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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Apply the fundamentals of vehicle finance 
SAQA US ID UNIT STANDARD TITLE
259882  Apply the fundamentals of vehicle finance 
ORIGINATOR
SGB Retail and Wholesale 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 11 - Services Wholesale and Retail 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5  12 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
9870  Explain and practically apply the fundamentals of vehicle finance and insurance  Level 5  Level TBA: Pre-2009 was L5  15   

PURPOSE OF THE UNIT STANDARD 
The learner is capable of explaining, advising and demonstrating the available financial options and their importance; applying for finance through the correct institutions; settling outstanding amounts owed on vehicles on behalf of the customer; understand and apply the relevant Finance orientated tasks and be aware of the insurance legislation impacting on the sale and on the selling of additional services and products.

This unit standard makes provision for the automotive retail industry with special reference to the fundamentals of vehicle finance in the following categories; Light commercial vehicles; passenger vehicles; recreational vehicles; Motor cycles; Tri-cycles; Quad cycles; Boats, light and heavy commercial vehicles, agricultural vehicles and Off Road (ATR) vehicles.

On achievement of this unit standard, the learner will be able to:
  • Advise customers on vehicle Finance options.
  • Complete an application for financing a vehicle.
  • Settle an outstanding amount of money owed to a bank, on behalf of a customer.
  • Adhere to relevant finance legislation.
  • Demonstrate an understanding of "add-on sales". 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that a learner will be competent in:
  • Communication at NQF Level 4.
  • Mathematical Literacy at NQF Level 4.
  • Concepts of accounting at NQF Level 4. 
    		•

    UNIT STANDARD RANGE 
    N/A 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Advise customers on vehicle Finance options. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Financing options for customers are explained in accordance with company policies and procedures. 

    ASSESSMENT CRITERION 2 
    The ability to enhance the customers understanding of the financing options is demonstrated by using examples and presenting aspects of importance in accordance with company policies and procedures. 

    ASSESSMENT CRITERION 3 
    A financing option is built into a deal as a value added product in accordance with company policy and procedures. 

    SPECIFIC OUTCOME 2 
    Complete an application for financing a vehicle. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The requirements of a specific financial institution are obtained according to company policy and standard procedures. 
    ASSESSMENT CRITERION RANGE 
    Requirements may include but are not limited to documentation (Standard forms) and or client information.
     

    ASSESSMENT CRITERION 2 
    A vehicle financing application form is completed according to organisational policies and standard procedures. 

    ASSESSMENT CRITERION 3 
    The procedure to submit an application form to a financial Institution is explained in accordance with organisational policies. 

    SPECIFIC OUTCOME 3 
    Settle an outstanding amount of money owed to a bank, on behalf of a customer. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    An outstanding amount owed on a customer's current vehicle(s) is determined in accordance with company policy and company standard procedures. 
    ASSESSMENT CRITERION RANGE 
    Determining an outstanding amount may include but is not limited to calculating and or eliciting the amount from documentation. The learner may make use of examples during the assessment.
     

    ASSESSMENT CRITERION 2 
    An outstanding amount owed on a customer's current vehicle(s) is verified with the financial institution in accordance with company policy and company standard procedures. 
    ASSESSMENT CRITERION RANGE 
    Verifying an outstanding amount may include but is not limited to sourcing the final figure from a financial institution. The learner may make use of examples during the assessment.
     

    ASSESSMENT CRITERION 3 
    The procedure to settle an outstanding amount(s) owed to a financial institution on behalf of a customer is explained in accordance with organisational policies. 
    ASSESSMENT CRITERION RANGE 
    Settling an amount may be, but is not limited to a full explain (using examples) on how the settlement will be achieved.
     

    SPECIFIC OUTCOME 4 
    Explain finance legislation as applicable to vehicle sales. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The requirements for financing a vehicle are explained in terms of the relevant financial legislation. 
    ASSESSMENT CRITERION RANGE 
    Relevant financial legislation may include but is not limited to the FAIS; FICA and National Credit Acts.
     

    ASSESSMENT CRITERION 2 
    The impact legislation has on the outcome of the deal is described in terms of its advantages and disadvantages for the customer. 
    ASSESSMENT CRITERION RANGE 
    Interpreting the impact on a deal may include but is not limited to how it will affect and fit into a deal.
     

    ASSESSMENT CRITERION 3 
    Practical examples as to how the legislation will be accommodated in the deal are presented in accordance with organisational prescripts. 

    SPECIFIC OUTCOME 5 
    Demonstrate an understanding of "add-on sales". 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    "Add-on sales" is explained in terms of what it comprises and what the company policy surrounding "add-on-sales" is. 
    ASSESSMENT CRITERION RANGE 
    "Add-on sales" does not include products and or services in contravention of the FAIS and FICA Acts. Examples may be used to explain what "add-on sales" is and what it comprises.
     

    ASSESSMENT CRITERION 2 
    Accessories, products and services are explained in terms of how they can be combined to add to the profit of a deal. 

    ASSESSMENT CRITERION 3 
    Profit generated from "add-on sales" is explained in terms of how it affects the deal. 
    ASSESSMENT CRITERION RANGE 
    The profit generated from "add-on sales" may be but is not limited to the use of examples and a financial calculator.
     


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • An individual wishing to be assessed against the unit standard (including through RPL) may apply to an assessment agency, assessor or provider institution accredited by the relevant Education and Training Quality Assurance body (ETQA), or one with an appropriate memorandum of understanding (MOU) with the relevant ETQA.
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA, or one with an appropriate MOU with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard, or assessing this unit standard, must be accredited as a provider with the relevant ETQA, or one with an appropriate MOU with the relevant ETQA.
  • Moderation of assessment will be conducted by the relevant ETQA, or one with an appropriate MOU with the relevant ETQA.
  • Moderation should include both internal and external moderation where applicable. 
    		•

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • Organisational Requirements in respect to professional meet and greet.
  • Vehicle Finance and Insurance Knowledge.
  • Financial calculations.
  • Add-on Sales profits.
  • Financial calculations.
  • Bank and Organisational requirements around vehicle finance applications.
  • Financial calculations.
  • Working knowledge and understanding of relevant Finance and Insurance legislation. 
    		•

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Identify and solve problems in a critical and creative way in explaining, advising and demonstrating the available finance and insurance options and their importance. 

    UNIT STANDARD CCFO WORKING 
    Work effectively with others as a member of a team in explaining, advising and demonstrating the available finance and insurance options and their importance. 

    UNIT STANDARD CCFO ORGANISING 
    Organise and manage oneself and one`s personal activities responsibly and effectively. 

    UNIT STANDARD CCFO COLLECTING 
    Collect, analyse, organise and critically evaluate information relevant in explaining, advising and demonstrating the available finance and insurance options and their importance. 

    UNIT STANDARD CCFO DEMONSTRATING 
  • Understand and apply a range of office management-related techniques, procedures and experimental approaches required in the different specific programmes leading up to this qualification.
  • Understand the world as a set of related systems by recognising that the explaining, advising and demonstrating the available finance and insurance options and their importance does not exist in isolation. 
    		•

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 9870, "Explain and practically apply the fundamentals of vehicle finance and insurance", Level 5, 15 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  64289   Further Education and Training Certificate: Automotive Sales and Support Services  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  MERSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.