WHY RENT TO BUY ?
Unique Benefits & Features
The M7 Group has launched a 100% shariah-compliant product which is unlike anything available in South Africa. It is the first of its kind. One distinguishing feature of NBV is that there is no bank or intermediary.
The rent-to-buy, permits the renter to rent the vehicle from NBV directly. There is neither any interest charge nor any finance charge and the payments are locked in at a fixed valued pegged at signature of the contract. There is no penalty clause on late payment. The rent-to-buy options have flexible periods of 12, 24, 36, 48, and 54 months, which means the renter can tailor a package a deal according to specific needs.
Unlike some lease agreements, where there is usually a balloon payment at the end, which is the equivalent of 30% of the vehicle, NBV’s rental scheme carries no balloon payment. NBV’s rent-to-buy scheme is not restricted to Muslim clients and is available to everyone.
No Banks!
No Interest!
No Mileage Limitations!
Full Ownership!
TAX DEDUCTION BENEFIT
The rent-to-buy program allows the renter, e.g. businesses and professionals, to a 100% income tax deduction and Vat input claim in respect of the full rental amount paid for the vehicle used during trade in each tax and vat period respectively, because it is a bona fide rental agreement. To the contrary, in a regular instalment sale agreement, the instalment is not tax deductible at all. In an instalment sale agreement, the purchaser is permitted to claim an expense on depreciation at 20% for five years – but once the vehicle is sold or traded in, to write back the appropriate depreciation. NBV’s model is to rent out new and low kilometre demo model vehicles.
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