Everything you need to know about our Absa Siyasizana Programme for vehicle finance.
The Absa Siyasizana Programme offers AVAF solutions that are tailor-made to provide assistance to customers that are struggling to pay their regular vehicle finance instalments due to the impact of COVID-19.
Our Payment Relief Programme was aimed at providing an immediate across-the-board solution to our customers to minimise the initial effects of COVID-19 and the national lockdown.
Absa Siyasizana Programme aims to provide solutions to customers who are struggling financially, and solutions are tailored to each customer’s circumstance.
We have identified customers who could benefit from the AVAF solutions and will be sending SMSs to them, offering the different options.
Customers who do not receive an SMS can reach out to us through the following channels:
- Call our call centre at 0860 669 669 and select option 2
- Apply online
Options available are:
- Short-term restructure and partial payment options for up to three months.
- Long-term options tailored to your specific circumstances.
- A partial payment solution for Taxis.
On all options, the term of your vehicle finance agreement will be extended to ensure your regular vehicle finance instalment is not impacted negatively.
Please note: interest, service fees and insurance, where applicable, will still be charged to your account, so you will still need to pay your monthly insurance premium and services fees, together with your partial payment.
You are reminded that your comprehensive insurance must be kept up to date at all times for all options.
If you have an Absa vehicle finance account(s), have recurring monthly instalments, are up to date with your instalments and have suffered an income loss due to COVID-19, you will qualify for an AVAF solution.
All vehicle finance accounts that meet the above-mentioned criteria qualify for an AVAF solution.
Only customers who pay monthly instalments qualify. If you pay your instalments quarterly, you can contact us directly for assistance at 0860 669 669 and select option 2.
Yes. For all options, interest will continue to be charged to your account and you will still need to pay your monthly fees and insurance, where applicable, together with your partial payment.
You will still pay for these on a monthly basis in order to ensure your account doesn’t go into arrears.
When AVAF capitalises interest, we add these amounts to the total amount you owe, this is called your outstanding balance. Interest is then calculated on your outstanding balance.
We will contact you if you qualify and give you the option to opt in. However, if you can continue paying your instalments, we strongly encourage you to do so.
You can also:
- Apply online
- Call Absa Vehicle And Asset Finance on 0860 669 669 and select option 2
- If you have received an opt-in SMS, you will then receive a confirmation SMS once your relevant option has been selected. The confirmation SMS details the date of your next instalment, the new instalment amount and the new contract end date.
- If you have applied online, you will either receive an SMS to opt in for the specific option you require or you will receive a call from an agent to complete your application. Once you have selected your option, you will receive a confirmation SMS. The confirmation SMS details the date of your next instalment, the new instalment amount and the new contract end date.
- If you called the call centre, an agent will capture your application and you will receive a confirmation SMS once the restructure has been applied to your account. The confirmation SMS details the date of your next required instalment, the new instalment amount and the new contract end date.
- You will then receive written confirmation of the changes that have been applied to your vehicle finance account.
- This letter will include your new instalment amount and the impact of the changes to the remaining term of your loan.