Thank you for your question.
The National Credit Act provides for the surrender of goods. The Act states that at any time during the course of the credit agreement you as consumer can give notice of your intention to surrender the goods to the credit provider. You will headline your letter to them as “Notice of Voluntary Surrender Of Goods”. You can then arrange for them to pick up the goods or you can deliver it to their address.
The risk of doing this is as follows: When you have surrendered the goods, the credit provider must then attempt to sell the goods for the best possible price obtainable. This usually happens through an auction. Depending on how much you still owe the bank, there is a chance that the vehicle will be sold for less than what is outstanding on your vehicle finance account, and you will end up still owing the bank money. If they sell it for more than what you still owe them, they must pay you the surplus.
You can also consider asking the bank to re-arrange the agreement for a reduced instalment. They will typically extend the finance term.
Make double sure that you will be able to afford a bond. If you must rent for a bit, do not shy away from it. You must carefully consider your affordability. Rather build up a savings fund that you can use as deposit when the time comes to buy a house.
Have a great day.