Official documentation
Whether you are embarking on car ownership with a financed car or getting ready to sell a car that is financed or has been financed, a vital document you need to know about is the so-called “settlement letter”.
Related: AutoTrader Car Finance Glossary of Terms
We asked WesBank’s assistance in compiling answers to various questions, and the response came from WesBank:
1. What is a settlement letter?
A settlement letter is a letter that provides a quote for the amount you need to pay in order to settle your vehicle finance account in full. The quote is valid for a specific period—usually seven calendar days (which amounts to five business days plus a weekend)—a period that is in line with the rules of the National Credit Act.
This letter will also show you the most recent instalment you paid: this instalment has been taken into account in the calculation of the settlement amount still due. For the settlement quote to be valid, you need to pay any monthly instalment that may fall due in the next seven-day period. This monthly instalment amount is indicated in the letter.
Related: How does early vehicle settlement work?
2. How do I request a settlement letter?
You can request and print a settlement letter from our website. Visit Wesbank and register for Account Services. You may also request a settlement via SMS by sending the letter 'S' followed by your 11-digit account number to 31329. Please ensure WesBank has your updated contact details for you to utilise this service.
It’s also possible to e-mail or fax your request to: service@wesbank.co.za or 0861 888 272. These must be marked for the attention of the administration department.
Please ensure you provide your vehicle finance account number and/or ID number within the request. Give us the e-mail address or fax number to which you would like us to send you your letter, and we'll forward it to you.
3. What is a paid-up letter?
A paid-up letter is a letter confirming that an account has been settled or paid up in full.
4. How do I get a paid-up letter?
You can request your paid-up letter online if less than 13 months have passed since you settled your account in full. Visit Wesbank, register for Account Services, and then log a request for the letter. It will be made available automatically on the website once the account is fully closed. If you need the letter and more than 13 months have passed since the account was settled, e-mail or fax your request (service@wesbank.co.za; fax: 0861 888 272).
Again, it should be marked for the attention of WesBank’s Admin Department. Please ensure you provide your vehicle finance account number and/or ID number within the request. Give us the e-mail address or fax number to which you would like us to send you your letter, and we'll forward it to you.
5. What is a NaTIS document?
A NaTIS document is a vehicle registration certificate or logbook, which is produced when a vehicle is registered with the licensing authorities. (NaTIS stands for National Traffic Information System.) All vehicles have to be registered with the licensing authorities. About 20 years ago, a vehicle's registration document (or, in some provinces, logbook) was simply handed to the vehicle owner or purchaser when the vehicle was registered - it didn't matter whether the vehicle was being financed or not.
Due to an increase in criminal activities like fraud, South Africa decided to create a new licensing system and implement it in stages throughout the country. Gauteng went onto the new system in 1996. Now, if a vehicle is financed, the registration document is handed to the financial institution providing the finance.
6. What is the difference between a vehicle owner and a titleholder?
In the new licensing system, the registration document reflects not only the vehicle owner's name, it includes the name of the finance house or bank that is financing the vehicle and refers to this institution as the vehicle's titleholder. The NaTIS or registration document remains in the titleholder's safe keeping while the vehicle is being financed. Without the document, no further change of ownership would be possible.
Settling your account in full entitles you, the vehicle owner, to be registered as both owner and titleholder of the vehicle. It's important you have the NaTIS document amended to reflect that you are now the titleholder because it means the bank doesn't need to be involved in proceedings if your vehicle is stolen or in an accident. Note that you don't need to produce a roadworthy certificate when you apply to have your NaTIS certificate amended.
7. How do I get the NaTIS document after fully paying off my vehicle?
It's important to note that the NaTIS document won't automatically be sent to you upon settlement of your account. In the interest of fraud prevention, we need you to request your NaTIS document from us and confirm your current address. Send your request to service@wesbank.co.za or fax: 0861 888 272, marking it for the attention of our NaTIS Department and including the full address to which you would like your NaTIS certificate sent.
8. How do I update the NaTIS document to show I'm the new titleholder?
To have your NaTIS document amended to show you are the titleholder once you've paid off your vehicle in full:
- Within 21 days of receiving your NaTIS document, visit the vehicle registering authority operating in the area of your residential address (remember, this is the residential address that the licensing authority has on record for you - the address you gave them).
- Take along the original NaTIS certificate and your identity document. A registration and license fee will be charged at the registering authority which may differ in each province.
- Fill in the blue form called an RVL and hand it in. Your NaTIS certificate will be amended and given to you.
9. How long does it take to get the NaTIS document?
Because a NaTIS certificate is a valuable security document that can't be recalled once it has been released, we need to be certain that everything is in order (payment for the document has cleared, etc.) before we make it available. As a general rule, therefore, we wait for a 10-day clearance period to pass before we release the document.
If you need your NaTIS certificate sooner, you can pay for it in cash, by electronic transfer or by bank-guaranteed cheque and send us the proof of payment - in these cases we will waive the 10-day clearance period. (E-mail your proof of payment to service@wesbank.co.za or fax it to 0861 888 272. Please mark it for the attention of our Admin Department.) - Wesbank
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