In South Africa, we have a unique set of rules for car insurance: it isn’t compulsory to have any – not even a basic third-party fire and theft policy. As a result, Fender Bender Finance has partnered with Nedbank and the Collision Repair Association of South Africa (CRA) to provide a solution to the uninsured sector of the market. Nedbank’s state-of-the-art finance package will enable Fender Bender Finance members to adopt a formalised approach to working, repairing and supplying services to the population of uninsured drivers.
With over 200 collision repair professionals nationally with CRA membership, Fender Bender Finance is confident that by using the very best body shops to maintain client satisfaction levels, the programme will gain momentum quickly.
Fender Bender Finance believes that the key word is ‘restoration’. This format lets the client get their car restored to as good as new at a qualified body shop that adheres to ethical business practice. It also lets the body shop quote fairly without being worried about how much will be taken off in terms of percentages on labour, parts and paint by insurance companies. As a result, restoring becomes an even playing field where a fair day’s work is done for a fair day’s pay. It is about restoring cars back to secure vehicles with critical equipment that works.
This finance option helps clients who cannot afford a high excess or who have had a repudiated claim.
How does it work?
The client gets a quote from the Fender Bender Finance partner and can apply for finance at the body shop. They can choose a loan of between R2 000 and R300 000, as well as the time period of the loan – 6 to 72 months. The Nedbank platform is user-friendly and the client will need a valid identity or passport number and three months’ payslips to start the process.
Once the client’s loan has been approved, the amount is paid into Fender Bender Finance’s account within two days. Then 50% of the money is forwarded to the body shop to start the job. When completed and once the client has signed off, there is a seven-day period during which any queries may be raised to give everyone involved peace of mind. The other 50% of the money is then settled with the body shop.
Confidence in quality
Fender Bender Finance is rolling out the new project nationally. They currently have body shops with CRA membership in Gauteng, KwaZulu-Natal and Cape Town. Eventually they want to roll out and ramp up this great business opportunity to the entire CRA membership. The prospect for new profit is achievable with this new professional finance option.
Fender Bender Finance has negotiated special services with Mazda and Hyundai’s Save-a-Car initiatives to keep vehicles that need repair but can hardly be repaired economically on the road, and to increase work levels in the collision business with better client service. There are talks with other manufacturers as well.
To find out more, visit fenderbenderfinance.co.za.