Cash Back Ambassadors Club: (The Club operated by The Cash Back App Pty Ltd)
Cash Back Ambassadors Club Members: (Qualifying members i.e. You)
Deposit: (A deposit paid by TCBA to the Member to be used toward a down payment on the car)
Matching Car Bonus: (A percent of the Members previous monthly income)
The Cash Back App Pty Ltd: (TCBA)
Matching Car Bonus Program
Members who meet certain criteria are eligible to participate in the Matching Car Bonus Program and receive bonus payments under the following terms and conditions.
Cash Back Ambassador Club Levels
The Cash Back Ambassadors Club has five achievement levels which are:
- Level 1: Trainer
- Level 2: Senior Trainer
- Level 3: Ambassador
- Level 4: Senior Ambassador
- Level 5: Brand Ambassador
Members who achieve the rank of Ambassador, Senior Ambassador, and Brand Ambassador are eligible to receive the Matching Car Bonus. Members must meet and maintain the minimum requirements for Income and Activity for a period of 3 consecutive calendar months prior to qualification. Members will then be eligible to receive the Matching Bonus payment and any other applicable incentives in month 4. Members must continue to qualify each month thereafter to receive the Matching Car Bonus.
Income: Meet the required monthly commission.
- Level 3: Ambassador Annual Commission $20,000 Monthly Commission $1,667
- Level 4: Senior Ambassador Annual Commission $70,000 Monthly Commission $5,833
- Level 5: Brand Ambassador Annual Commission $200,000 Monthly Commission $16,667
Activity: Meet the monthly Ambassador Club activity requirements for:
- Shopping Community Member Contact
- Seminar attendance
- Ambassador Club Event attendance
Matching Car Bonus Deposit and Monthly Payments
Upon meeting both of the qualifying conditions, the Member shall submit to TCBA the proposed make, model and year of the car to be purchased or leased for approval by the company. Upon approval, TCBA will pay the Member a Deposit to be used toward a down payment on the car, as well as monthly payments (the Matching Car Bonus) which are a percentage of the Members previous monthly income.
Deposit: Upfront payment month 4
- Level 3: Ambassador $1,500
- Level 4: Senior Ambassador $5,000
- Level 5: Brand Ambassador $15,000
Matching Car Bonus: Monthly payment commencing month 4 as a percentage of the previous months commission.
- Level 3: Ambassador 30% of the monthly commission up to $500 maximum payment
- Level 4: Senior Ambassador 30% of the monthly commission up to $1,750 maximum payment
- Level 5: Brand Ambassador 30% of the monthly commission up to $5,000 maximum payment
The following is an example of the Matching Car Bonus payment:
- The Member qualifies as a Level 3 Ambassador
- The Member’s monthly commission for the preceding 3 months has been $1,667 per month
- The maximum Matching Car Bonus payment is $500 per month
- The Member’s monthly commission in month 4 is $1,667 or above and the Matching Car Bonus is $500
- The Member’s monthly commission in month 5 has dropped to $1,000 the Matching Car Bonus is calculated at 30% of the commission which is $300 ($1,000 x 30% = $300). The Member has a shortfall of $200 ($500 - $300 = $200) which the Member must pay to the financier of the vehicle.
- The Member meets the commission requirement as a Level 3 Ambassador to receive the maximum Matching Car Bonus payment of $500 but fails to meet either the monthly Activity requirements or is not current on any monies owed to TCBA which results in a 50% reduction of that month’s Matching Car Bonus payment. The Member has a shortfall of $250 ($500 - $250 = $250) which the Member must pay to the financier of the vehicle.
Deferring the Matching Car Bonus Deposit and Monthly Payments
A Member who has qualified for a Level Matching Car Bonus may elect to defer the receipt of all payments for up to one year. During this time the monthly payment that would have been paid by TCBA to the member will accrue as a credit that the Member may request for use as an increased deposit. The accrued credit cannot be redeemed for cash.
Car Bonus Maintenance Requirements
You must maintain the Matching Car Bonus after qualification i.e. you must continue to requalify each month by:
- Maintaining the minimum Ambassador Club Activity requirements each month
- Remaining current on any monies owed to TCBA
Performance Account and Momentum Month
The Performance account is utilised to offset potential commission shortfalls below the monthly minimum maintenance requirement and does not count toward requalification requirements. The Performance account is established in the Members first month after qualification. The Performance Account provides a buffer against potential commission shortfalls by accumulating a $100 credit for each month that the Member’s commission is above the minimum Matching Car Bonus requirement.
- $100 credit each month up to a maximum account balance of $1,200
- The account is depleted by the shortfall in any month up to the total account balance available
Additional Program Terms and Conditions:
- General Guidelines and Eligibility: In order to participate in the Program, a Member must be active and in good standing with the Ambassadors Club and TCBA. Each level in the Program is designed for a term of five years, subject to the Member continuing to meet all Program qualifications. A Member may only receive payments under one level at a time, as rewards under the Program are not cumulative. Therefore, advancement to a higher level by a Member terminates all future payments due under the Member’s prior level and begins a new five-year payment term when the Member enters into a new car finance arrangement that corresponds to the level attained. Payment terms are set to coincide with the expected finance term that has been used by TCBA to calculate the Matching Car Bonus payment required to finance a vehicle. The calculation is based on the full value of the level vehicle as follows:
- Term 5 years
- 7% Comparison Interest Rate
- Weekly Repayments
- Zero Balloon Payment
- No deposit
TCBA has elected to use the full value of a potential vehicle value for its corresponding level as an additional buffer i.e. over estimating the potential repayment.
- Approval of Car: The Member shall submit the make, model and year of the car that Member desires to lease or purchase to TCBA for review and approval as well as a copy of all lease or purchase documents for the car. TCBA must approve the car prior to any payments being made to Member, and TCBA reserves the right to approve or disapprove any requested car in its sole and absolute discretion.
- Car Identification and Decals: The Member agrees to place such decals, signage, or other markings on the car as TCBA may require from time to time. The Member shall, upon request, provide verification and proof to TCBA that the decals, signage or other markings have been correctly installed on the car. The cost for the initial installation of all such decals, signage or other markings shall be paid by TCBA. Any subsequent replacement of the decals, signage, or other markings on the car shall be at the sole expense of the Member.
- Use of Car: The Member shall utilize the car for the primary purpose of building and conducting Member’s business as an authorised Ambassador.
- Car Insurance, License, Registration, Tax and Maintenance: The Member shall be solely responsible for all car insurance, licensing, registration, kilometre penalties and maintenance costs for the car as may be required by any applicable lease agreement or purchase contract in the jurisdiction where Member resides or conducts business.
- Tax Liability: The Member shall be solely responsible for all income tax, property tax, sales tax, use tax, and all other taxes or assessments related to the Member’s participations in the Program and the payments made by TCBA to Member for the car.
- Personal Release for Marketing Purposes: The Member grants to TCBA and the Ambassadors Club the unrestricted right to use Member’s name, likeness, photograph or other information regarding Member for the purposes of marketing TCBA and the Ambassadors Club and the TCBA and Ambassadors Club business opportunity.
- Conduct of Member: During the term of this Agreement and while utilising the car, the Member shall comply with all TCBA and Ambassadors Club Policies and Procedures, shall support the programs, activities and philosophies of TCBA and Ambassadors Club, shall operate the car in a prudent and safe manner, and shall not use the car in any illegal activity.
- Indemnification by Member: The Member agrees to indemnify and hold TCBA and Ambassadors Club harmless for any claim or cause of action related to Member’s leasehold or ownership interest in the car , or Member’s operation of the car, that arises during the term of this Agreement.
- TCBA’s Right to Terminate Payments: TCBA may terminate payments to the Member at its option upon the occurrence of any of the following:
- If the Member fails to comply with any terms and conditions of the TCBA and Ambassadors Club Car Program;
- The Member enrols as an independent agent, marketer, consultant or employee for another company that is deemed by TCBA at its sole discretion to be a direct competitor to TCBA;
- The Member violates any of the TCBA and Ambassadors Club Policies and Procedures as they currently exist or may hereafter be amended by the company.
- Damages: If this Agreement is terminated by TCBA for any of the reasons set forth in the preceding paragraph 10, in addition to all other remedies available to TCBA at law or equity, the Member agrees to refund to TCBA all sums paid by TCBA to the Member under this Agreement up to the date of termination.
- Australian Currency: All payments made under this Program shall be made in Australian currency.
- Amendment and Modification: TCBA and Ambassadors Club reserves the right to make such changes and modifications to this program as it deems appropriate in its sole and absolute discretion.
- Additional Documents: The Member shall execute any and all documents required by TCBA from time to time to comply with the Matching Car Bonus Program.
Important Information Regarding Car Loans
Each Member should seek appropriate professional advice based upon their own personal circumstances before entering into any finance arrangement.
Although TCBA and the Ambassadors Club consider the following information reliable, no warranty is given, and no liability is accepted for any statement or opinion or for any error or omission. Several websites compare loan options like: https://www.finder.com.au/car-loans The flowing extracts are taken from the finder.com website and provided as general information that the Member should be aware of before deciding if they should finance a car.
How do car loans work?
Car loans can work differently depending on what type of loan you take out and what kind of car you're looking to purchase.
Generally, the following steps will apply:
- You apply for finance. Once you've chosen your car finance you need to submit your application. Unsecured loans will only require your personal and financial details, but secured loans will also need information about the car.
- The lender approves your loan. Car finance approvals can happen on the same day or they may take up to ten days. You may also be able to receive conditional approval, whereby you will be told how much you are likely eligible for, so you can go car shopping knowing your spending limitations.
- The car is purchased using the funds. This can happen a few different ways. If you're buying a car in a private sale, your lender may be able to pay the seller directly or give you a cheque to pay it yourself. If you're purchasing from a dealership, the lender will usually pay them directly. Unsecured loans will require you to arrange the payment yourself.
Types of car loans available to you?
There is a wide variety of car financing options out there and there are features that differentiate those options.
- Secured car loan.With a secured car loan, the vehicle you buy is used as collateral security for the loan. The lender has the right to repossess your vehicle if you default on your loan. As this type of loan is less of a risk to the lender, the rates for secured loans will usually be lower.
- Unsecured car loan.With unsecured car loans, the lender doesn't use any of your assets as security for the loan. This means they have no asset to repossess if you stop making your loan repayments. These loans come with higher interest rates but you also have more flexibility with the way you use your loan.
- Chattel mortgage.If you're self-employed and purchasing a car primarily for business use, you can consider a chattel mortgage. The lender you apply with takes out a "mortgage" over your car while you make monthly payments towards the vehicle. Once it is paid in full, the mortgage is removed and you own the car outright. Don't forget the Australian Government $20,000 tax break, too.
- Car hire purchase.Self-employed borrowers also have the option of financing a car using a car hire purchase. Every repayment made towards a car hire purchase agreement reduces the balance owing on the purchase price of the car.If you're a self-employed borrower, it's important you discuss the different car finance and financing options with an accountant before making a decision.
- Novated lease.A novated lease can be an option for employees who are able to make an arrangement with their employers. Essentially, the lender purchases the car and your employer makes the lease payments on the vehicle out of your before-tax salary. This can potentially help reduce your taxable income, which results in you paying less tax overall. At the end of the novated lease term you have the option of purchasing the vehicle outright for an agreed sum or returning it and upgrading to a different car where you'll enter into a new lease agreement.
- Car lease.For the self-employed, a car lease can also be used to buy a car for business purposes. The lender purchases the vehicle and you make regular lease payments until the end of the agreement. A commercial car lease may give you the option to purchase the car at the end of the lease term at a reduced price or you can choose to give the car back and enter into a new lease agreement for a different vehicle.
You can compare car loans by looking at the following
Before you apply for any loan, it's always a good idea to check as many details as you can about the offer you're getting. Here are some things you need to look for before you proceed.
- The interest rate. The interest rate charged on your car finance will play a part in how much your repayments will be. Always know what rate you're being offered and take the time to compare car loans from other lenders to be sure the offer is competitive.
- The actual loan term. Car loans can be set over loan terms as short as one year or up to as long as seven years. Some lenders, usually dealership finance providers, will give you a set loan term which comes with a balloon payment at the end of it. Check if your repayments will pay off your loan or if you'll need to cover more at the end.
- How your repayments will work. Ask how often you need to make repayments, how you make them and check if you're able to make extra repayments or repay your loan early without penalty.
- What fees you will be charged. There are lenders that charge a monthly account fee or administration fee on their car loans. This can range from $5 per month to $15 per month, depending on the type of car finance you're applying for. Establishment fees, usually between $100 and $600, can also be charged.
- If the lender requires insurance. As the lender will be using your car as collateral security for your loan, they may insist that the vehicle is properly insured at all times until the loan is fully repaid.
There are a few key traps to avoid when borrowing:
- Borrowing too much.It is important to be sure you can afford to pay back the money you borrow plus interest.
- Early repayment fees.Don’t assume that a lender will allow you to pay your loan off ahead of schedule if you wish. Early repayment fees apply in many cases, so make sure you’re aware of these charges before you apply for a loan.
What you will need before applying
You will usually need:
- To be 18 years of age or older
- To be an Australian citizen or permanent resident
- To have a good credit history
- To have a steady source of income
During the application process you will need to provide:
- Your name, contact information and personal details
- Proof of ID
- Details of your employment and income
- Information about your liabilities and outstanding loans
- Details of the vehicle you wish to purchase
Once you’ve compared a variety of loan options and decided on the right one for your needs, you can apply for financing and hopefully access the funds you need to get behind the wheel of your next vehicle.