MFC VAF switch promotion

Terms and conditions

1. The promoter

Nedbank Limited, registration number 1951/000009/06 (we, us, our) runs this promotion. We reserve the right to make it available to certain clients only.

2. Promotion period

The promotion starts on 2 June 2025 and ends on 31 October 2025 (promotion period).

3. Who can and cannot participate in the promotion

3.1 A participant (you, your) must:

3.1.1 be a natural person.

3.1.2 be 18 years or older.

3.1.3 have a valid South African ID; and

3.1.4 have a valid South African driver's license.

3.2 You may not participate in the promotion if:

3.2.1 you are a Nedbank Private Wealth, Corporate Banking or Relationship Banking client.

3.2.2 you are a juristic person, including partnerships, trusts, companies, and close corporations.

3.2.3 you are self-employed and take irregular business drawings (variable income earner); or

3.2.4 your vehicle asset finance account is in arrears or has any defaults or has been handed over for legal collection.

4. The offer

If you participate in the promotion, you stand a chance to receive a 20-basis points rate discount on your vehicle asset finance to be switched to us, along with an upfront cash back incentive. The cash back incentive shall be either R15 000 or R10 000 depending on your risk group.

5. How to qualify for the offer

5.1 To qualify for the offer, you must during the promotion period:

5.1.1. have a minimum amount of R500 000 on your vehicle asset finance to be switched to us.

5.1.2. have a term greater than 36 months but less than 72 months on your vehicle asset finance to be switched to us;

5.1.3. have no Balloon on your vehicle asset finance to be switched to us;

5.1.4. switch your vehicle asset finance to us.

5.1.5. have received a call, SMS, email or other digital communication from us, inviting you to participate in the promotion; and

5.1.6. have accepted the offer and applied for the switch of your vehicle asset finance to us within 7 (seven) days of receiving the offer.

6. How the offer is given out

6.1 If you qualify for the offer, the following applies:

6.1.1 You will receive the offer via a call, SMS, email or other appropriate digital channel.

6.1.2 You will receive the offer only after we have verified and confirmed your details, including your compliance with these terms and conditions.

6.3 Your vehicle asset finance application with us will be subject to our credit approval criteria, and lending policies and practices (as amended from time to time). Granting of the offer will be at our discretion.

6.1.4 The interest rate quoted is linked to the prime interest rate and is subject to change if the repo rate changes. Our offer may not exceed prime less 2%.

6.1.5 An early-termination charge (90 days’ notice), if applicable to the vehicle asset finance being switched to us from a competing bank, is not paid by us.

6.1.6 You shall be responsible for any early settlement penalties incurred as a result of terminating the vehicle asset finance with the competing bank.

6.1.7 The new initiation fee shall be capitalised to the underlying vehicle asset finance account and, as such, shall be borne by you, unless you elect to pay the new initiation fee in cash.

6.1.8 We will not be responsible for any technical failures affecting your participation in the promotion.

6.1.9 If a dispute arises, our decision will be final and binding on all aspects of the promotion, and we will not discuss the matter further.

6.1.10 All costs or expenses relating to the offer that have not been mentioned here are excluded.

6.1.11 We will not be responsible for any delays in your taking up the offer.

6.1.12 We will not be responsible for any additional conditions that third parties impose.

6.1.13 We will not be liable for delays or failure to deliver any part of the offer resulting from acts beyond our reasonable control. We will let you know as soon as reasonably possible if the offer is affected in this way.

6.1.14 We reserve the right to replace the offer at any time with another of similar commercial value.

7. General

7.1 If, at any time during your vehicle asset finance agreement, you no longer meet the qualifying criteria, this offer will no longer be applicable to you and we will have the right to cancel the interest rate discount immediately.

7.2 All information about this promotion, including information that is published on any promotional material, is part of these terms and conditions.

7.3 By participating in the promotion, you agree to be bound by these terms and conditions, which are available on www.nedbank.co.za/termsandconditions (competitions and campaigns).

7.4 By participating in this promotion, you acknowledge that your personal information needed for the promotion will be shared with us and our agents, but only to the extent necessary for this promotion. Your personal information will be used in line with South African consumer and data protection laws.

7.5 We may modify, suspend or cancel the promotion immediately and without notifying you if it is permitted by law, if we must do so by law, or for reasons beyond our control. If this happens, you will give up any rights that you may have in terms of this promotion and you will have no recourse against us or our agents, contractors or sponsors because of the modification, suspension or cancellation.

7.6 We or our directors, employees, agents or suppliers will not be responsible for any direct or indirect loss or damage resulting from your taking up of the offer, or for any accident, injury, harm, costs, or death that you or any other person who takes up the offer sustains at any point during the fulfilment of the offer.

8. More information

For more information about the promotion, call 0860 879 900