I
Loans
Instalment Sale Agreement
You pay for stuff in chunks over time. The items — usually a car or furniture — are collateral. You don't own them until the last payment. If you default, they repossess. Common for vehicle finance in SA.
Usage Examples
"Thandi bought her Hyundai through an instalment sale at Nedbank. R4,500 a month for 60 months. She drives it, pays insurance, but Nedbank owns it until month 60. Miss a payment, they can repo it."
"Sipho got a lounge suite from a furniture store on instalment sale — R800 a month for 24 months. Total price: R19,200 (cash price was R14,000). The R5,200 premium is interest and fees. The couch is security."
"Nomsa's car loan at Standard Bank is an instalment sale. If she stops paying, they're not going to chase her legally for months — they'll just take the car back. That's why the interest is cheaper than a personal loan."