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Aug 17, 2010

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

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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
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