Vehicle Repossessions 101

There are a lot of misconceptions around vehicle repossessions, but our experts are setting the record straight!

Lebo Gaoaketse is joined by Ghana Msibi, WesBank CEO, together with Nicole Manthe, WesBank Head of Collections, and Harry Molema, WesBank Head of Operations Business Unit. They're looking at the process of repossession, the fact that it's always the last resort for the bank and how to avoid it happening to you and your car.

Please note that the information shared in this podcast is for educational purposes only. This information does not constitute financial advice and is not to be acted on as such.

Follow us on Instagram, Facebook & X

Chapters

• 1:00 What are repossessions?
• 3:42 Looking at some tweets about repossessions
• 5:25 How to avoid getting to the point of repossession
• 8:02 How payment arrangements work
• 10:25 The options when struggling with payments
• 16:41 After the auction, is the customer liable when there is a shortfall?
• 19:38 The difference between voluntary surrender and repossession
• 21:12 The asset is depreciating but the liability is increasing
• 24:51 What percentage of cars get repossessed?
• 27:07 Debt review
• 31:55 Credit history shows arrears and payment behaviour