Financing a car while jobless

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.


ZAR/USD
17.43
(+0.31)
ZAR/GBP
22.77
(+0.29)
ZAR/EUR
20.53
(+0.05)
ZAR/AUD
12.44
(+0.49)
ZAR/JPY
0.16
(+0.60)
Gold
1934.36
(+1.49)
Silver
25.71
(+3.55)
Platinum
940.96
(+2.40)
Brent Crude
44.46
(-1.09)
Palladium
2142.00
(+2.75)
All Share
57370.09
(+0.35)
Top 40
53025.20
(+0.37)
Financial 15
10186.68
(-0.28)
Industrial 25
76230.04
(+0.93)
Resource 10
58581.62
(-0.16)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 965 votes
It depends on how the funds are used.
74% - 6416 votes
No. We should have gotten the loan elsewhere.
15% - 1324 votes
Vote