What the Payment Saver Plan Is Not

Not insurance, not a bank product, not an investment, not effortless earnings, not a replacement for vehicle finance: the definitive list.

Because the Payment Saver Plan is new, it gets compared to things it is not. It is not an insurance policy, product or benefit of any kind for the buyer, not a bank product, savings account or deposit, not an investment, not a dividend scheme or a source of effortless earnings, and not a replacement for your vehicle finance. It is most definitely not a policy: you buy no policy, hold no policy and pay no premium; the PSP cost is part of the vehicle's financeable retail price, not a premium.

The short answers below are the definitive list of nots, useful for anyone who has heard a second-hand description and wants the plain position.

Read this first

The fundamental PSP principle

Meet the Payment Saver Plan's qualifying requirements, remain subject to the plan's terms and conditions and Car4Less's final determination, and you may receive an ex gratia payment of up to R3 000 a month, which effectively reduces your monthly vehicle instalment.

Guaranteed funding. Conditional participation. Discretionary payment. The R3 000 funding provision is guaranteed by Car4Less's performance guarantee, a contingency policy that Car4Less holds with its underwriters, according to its policy terms. Your cash-back is conditional on your participation and discretionary: Car4Less makes the final ex gratia decision. Guaranteed funding does not mean automatic cash-back. You pay no premium, are not a party to the policy and have no claim under it, and the Payment Saver Plan itself is most definitely not a policy.

The qualifying requirements must be met in full: three approved posts a day on each platform — Facebook, Instagram, TikTok, YouTube and LinkedIn — every day of the week, using approved Car4Less content; joining the prescribed groups; and completing the Shop & Save verified-shopping requirements. Every post is submitted to Car4Less for approval before it is released, and only approved, published posts count. You do not have to produce, demonstrate or be credited with a vehicle sale resulting from your posts, shares or shopping.

“Ex gratia” means a voluntary payment by Car4Less, not one arising from a contractual or legal obligation. Car4Less decides, in its sole discretion, whether to pay or not to pay, and the participant has no recourse. The PSP cost, which differs from deal to deal as determined by Car4Less, is incorporated into the vehicle's financeable retail price, and your instalment continues to be paid by debit order to the bank in the usual way. Any cash-back is paid into your Mastercard rewards card.

The plan comes with the Programme Car: a brand-new car at the Car4Less price plus the plan, set out in a separate offer to purchase, financed exclusively through the Car4Less finance application and submitted to the major banks. Cash purchases are not permitted and private finance is not accepted. Over a full finance term, what you could potentially receive back far exceeds the cost of the plan.

What the Payment Saver Plan Is Not — questions

The questions people ask about what the payment saver plan is not, answered plainly.

Is the PSP insurance?

No. The Payment Saver Plan is most definitely not a policy. You buy no policy, hold no policy and pay no premium. The performance guarantee policy is Car4Less's own contingency policy with its underwriters; the participant is not a party to it and has no claim under it.

Is the PSP an investment, or does it pay interest or dividends?

No. The PSP is not an investment and not an interest-bearing or dividend-paying product. Nothing is deposited, invested or lent, and taking part gives you no shares in, or return from, Car4Less. It creates the opportunity to be considered for an ex gratia cash-back.

Is the PSP a bank deposit?

No. The PSP is not a bank deposit, savings account or banking product of any kind. Your vehicle finance, arranged through the Car4Less finance application, stays with the approving bank on the bank's normal terms, and your instalment is paid by debit order as usual.

Is the PSP a way to earn money without effort, or a job?

No. Participation requires completing the prescribed activities in full, and any payment is ex gratia, at Car4Less's sole determination. The PSP is not employment or an employment relationship; participants are new-car buyers taking part in the Payment Saver Plan, not employees of Car4Less.

Does the PSP require me to sell cars?

No. You do not have to produce, demonstrate or be credited with a vehicle sale resulting from your posts, shares or shopping. The PSP is not a sales job and does not promise anyone a buyer.

Does the PSP replace my vehicle finance contract?

No. The PSP and the vehicle finance agreement are separate arrangements. You keep paying your normal instalment, which includes the PSP cost, by debit order to the bank; any ex gratia cash-back is paid to you separately.

The Car4Less Payment Saver Plan (PSP) is a non-insurance product and most definitely not a policy: you buy no policy, hold no policy and pay no premium. It is not an investment, bank deposit, interest-bearing product, dividend programme or a programme that promises income, and it does not change your finance agreement with the bank. Finance for a Programme Car is arranged exclusively through the Car4Less finance application; cash purchases are not permitted and private finance is not accepted. Any payment referred to in connection with the PSP is an ex gratia payment of up to R3 000 a month, made subject to the written Payment Saver Plan agreement, the current PSP Terms & Conditions and the final determination of Car4Less in its sole discretion; the participant has no recourse. Any cash-back is paid into the participant's Mastercard rewards card, issued and administered by a regulated provider. Examples are provided for explanatory purposes only and do not create or extend any entitlement. The R3 000 funding provision is guaranteed by a performance guarantee (a contingency policy) that Car4Less holds with its underwriters, according to its policy terms; participants pay no premium, are not party to it and have no claim under it. Guaranteed funding does not mean automatic cash-back: any cash-back remains conditional on the participant's participation and discretionary. The current Terms & Conditions remain the controlling document and prevail in the event of any inconsistency with this knowledge centre. Read the Terms & Conditions →

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