FAQ
Premiercars.co.za is a full-service online marketplace of in-process vehicle leases. Our goal is to match individuals who are currently leasing vehicles they wish to get out of, with individuals who are looking for short-term leases with attractive payments and a deposit down. For more background information on Premier cars,
VISIT: www.sadrive.co.za
Who can use Premier cars?
As a Seller: Anyone with an in-process lease can use Premier cars to “sell” their lease.
As a Buyer: Anyone looking for a good value on a used vehicle can shop at Premier Cars for short-term leases.
How does the Premier cars process work?
In short, Premier cars allows Lease Sellers to offer their in-process leases for take-over online where potential Lease Buyers can view them and make contact. We then guide the Sellers and Buyers through the lease transfer process. We manage the vehicle on behalf of the lessor; if the lessee defaults the vehicle is repossessed and leased to another qualifying buyer. Please visit How it Works for a step-by-step guide to the Premier cars process.
How does Premier cars protect customer information?
Premier Cars will not share, sell, rent, or trade your personal information with anyone outside of Premier Cars unless compelled to do so by law. Premier Cars is committed to protecting the integrity, confidentiality and privacy of the personal information of its clients. Thus, Premier Cars uses reasonable precautions to keep the personal information disclosed to us secure.
How often is the website updated?
The Premier cars listings are updated in real time. When Sellers list their vehicles, we check the vehicle do authenticity verification and they appear immediately on the website.
Why do I need Premier cars to help transfer my lease?
Your vehicle will get national exposure, meaning it will be seen by thousands of interested lease buyers. Premier cars will walk you through the transfer process. Not only will Premier cars assist you in finding an interested lease buyer and guide you through the lease transfer process, but also administer and manage the lessee on your behalf for the duration of the lease. We will send you monthly statements and reports of the status of vehicle and account with your leasing company. In no way does Premier cars support transferring leases without the consent of the original lessee’s knowledge.
Is it possible to terminate a lease prior to the full term of the contract?
It is possible to terminate any lease prior to the scheduled end date, however there are significant financial implications when doing so. Each party signs a contract prior to this service agreement. So whoever wants to terminate the contract must honor the financial implications before the contract is terminated. This is a primary example of why Premier cars can be such a valuable service. If you’d like more detailed information, we recommend you get in touch with any one of agents.
How do lease transfers work?
The individual wishing to assume the lease submits an application to Premier cars. We will make a decision on the worthiness of the applicant. If approved, lease agreement documents are prepared and signed by the original and assuming lessees. The transfer of ownership is complete when the last installment is paid in to the financial institution and a certificate of ownership is issued. There are variations in the fees and details for each financial institution. The Premier cars service is on board to assist with these variations and details as you navigate through the transfer process.
Are there any additional or “hidden” fees involved in lease transfers?
There are two kinds fees involved in transferring a lease with the aid of Premier cars. Premier cars charge a 10% mark-up on insurance and monthly installments, and those fees required by the financial institution that holds the vehicle lease. Each financial institution has their own fee structure, and they vary broadly from one company to the next. If you’d like to find the fees for a specific financial institution, please Contact Us.
Are “Buyers” and “Sellers” free to negotiate any of their own terms concerning lease transfers?
Normally the terms of the lease, including monthly payment, mileage allowed and lease-end date remain fixed and are controlled by the financial institution. However, the Buyer and Seller of a lease are free to negotiate many details of the lease transfer, as long as they do not interfere with the rules set forth by the specific financial institution or are in violation of any laws. A common example of a negotiable detail surrounds who will pay the leasing company’s transfer fees. Sellers are also free to offer or require cash upfront as a part of the lease transfer deal. These agreements are made between the individual Buyer and Seller.
What happens if I find I can’t make the payments?
Get in touch with us as quickly as possible; don’t simply let the debit order bounce. If you just stop paying and keep the car, we collect it at your cost. Return it to us before reaching this stage. This allows Premier Cars to sell the car to someone else. If we sell the car to another customer during the notice period, we will only charge you pro-rata for the time the vehicle was not earning income. If your account is in good standing, we will recommend you for credit and you may always get another car from Premier Cars.
Can I “trade down” if I can’t maintain the level of payments?
Yes! If you run into affordability problems for a small fee you can return your current upmarket car and take a model that is more within your means.
What must I do in case of Accidents, Theft, Fire or Loss?
- Immediately report the incident to Premier Cars
- Report theft to the SA Police
Failure to do so will result in the insurance claim being repudiated.
How are monthly payments processed?
Payment is easy through debit order.
Who services the car and how much mileage can I do?
You need to maintain and service your car and it must be carried out at an RMI-accredited workshop according to the manufacturer’s schedule.
What happens if I get a traffic fine?
Any fines incurred are for the lessees’ account.