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Paul (P) concludes a written agreement purchasing a motor vehicle from S
(Suzie), a motor dealer, on 1 January. The agreement is concluded at S’s
registered business address. The purchase price of the vehicle is R400,000 and
is payable in 20 equal monthly instalments. The agreement also makes
provision for P to pay at 15% interest per annum to S in respect of the deferred
purchase price. There is a term in the contract that ownership in respect of the
vehicle will only pass to P once the last instalment has been paid. The motor
vehicle is delivered to P on 2 January. P approaches you for legal advice on 4
January. P explains to you that although he can afford the vehicle he has
changed his mind and no longer wishes to continue with the agreement. P also
informs you that he paid the first instalment on 2 January and would like to claim
back this instalment without incurring any financial loss. S did not ask P any
questions before the conclusion of the agreement.
(a) Advise P in full on whether the National Credit Act 34 of 2005 (“the NCA”) is
applicable to this agreement. (6)
Is the arrangement classified as a credit agreement within the jurisdiction of the
National Credit Act (NCA)?
Section 8 of the NCA contains the stipulated meaning of a credit arrangement. As per
section 8(1) of the Act, an agreement qualifies as a credit agreement if it falls within
the categories of a credit facility, credit guarantee, or credit transaction.
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