Guiding consumers since 2009

Credit crunch claims cars

By Staff Writer

Cars sacrificed as repo rate bites

From Dispatch.co.za 

Auctioneers are reporting a "marked" increase in the number of repossessed property auctions as the interest rate rises start to bite consumers. And auctioneer Dennis O'Connor said there were about 50% more repossessed vehicles when viewed against last year's figures.

South Africa's largest vehicle financier, Wesbank, reported in April that car repossessions went up to more than 1000 per month for the first quarter of 2008, an increase of 67% from 2007.

Justmoney.co.za says:

With the crunch kicking in nobody wants to lose their car. There are a few things that can be done. Firstly check all your bank accounts, your savings accounts and credit cards to see if they are providing you with value for money. Check to see if you can consolidate your debt, so that you can avoid needing debt management. Review your vehicle finance and your vehicle insurance and streamline your financial commitments.

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