termination
Relevant Industries
Financial Services
Automotive
Insurance
Banking
Consumer Credit
Transportation
Fleet Management
Retail
Relevant Teams
Legal
Compliance
Credit
Sales
Risk Management
Operations
Collections
Customer Service
Finance
Documentation
Dealer Services
Relevant Roles
Credit Manager
Finance Manager
Legal Counsel
Compliance Officer
Sales Manager
Fleet Manager
Financial Advisor
Credit Analyst
Risk Manager
Operations Manager
Dealership Manager
Contract Administrator
Collections Manager
Customer Service Manager
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