If you live in or around Cape Town and need R40,000 or more and need it fast, then consider DriveAwaySA. DriveAwaySA empowers customers in Cape Town, Western Cape, to harness the intrinsic value of the vehicles they own, enabling them to free money while offering them the possibility of continuing to drive their vehicle or others.
As a general rule, apart from owning a home, the most valuable asset people own in South Africa is their vehicle. Once the financing of a vehicle is settled, the only way for an owner to access the cash value of his vehicle would be to sell it privately or as part of a business. This usually fixes a cash flow issue, but unless the vehicle is sold to facilitate the purchase of another vehicle, it also leaves the previous owner of the vehicle with a transportation problem.
DriveAway’s offering offers vehicle owners a solution that meets their cash flow needs, while allowing them to continue to drive their own vehicle or another.
DriveAwaySA does not provide loans. DriveAwaySA acts as an agent for a few companies that purchase cars and other vehicles. If you own your entire car (in other words, you cannot owe money to a bank or someone else on the vehicle), we will arrange for the sale of your car to the one of those buyers at a market price and for the purchase price you pay.
We have lease agreements with these buyers whereby we lease vehicles to them on our own behalf. vehicle rental company. This means that you can then, if you wish, rent a vehicle from us (at a rate similar to, and often lower than, market-related long-term vehicle rental rates) – which can be either your own vehicle or you. just sold, or one of the other vehicles we offer for hire.
If you choose to lease a vehicle and think you want to purchase that vehicle at some point, we may arrange for the buyer to offer it to you for sale first, for a limited period of time, at the end of the period. the rental period. If you choose not to purchase the vehicle at the end of the rental period, the vehicle may be leased by us to someone else or may be sold by the buyer to someone else.
Unfortunately, there is a story in South Africa where some pawn shops and loan providers are advertising and offering ‘pledge your car and drive’ type products that are both predatory in nature and violate the national credit law, making them illegal. These illegal loans aim to attract people who search online for pawn shops, bad credit loans, no credit check loans, no credit check loans, cash loans etc.
They target people who are struggling financially with bad credit scores, who are blacklisted and / or have judgments against them, which makes it extremely difficult (if not impossible) for them to access credit products. traditional such as personal loans or credit cards. By using their clients’ vehicle as collateral, they will lend their clients an amount which is most often a fraction of the value of their vehicle and they will charge exorbitant interest rates and fees on the money advanced to the client. There is little or no chance that their clients can afford the reimbursement fee and they take full advantage of their clients’ financial situation.
On the other hand, DriveAwaySA is not a credit provider and it does not provide pawn shops or any other type of loans. Our product is structured in such a way that it legally and responsibly allows customers to access the funds they need for any reason, making it easier for them to sell the vehicle they own and providing them with the ability to lease their old or other vehicle so they can put the money they need in their pocket and DriveAway.
If you would like to receive a reminder from us, please complete the contact request form
Some Frequently Asked Questions
- So I lend you money using my car as collateral?
Not at all! The buyer will be in fact purchase your vehicle, and ownership of the vehicle will pass to the purchaser. At no time does the buyer lend you money.
You also don’t have to hire your own or any other vehicle from us, and it’s entirely your choice if you wish.
- What conditions do I have to meet to do so?
Well, in order for the vehicle to be sold to the buyer, you have to own the vehicle and the vehicle has to be fully refunded (in other words, you cannot owe money to a bank or someone else. another on the vehicle, as you will not be able to sell it to the buyer if you do).
You will obviously have to provide us with the car papers, your identity document, your proof of address, proof of bank account and some other information.
Since this is not a loan, you don’t need to do an affordability assessment, and we don’t check your credit either.
We will need to assess the vehicle for damage and necessary repairs.
- So what kind of price would I get for my car?
Assuming the vehicle is roadworthy, you can expect to get the market value (in other words, the value your car would sell for in the open market) of your vehicle.
The price would be adjusted to:
- pay any unpaid fines on the vehicle; and
- make any repairs that may be necessary to make the vehicle roadworthy.
There is also an origination fee of R2 500 which is payable by you to the buyer in advance, and these are usually simply deducted from the purchase price.
- Yes, but then how much can I expect to pay to re-lease my vehicle to you?
Our rentals are generally cheaper than if you had to hire a vehicle from a rental company such as Avis or Europcar.
Rentals are generally calculated taking into account the type of vehicle, age of the vehicle, mileage and the book value of the vehicle.
The rental amount will also include:
- vehicle insurance
- tracking fee (the vehicle will be equipped with a tracking device)
We will quote you a rental amount before you sign any documents to ensure that you are satisfied with all elements of the sale and / or rental.
We will give you at least one month’s notice of any increase in the monthly rent amount, and it will not happen more than once a year.
- Are there any other hidden costs I should know about?
Well, you will have to pay any electronic tolls, fines, traffic violations or other penalties imposed while you are renting the vehicle, and you will also have to pay the insurance deductible if the vehicle is involved in an accident while you praise it.
All costs of operating the vehicle are also your responsibility – such as fuel, oil, tires, etc. for the period during which you rent the vehicle.
An administration fee may be levied by us if a payment is declined or if we need to make payments or do any of the things for which you are responsible under the rental agreement (such as paying your speeding fines etc. .)
These amounts are obviously not included in the amount of your monthly rent and are therefore your responsibility as and when they occur.
If you breach the rental agreement, you will also be responsible for our legal fees to enforce the agreement.
- How long will I have to rent the vehicle for?
The rental is monthly, and you are not tied to any minimum period.
At the end of each month, you can either return the vehicle to us or rent the vehicle for an additional month by paying us the rental for the following month.
- If I want to buy back my vehicle at the end of the rental period, what can I expect to pay for the vehicle?
The price of the vehicle will again depend on the market value of the vehicle at that time, the condition of the vehicle, the age of the vehicle, etc. You can expect the vehicle to be resold to you as close to the market value of the vehicle as possible. The purchase price of the vehicle will be clearly indicated on the contract
- What happens if I decide not to purchase my rental vehicle at the end of the rental period?
The vehicle can either be leased by us to a third party or sold by the purchaser to a third party.
- So how quickly can all of this happen?
Usually within 24-48 of the time you bring your vehicle to us for inspection.
If repairs are required to bring the car up to traffic standards, a Repair Consent Form will need to be signed in addition to the Offer to Purchase and the Rental Agreement. The purchase price will be transferred to you and as soon as the repairs to the vehicle are completed and the rental amount is paid by you, you can DriveAway.
Our simple step-by-step process.
- Fill out the contact request form on our website
- Receive a reminder from DriveAwaySA
- Make an appointment with us at our office
- On the agreed date and time, bring your vehicle and show us the following documents:
- Copy of your identity document (SA ID, passport, traffic register number if non-citizen)
- Original RC1 (Vehicle ownership document proving that you are the owner and holder)
- Proof of address
- Bank proof (minimum 3 months bank statements)
- Driving license
- Perform vehicle assessment and assessment
- Carry out vehicle repairs (if necessary)
- Mounting the tracking unit
- Presentation of the offer to purchase and the rental agreement
- Sign the purchase contract
- Sign the rental contract
- Electronic funds transfer from purchase price to customer
- Electronic funds transfer of the lease amount to DriveAwaySA
- Drive away
For more information, please visit our website or our office in Cape Town www.driveawaysa.co.za