How Old Do You Need To Be To Have A Car Registered In Your Name

Everything y'all demand to know about the settlement letter

At the cease of your financing term, how do y'all go a settlement letter and more so how do you change the title? We ask Wesbank to find out.

Published: five August 2021, 11:38

Whether you are embarking on car ownership with a financed automobile, or getting gear up to sell a automobile that is financed, or has been financed, a vital document you need to know about is the so-called "settlement letter".

We asked WesBank's help in compiling answers to various questions, and the response came from Republic of ghana Msibi, WesBank's Executive Caput for Sales and Marketing.

WesBank'south response in accord with their processes:

1. What is a settlement letter?

A settlement letter is a letter of the alphabet that provides a quote for the amount you lot demand to pay in gild to settle your vehicle finance account in full. The quote is valid for a specific period - usually vii calendar days (which amounts to 5 business days plus a weekend) - a period that is in line with the rules of the National Credit Human action.

This letter will also show yous the virtually recent instalment you paid: this instalment has been taken into account in the calculation of the settlement amount still due. For the settlement quote to be valid, y'all need to pay any monthly instalment that may autumn due in the next 7-mean solar day period. This monthly instalment amount is indicated in the alphabetic character.

two. How practice I request a settlement alphabetic character?

Yous tin request and impress a settlement letter from our website. Visit www.wesbank.co.za and register for Account Services. You may also request a settlement via SMS by sending the letter 'Southward' followed by your eleven-digit account number to 31329. Please ensure WesBank has your updated contact details for you to utilise this service.

It'south likewise possible to due east-mail or fax your request to: service@wesbank.co.za or 0861 888 272. These must exist marked for the attention of the Admin Department. Please ensure you provide your vehicle finance business relationship number and/or ID number within the asking. Requite us the due east-postal service address or fax number to which you would like united states of america to ship yous your letter, and we`ll forward information technology to y'all.

three. What is a paid-upwardly letter?

A paid-up letter is a letter confirming that an business relationship has been settled or paid upwardly in full.

4. How practice I become a paid-up alphabetic character?

You tin can request your paid-upward letter online if less than 13 months have passed since y'all settled your account in full. Visit www.wesbank.co.za, annals for Account Services, and so log a request for the letter. It will exist made available automatically on the website in one case the account is fully closed. If you demand the letter and more than xiii months accept passed since the business relationship was settled, eastward-mail or fax your request (service@wesbank.co.za; fax: 0861 888 272).

Over again, it should be marked for the attention of WesBank'due south Admin Department. Delight ensure yous provide your vehicle finance account number and/or ID number within the request. Give united states of america the electronic mail address or fax number to which you would like us to transport yous your letter, and we'll forward it to yous.

five. What is a NaTIS document?

A NaTIS document is a vehicle registration certificate or logbook, which is produced when a vehicle is registered with the licensing authorities. (NaTIS stands for National Traffic Information Organization.) All vehicles have to be registered with the licensing authorities. Virtually xx years agone, a vehicle'south registration certificate (or, in some provinces, logbook) was but handed to the vehicle possessor or purchaser when the vehicle was registered - it didn`t thing whether the vehicle was being financed or not.

Due to an increment in criminal activities like fraud, Due south Africa decided to create a new licensing system and implement it in stages throughout the country. Gauteng went onto the new system in 1996. At present, if a vehicle is financed, the registration document is handed to the fiscal institution providing the finance.

vi. What is the difference betwixt a vehicle owner and a titleholder?

In the new licensing system, the registration certificate reflects non simply the vehicle owner'due south name, information technology includes the name of the finance firm or banking company that is financing the vehicle and refers to this establishment as the vehicle'southward titleholder. The NaTIS or registration document remains in the titleholder'southward safe keeping while the vehicle is existence financed. Without the document, no farther modify of buying would be possible.

Settling your account in total entitles you, the vehicle owner, to be registered as both owner and titleholder of the vehicle. Information technology's important y'all have the NaTIS document amended to reflect that you are now the titleholder because it ways the Bank doesn't demand to exist involved in proceedings if your vehicle is stolen or in an accident. Note that you don't demand to produce a roadworthy document when you utilize to have your NaTIS certificate amended.

seven. How practice I get the NaTIS document after fully paying off my vehicle?

It`south important to note that the NaTIS document won't automatically be sent to you upon settlement of your account. In the interest of fraud prevention, nosotros need you to request your NaTIS document from us and confirm your current accost. Transport your request to service@wesbank.co.za or fax: 0861 888 272, marker information technology for the attention of our NaTIS Department and including the full address to which you lot would similar your NaTIS certificate sent.

8. How exercise I update the NaTIS document to show I'm the new titleholder?

To accept your NaTIS document amended to bear witness you are the titleholder in one case you've paid off your vehicle in full:

Within 21 days of receiving your NaTIS certificate, visit the vehicle registering authority operating in the area of your residential address (retrieve, this is the residential address that the licensing dominance has on record for y'all - the address you gave them).
Take along the original NaTIS certificate and your identity certificate. A registration and license fee volition be charged at the registering potency which may differ in each Province.
Fill up in the blueish form called an RVL and hand it in. Your NaTIS certificate will be amended and given to you.

9. How long does information technology have to become the NaTIS document?

Because a NaTIS document is a valuable security document that can't be recalled once it has been released, we demand to be certain that everything is in order (payment for the document has cleared, etc.) before nosotros brand it available. As a general dominion, therefore, we wait for a ten-24-hour interval clearance period to laissez passer before nosotros release the document.

If you lot need your NaTIS certificate sooner, you can pay for information technology in cash, by electronic transfer or past bank-guaranteed cheque and ship us the proof of payment - in these cases nosotros will waive the 10-twenty-four hours clearance menstruation. (E-mail your proof of payment to service@wesbank.co.za or fax it to 0861 888 272. Please mark it for the attention of our Admin Department.)