Payment Plan Agreement

This Payment Plan Agreement (the "Agreement") governs your use of MotoTrader payment plans, which let an eligible buyer purchase a car by paying a deposit and the balance in monthly instalments. It applies in addition to our Terms of Service and Privacy Policy. You accept this Agreement when you submit a payment plan application.

• Seller — owns and sells the vehicle, and receives the deposit and instalment payments.
• Buyer — applies for the plan and is responsible for all payments due under it.
• MotoTrader — operates the platform, verifies identity, facilitates and routes payments, and is not the lender, seller, or a party to the sale of the vehicle.

To apply, you must complete identity verification using your National Identification Number (NIN). We use the verified legal name returned by verification for this Agreement. We may decline or cancel a plan if identity cannot be verified or if information is inaccurate.

Submitting an application does not create a plan or take any payment. The seller reviews each application and may accept or decline it. No deposit, fee, or instalment is charged unless and until the seller accepts.

After the seller accepts, you pay, in a single transaction:

• the deposit (a percentage of the car price set by the seller); and
• a platform facilitation fee of 2% of the car price.

Where the seller has a connected payout account, the deposit is settled directly to the seller and the 2% fee to MotoTrader. The 2% fee is a one-off charge and is non-refundable once the plan is active.

The remaining balance is split into equal monthly instalments over the term set by the seller. Each instalment is due on its scheduled date. There is no additional platform charge on instalments — they are settled to the seller. You can view your full schedule and status at any time in your dashboard.

Once your plan is active you may authorise a recurring direct-debit mandate so instalments are charged automatically from your bank account on each due date. By setting up auto-pay you authorise MotoTrader (via our payment processor and NIBSS) to debit the instalment amount on the due date until the plan is completed or you cancel the mandate. You may cancel the mandate, but you remain responsible for paying every instalment by its due date by another method.

If an instalment is not received by its due date, the instalment is marked overdue and we will remind you. If an instalment remains unpaid for 30 days or more, the plan is marked defaulted. Default may result in loss of the vehicle and/or amounts paid, and recovery action by the seller, subject to applicable law and the sale agreement between you and the seller.

You consent that, once your plan is active or has defaulted, your verified legal name and phone number may be shared with the seller so they can contact you about repayment and pursue recovery. We share only the minimum information needed, and only once a real credit relationship exists — never merely because you applied. See our Privacy Policy for the legal basis.

The 2% platform fee is non-refundable once a plan is active. Any refund of the deposit or instalments is a matter between you and the seller under your sale agreement, save where required by law. MotoTrader does not guarantee refunds of amounts paid to a seller.

This Agreement is governed by the laws of the Federal Republic of Nigeria, and disputes are subject to the courts of [PLACEHOLDER: Lagos State], Nigeria. The operator of MotoTrader is [PLACEHOLDER: legal entity name], RC [PLACEHOLDER: RC number].

Questions about a payment plan? Email support@mototrader.ng.