Thousands of cars repossessed
2007-03-08 09:52
About 2 800 vehicles a month are being repossessed nationally by WesBank and Absa Vehicle and Asset Finance, Business Report reported on Thursday.
However, both indicated that the current level of vehicle repossessions was off peak levels, while Absa said that there had been an improvement in payment arrears in the first two months of this year.
WesBank has a 33% share of the vehicle finance market and Absa 27%, Business Report said.
Brian Riley, the chief executive of WesBank, said it repossessed 1 800 vehicles nationally last month and expected repossessions to remain at this level for the next three months before "starting to tick down".