Asked Questions Archive - Savings Club
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    What is a Consortium?

    What is a consortium? According to Investopedia, a consortium is “a group of entities (individuals, companies etc) that collaborate to achieve a common objective.” They do this by pooling their resources together and agreeing to abide by specific terms. Otherwise, they remain totally independent of each other.  Consortiums whose goals are ...

    15-03-22

    What is a Club?

    A Club is a de facto corporation formed by Club members who are brought together by Savings Club for the purpose of financing vehicles through group savings, with a set of established terms. The Club will be terminated when the term is completed ...

    15-03-22

    What is a Credit Voucher?

    The credit voucher is the authorization that a Club member receives to purchase their vehicle. This voucher offers the credit needed to purchase a vehicle up to the Club value.

    15-03-22

    Can I participate in more than one club at a time?

    Yes. However, each account can only be associated with one Club at a time. If you would like to participate in additional Clubs at the same time, you will need to make different accounts for each Club using different email addresses.

    15-03-22

    The vehicle price went up since I joined the club. What should I do?

    Whenever there are significant changes to vehicle prices on the market, the administrator will suggest to Club members that an increase in the Club value might be needed. Club members will then get to vote on whether to raise the Club value to ...

    15-03-22

    Can I get the cash instead of the Credit Voucher?

    You can get cash instead of a Credit Voucher if you are the last Club member. Otherwise, all Club members need to purchase a vehicle in order to use the credit. This is done in order to secure the loan and protect all Club members against default.

    15-03-22

    Can I sell or transfer my membership?

    If you have not yet received your credit voucher, or if you have an unused voucher available: Yes, you can sell or transfer your membership. Your buyer, or membership recipient, will need to reach out to our customer service department to inform ...

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