If you are experiencing financial difficulties due to the coronavirus pandemic, we have a Vehicle Finance Payment Relief Plan to help you get through this difficult time. See if you qualify below.

FAQs

  • What is the AVAF Payment Relief Plan?


    The AVAF Payment Relief Plan is a response to our customers who have been financially impacted by the COVID-19 outbreak and lockdown. The plan allows you to defer your payments for a period of three months.
  • How does the AVAF Payment Relief Plan work?

    The plan will give you a three-month non-payment period during which you will not have to make any repayments on your AVAF account. However, interest, insurance and service fees will still accrue during this period and be capitalised monthly.

     

    At the end of your plan your loan term will be extended to cover the all capitalised amounts. Your loan term will also be recalculated to ensure your new repayment amount is not greater than your current repayment amount.

  • Who qualifies for the AVAF Payment Relief Plan?

    The plan applies to any customers who have vehicle finance instalment sale agreements, have recurring monthly instalments and are up to date with their repayments.

  • Who is excluded from the AVAF Payment Relief Plan?

    The following customers are excluded from the plan:

     

    • Customers currently under Debt Review
    • Customers currently in a legal process
    • Deceased estates

     

    The following products are excluded from the plan:

     

    • Further Advance for value added products excluded for the duration of the payment relief
    • Rental Agreements
  • What if I have multiple vehicles with AVAF vehicle finance?

    All vehicle finance accounts that meet the above-mentioned criteria qualify for the AVAF Payment Relief Plan.

  • I pay my instalments quarterly do I qualify for the AVAF Payment Relief Plan?

    No. Only customers who pay monthly installments qualify for the plan. If you pay your instalments quarterly, you can contact us directly for assistance.

  • Will interest be charged when taking the AVAF Payment Relief Plan?

    Yes. Your interest, insurance and service fees will continue to be charged, capitalised monthly and added to your outstanding balance. You will not have to pay for them during the plan period.

  • What happens to my insurance and other value-added products?

    Your insurance and value-added products are part of your monthly instalments so you will still be insured during the plan. These insurance premiums will be added to your outstanding balance.

  • What does capitalised mean?

    When AVAF capitalises interest, service fees and/or insurance, we add these amounts to the total amount you owe, this is called your outstanding balance. Interest is then calculated on your outstanding balance.

  • How will I receive confirmation that the AVAF Payment Relief Plan?

    You will receive an SMS explaining the plan and inviting you to opt in. Should you choose to opt in you will receive a further SMS confirming that you are now part of the plan and that your payments have been deferred.

     

    You will then receive another SMS detailing the date of your next required repayment, the new repayment amount and the new contract end date.

  • Will the AVAF Payment Relief Plan affect my credit rating?

    Your credit rating should not change as a result of the AVAF Payment Relief Plan. Please contact us if you have any problems.

  • How do I apply for the AVAF Payment Relief Plan?

    We will contact you if you qualify for the plan and give you the option to opt in. If you can continue paying your instalments, we encourage you to do so.

     

    You can also:

    • Call Absa Vehicle And Asset Finance 0860 669 669