Getting to know the app
1 Dec 2020
VAF: Settle your car loan online
Get a settlement quote and pay off your car loan in the app.
Step 1 of 9
From your home screen, select your Vehicle asset finance account (car loan account) tile.
Step 2 of 9
If you’re interested in finding out how much it would cost to settle your loan, select GET SETTLEMENT QUOTE under Pay off your loan.
Step 3 of 9
Your settlement amount will be now displayed, and a settlement quote will be automatically emailed to your email address. This quote will only be valid for 5 working days.
Next, to pay off your car loan select START SETTLEMENT.
Step 4 of 9
See the list of actions that you need to perform to settle your car loan.
When you are ready, tap NEXT to proceed.
Step 5 of 9
Choose whether you’d like to collect your original documents or arrange for them to be delivered to you.
Then tap NEXT to proceed.
Step 6 of 9
Your Standard Bank Vehicle and Asset Finance account (car loan) details and the settlement amount payable will be pre-populated.
Choose the account from which you want to make the payment. Don’t forget to ensure that your EAP limit is high enough to allow the payment to go through.
Fill in your payment reference details and payment confirmation preference.
When you're ready, select REVIEW.
Step 7 of 9
Make sure all the payment details are correct, then select CONFIRM.
Step 8 of 9
Enter the One Time Pin (OTP) that is sent to your cellphone number or email address.
Step 9 of 9
A message will appear confirming a successful payment.
Note: the payment will reflect after 2 to 5 day and your VAF tile will then reflect a R0.00 balance.
All done! Tap DONE to return to the payments screen.
Frequently asked questions about settling your car loan
Once I have requested my Vehicle Asset Finance (VAF) settlement quote, what amount do I pay?
Please ensure that you pay the exact settlement amount as it appears on the settlement quote.
When do I need to pay my VAF settlement quote?
Please ensure that you make the payment before or on the settlement quote validity date.
How long is my vehicle loan settlement quote valid for?
5 Working days.
What reference details do I use when making my payment?
Please quote your Standard Bank VAF account and deal number. It will appear on your settlement quote as the reference number.
Do I have to pay for the courier delivery service when I select the option of "Delivered to you"?
No, there is no cost associated with the courier delivery service.
When will I receive a paid-up letter for the vehicle?
The paid-up letter will be included in the document pack together with your original NaTIS letter, which you’ll either collect from your chosen Standard Bank branch or receive via delivery to your specified delivery address.
When will my VAF account balance reflect as zero?
This can take up to 5 business days.
Do I need to call the Collections Call Centre to check if the quote is accurate?
No, the correct settlement amount will appear on the app at the time of settling the VAF account.
Does the settlement quote reflect the vehicle details or deal number?
Yes, the settlement quote shows the full account number (deal number) as well as vehicle details.
Can I download the payment confirmation at a later stage?
Yes, the payment will reflect in the same way as all your other payments.
After settling my VAF account, do I need to close my account?
No, the account is closed automatically.
Is the settlement regarded as an inter-account transfer or a payment?
It is a payment, and your EAP limit will be affected.
You need to amend your EAP limit before making the payment.
You need to amend your EAP limit before making the payment.
Will the app show how long the settlement quote is valid?
Yes, it will. A settlement quote is valid for 5 business days, and it’ll be reflected on the quote emailed to you.
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