ICAR TECHNOLOGIES (PTY) LTD VEHICLE EXCHANGE POLICY

Any vehicle (“the Original Vehicle”) purchased from ICar Technologies (Pty) Ltd (hereinafter “ICar Technologies”), may be exchanged for another ICar Technologies approved vehicle (“the Replacement Vehicle”), subject to the following terms and conditions:

1. ICar Technologies must be notified of the Customer’s intention to exchange the Original Vehicle within a 3 (three) day period from date of delivery of the Original Vehicle;
2. The Original Vehicle may not have incurred mileage in excess of 500 kilometers since delivery (excluding mileage incurred by the Customer in returning the vehicle to ICar Technologies, with the intention of performing an exchange);
3. The Original Vehicle’s total odometer reading must be above 5000km; this exchange policy does not apply to Original Vehicles where the odometer reading was less than 5000km as at the date of delivery to the Customer;
4. ICar Technologies is satisfied that the Original Vehicle is in the same condition as it was at the time of delivery to the Customer. If the Original Vehicle has sustained any other damage since the Customer took delivery, upon exchange for the Replacement Vehicle, the Customer shall be held liable for repair costs of the Original Vehicle;
5. ICar Technologies is satisfied that the Customer is the owner of the Original Vehicle (whether registered at the time of exchange or not), and he/she/it is fully entitled to exchange the Original Vehicle under this exchange policy;
6. The Original Vehicle shall be replaced with any vehicle of the Customer’s choice, which vehicle is already held by ICar Technologies as sales stock, and ICar Technologies shall not be not required to source an appropriate vehicle for the exchange to take place.
7. In addition, this policy does not apply to Original Vehicles where ICar Technologies had to source the Original Vehicle for the Customer in origination of the first transaction, that is, this policy only applies to vehicles purchased by the Customer which were already in ICar Technologies’ stock;
8. If the purchase and sale of the Original Vehicle was underwritten by a finance house, the exchange and therefore purchase and sale of the Replacement Vehicle shall be subject to the finance house’s approval and revised terms (Interest rate, term, residual and balloon amount or difference in deposit, which may include an alternative interest rate on finance when compared to that on the Original Vehicle). In this regard, and unless the Customer purchased the Original Vehicle in cash and intends purchasing the Replacement Vehicle in cash, the Customer shall be obliged to apply for finance approval of the Replacement Vehicle, which approval shall be obtained before the finance on Original Vehicle is cancelled and the Customer takes delivery of the Replacement Vehicle;
9. In the event that the finance house declines financing a Replacement Vehicle, the Customer shall have the option to retain the Original Vehicle, or pay for the Replacement Vehicle in cash;
10. It is specifically confirmed that this exchange policy does not constitute a cancellation of the original agreement of purchase and sale, but merely an exchange / substitution of the Original Vehicle with a Replacement Vehicle, despite the requirement that the Customer shall re-apply for finance. All other terms of the purchase and sale agreement between ICar Technologies and the Customer shall remain in force;
11. In addition to clause 8 above, it is specifically confirmed that the exchange of vehicles shall not result in the Customer being refunded any amounts paid toward the purchase and sale of the Original Vehicle;
12. The Customer will be solely responsible for any additional costs incurred in the exchange for licensing or insurance relating to the Replacement Vehicle. Any such costs must be paid in full prior to completion of the exchange and delivery of the Replacement Vehicle;
13. This 3-day-500km vehicle exchange option is in addition to the Customer’s statutory rights, as provided under the Consumer Protection Act 68 of 2008 (“CPA”), or any other relevant legislation;
14. If the Customer’s reason for requesting exchange relates to a defect in the vehicle (in terms of the CPA), or a finance house declines to finance a Replacement Vehicle and the Customer is unable to pay for the Replacement Vehicle in cash, ICar Technologies reserves its right to repair the relevant defects in the Original Vehicle rather than effect an exchange of vehicles; and
15. The exchange policy is only available to a customer once. As such, a Replacement Vehicle cannot be exchanged in terms hereof for another.