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Financing a car while jobless

Dec 11 2012 10:10
A Fin24 user wants to know whether a car dealer can refuse to accept an agreement if one is unemployed. She writes:

Can a car dealer refuse to accept an arrangement if one has been unemployed for over a year?

I’m making regular payments every month, doing what I can with what I have.

Chris de Kock of WesBank responds:

The dealership is not allowed to make a repayment arrangement because the finance agreement is between the customer and the bank. The customer must approach the company who financed the car in order to make arrangements for the repayment of arrears.

WesBank do make repayment arrangements with customers that are in arrears. These arrangements are based on the principles that the customer must pay agreed amounts on agreed dates.

It is also important to note that every customer’s situation is different and therefore there is no standard repayment arrangement.  Each repayment arrangement is based on the customer’s particular set of circumstances.

- Fin24

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.

Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever
resulting from the use of this site in any manner.

* Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.

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banking  |  vehicle finance  |  unemployment  |  money clinic



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