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NCR Alert for Vehicle Financiers and Dealers

On 2 August 2017, the National Credit Regulator (NCR) issued a media statement to announce its intention to conduct a compliance monitoring exercise on vehicle licence and registration fees payable by consumers under credit agreements.

The purpose of the exercise is to determine whether credit providers do not charge consumers more than the actual licence or registration fee.

Licence and registration fees may possibly be included in “on-the-road” or “service and delivery” fees charged by motor vehicle dealers. Credit providers need to ensure their compliance with section 102 of the National Credit Act, Act 34 of 2005 (NCA) in relation to licence, registration and the other fees listed in section 102(1), where such fees are included in the principal debt deferred under the credit agreement.

Please click here to download a copy of the press release.

Moonstone recently employed a NCA Specialist to render NCA compliance services (including NCR registrations) to its clients. Should you have any queries, please contact Gerrit Viviers on 021 883 8000 or by email to gviviers@moonstonecompliance.co.za.

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