http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.68Change: -0.04
R/$ = 12.40Change: -0.09
Au 1165.65 $/ozChange: -3.15
Pt 1064.00 $/ozChange: -18.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 17, 2010

Repossessions down 30%, but deal value, contract term on the up

Back
© Reuse this



Repossessions in the new vehicle market has decreased 44% month on month from June 2009 to June 2010, says Absa vehicle and asset finance managing executive Sydney Soundy.

On average, there has been a 30% decrease in repossessions over the last 12 months as the worst of the recession continues to abate, he adds.

Soundy notes, however, that the South African economy is not yet “kicking in the gears we have hoped”.

When looking at Absa’s vehicle finance book, he notes that men currently make up just under 70% of the content. However, female membership has grown by 12% since the fourth quarter of 2007 to the second quarter of 2010.

Africans make up close to 30% of the book, and whites more than 50%.

Soundy says the average deal value on the Absa book, after deposit payment, was R207 000 in June 2010, which is a 28,6% jump over June 2009.

The Absa book shows that the average contract term has grown as consumers struggle to pay their monthly installments. It now stands at 61 months, up from 54 months in the first quarter of 2007.

“People are not settling their debt earlier, as used to be the case,” says Soundy.

He adds that the market is also gradually becoming younger, with close to 25% of the Absa book younger than 35 years.

Edited by: Creamer Media Reporter
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Transport & Logistics News
Updated 4 hours ago This six-page brief is a synopsis of key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, revisions and expansion to sector support, competitiveness, and prospects for the sector.
Updated 4 hours ago The DA and the EFF had caustic reactions to reports that the Passenger Rail Agency of South Africa (PRASA) imported brand new locomotives worth R600-million despite explicit warnings that the trains are not suited for local rail lines. Senior railways engineers and...
Development financier Eastern Cape Development Corporation (ECDC) executive Noludwe Ncokazi on Friday said the organisation had the “huge responsibility of ensuring business continuity”, following the resignation of ECDC subsidiary Automotive Industry Development...
More
 
 
Latest News
Updated 48 minutes ago A theoretical analysis conducted by a leading global renewable-energy company indicates that electricity generated from a combination of South African wind and solar resources “closely follows” the country’s electricity demand profile and could, therefore, make a...
Updated 1 hour 7 minutes ago Financial services provider Investec has acquired the remaining 51.5% stake it did not already own in import and trade financing solutions provider Blue Strata group. The buyout became unconditional on June 19.
Updated 1 hour 18 minutes ago The JSE opened markedly lower on Monday, tracking global markets as the Greek contagion hits emerging market stocks. The All-share index gave up 1.43% to 51 226 points, with internet giant Naspers the biggest drag.
More
 
 
Recent Research Reports
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
NHLANHLA NENE The main constraints to economic growth are domestic
Finance Minister Nhlanhla Nene earlier this month stated that, while South Africa’s 2015 economic growth target of 2% was achievable, it was not enough to deliver the tax revenue needed to combat the country’s challenges.
The World Steel Association has published the 2015 edition of the World Steel in Figures report, which shows an increase in steel production as well as provides an overview of steel industry activities from crude steel production to apparent steel use.
The 25-year master plan for Gauteng’s Aerotropolis project will go through a process of approval and adoption during June and July, says Aerotroplis project manager Jack van der Merwe. “We are also in the process of putting together a special purpose vehicle (SPV) to...
SOLAR PANELS The existing buildings in the Coega Industrial Development Zone lent themselves well to rooftop solar panel installations
The Coega Development Corporation (CDC) plans to fit 15 of its buildings, totalling 127 000 m2 of roof space, in the Coega Industrial Development Zone (IDZ), in the Eastern Cape, with solar panels.
The Supreme Court of Appeal’s (SCA’s) November 2014 judgment, ordering steel producer ArcelorMittal South Africa (AMSA) to hand over the 2003 Environmental Master Plan for its Vanderbijlpark steel plant to environmental pressure groups, confirmed the right of civil...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96