WeeklySA_AdminTEAMWORK:Consumers offered finance via MFC
By Thuli Zungu
Sellers of second-hand cars might soon be out of business if they do not comply with the Second-hand Goods Act.
Gumtree has partnered with Motor Finance Corporation (MFC) to offer consumers looking to buy a used car privately affordable finance for MFC-verified, accident and police-cleared vehicles via the site, while sellers can easily find trusted buyers for a fast, secure sale.
Estelle Nagel a brand Marketing said this makes the second-hand vehicle buying and selling process via an online platform much safer. For the first time, buyers can secure financing through MFC for vehicles purchased privately on an online classifieds site, Nagel said
“Through our partnership with MFC, we are now able to give consumers the opportunity to get financing for private vehicle sales, instead of having to pay cash,” Estelle said The partnership will also mitigate many risks associated with buying a used car, with sellers able to offer third-party certifications to make vehicle listings much more attractive, she said.
By listing a vehicle on Gumtree and completing the MFC-verified vehicle check process, sellers are effectively listing a more premium, verified product that has already been police and accident-checked, she said.
Along with elevated listings on Gumtree, this makes verified vehicles more likely to sell quicker. Douw Leadley Head of Sales from MFC, a division of Nedbank said with MFC vehicle finance now available through Gumtree, buyers can easily and safely finance their used vehicle bought privately. He said consumers will need to search MFC-verified vehicle listings on Gumtree, find exactly what they are looking for, and apply for MFC finance with a simple online application.
Once they have qualified for the finance to buy a used vehicle via the site, MFC will assist buyers to complete the administration, verification and re-registration of the vehicle. The verification process also checks whether the vehicle has an existing warranty and, if not, can facilitate purchasing one if it still qualifies.
“Searching for a used car to buy privately can be complicated and time consuming, and complex for a consumer who is wondering if the seller is trustworthy, or if the vehicle has any hidden or latent defects,” said Leadley.
He said buying one of their verified vehicles will give both buyers and sellers much more peace of mind, after a safe and efficient sales process
To search and buy MFC-verified vehicles from Gumtree and speed up the sale and purchase process, buyers and sellers can visit https://www.gumtree.co.za/pages/MFC/ to get started.
Second-hand Goods Act
• The second-hand goods act aims to regulate dealers who buy and sell second hand goods.
• It serves to ensure that these goods are not stolen and ensures that the dealers do not operates as a pawn broker.
• Every person who is dealing in second-hand goods must be registered in terms of the Act.
• Upon completion of the registration process, the dealer receives a prescribed certificate of registration which authorises him to carry on business in respect of second-hand goods.
• This registration as a dealer remains valid for a period of five years from the date the certificate is issued and must be renewed upon expiration.
Registration link below
http://www.saps.gov.za/services/flash/shg/saps601.pdf
Record Keeping by Dealers
• Once a dealer receives the prescribed certificate, he can start acquiring and selling second-hand goods.
• Such dealers are required to keep a “register or record book”.
• This register or record book must contain the prescribed particulars / details regarding each and every acquisition or sale of second-hand goods.
• The dealer is obliged to obtain the following:
• The identity of the person from whom the second-hand goods were acquired
• Full names, contact address and contact numbers
• The manner in which the person’s identity was verified; and
• The person’s ID number.
• A description of the goods and the serial number or a distinguishing feature of the goods;
• The purchase price paid by the dealer;
• The number assigned to the second-hand goods by the dealer; and
• The date and time of the transaction, the date on which the goods were sold or how and when the goods were sold.
• The person purchasing or selling the second-hand goods to the dealer must furnish the dealer with his full name, physical address and original ID document as proof of identity.
• The dealer should then keep a copy of the person’s ID for verification purposes.
Sourced from bidorbuy.co.za
