What's changed in your finance agreement?
The registered credit provider for your vehicle finance agreement has changed to a new credit provider as reflected on your account statement.
What does it mean that your finance agreement has been securitised?
Your vehicle finance agreement is now between you and the new credit provider instead of between you and Volkswagen Financial Services. Volkswagen Financial Services will still do the administration of your account and all communication about your finance agreement will be with Volkswagen Financial Services.
Will my finance agreement no longer be securitised in the future?
It is possible that your credit agreement will no longer be securitised in the future.
What does it mean that your finance agreement is no longer securitised?
Your vehicle finance agreement will now be between you and Volkswagen Financial Services instead of between you and your previous credit provider. Volkswagen Financial Services will continue to administer your account and all communication related to your finance agreement will be with Volkswagen Financial Services.
What changes
The registered credit provider for your vehicle finance agreement
What doesn't change
• The term of your vehicle finance agreement;
• Your interest rate;
• Your repayment due date and payment method;
• Your account number.
Frequently asked questions
Does Volkswagen Financial Services have the right to use my credit agreement in this way?
Yes, your credit agreement makes provision for Volkswagen Financial Services to cede your credit agreement to a third party.
How does this transfer impact my rights as a borrower?
The lender may be changed to reflect the new registered credit provider, but all other terms and conditions of the credit agreement that you entered into with Volkswagen Financial Services will remain intact.
Do all my credit agreement benefits and rewards remain intact?
Yes.
Does transfer impact me negatively as a customer?
No, all your rights and obligations will remain as per your existing credit agreement.
Who am I indebted to right now?
You are indebted to the new credit provider as reflected on your statement but your credit agreement will be administered by Volkswagen Financial Services.
Who do I pay?
Your current payment method remains unchanged and your credit agreement repayments must still be paid by the same due date as per your existing credit agreement.
Has my credit agreement with Volkswagen Financial Services been settled as a result of the transfer?
No, your credit agreement has not been settled. Your obligations under the credit agreement have been transferred to the new credit provider, and your credit agreement is being administered by Volkswagen Financial Services with all terms and conditions remaining in force.
Does Volkswagen Financial Services have a legal right to collect money against me if I am in breach or default of my credit agreement?
Yes, Volkswagen Financial Services will be acting as an administrator on behalf of the new credit provider and will continue to assist you in making suitable arrangements on your credit agreement.
Can I opt out of this?
No, you can’t opt out. The terms and conditions of your credit agreement, which you agreed to when you initially took out the credit agreement, allow us to transfer your loan to a third party. There is no impact to your rights, obligations and benefits as stipulated in your credit agreement.
Am I liable for any costs associated with this transfer?
No, you are not.
How am I impacted if I want to cancel my credit agreement?
No impact, you will still advise Volkswagen Financial Services using the normal Volkswagen Financial Services channels.
I am a surety, how does this impact me?
Your rights and obligations under the suretyship agreement will remain unchanged.
How does securitization affect my complaints procedure and which NCRCP number do I use in the event of logging a complaint to the Regulator?
The current complaints procedure will still apply and all customer complaints will be directed to Volkswagen Financial Services.