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Recession adds more strain to motor industry - Business Day

03.06.09

The National Association of Automobile Manufacturers of SA (Naamsa) yesterday reported that new vehicle sales plunged 34,7% year on year last month to 25819 units — excluding Associated Motor Holdings figures — with new passenger car sales dropping 27,2% to 16505.

Nedbank said in a report that the latest vehicle sales figures suggested that domestic demand remained “very weak”, with plunging commercial vehicle sales implying that conditions in some areas of the economy got worse in the second quarter.

In the year to date, new vehicle sales have plummeted 35,8% to 157141, compared with the corresponding period last year.

New light commercial vehicles, bakkies and minibuses suffered a decline of 43,5% year on year last month to 7905, Naamsa said. The medium commercial and heavy truck sales fell substantially 41,9% to 528 and 54,9% to 881 respectively.

Source: Business Day, South Africa

Bad Credit Car Finance Applications

Bad credit car finance applications for people who have been blacklisted by previous credit provider companies can be applied for using the simple application form from anywhere with an Internet connection. Millions of people worldwide find themselves in the unfortunate position of having judgements against their credit record or being on some companies blacklist for many different reasons. This is nothing to be ashamed about and all that is needed is an action plan to start getting out of debt and back on the road to financial success.

Banks such as ABSA or Standard Bank usually reject bad credit car finance applications to people who have judgments against their name or who have a poor financial history. This is because they see these borrowers as a high risk to lend money to and feel that an applicants history will determine their future. Which is often not the case at all and many of these so called high risk applicants simply went through a difficult financial period which led to defaulting on a few payments and sometimes being unfairly blacklisted.

There are cases where people have missed one small monthly repayment on a previous account with a cellphone company for example and the next thing they know they go to ABSA or Standard Bank and are refused any types of vehicle loans because now they have been unfairly blacklisted. This is very common in South Africa. If you are looking for a loan or need to borrow money for whatever reason but have a poor record then simply drop us a quick message from our Contact page and we will point you in the right direction to fill in an application for bad credit car finance in South Africa.

Source: Secured Loans, Unsecured Loans and Debt Consolidation Guide

absa car finance - News


New vehicle sales still in reverse - The Times
The Times, South Africa - Jun 02, 2009
New vehicle sales still in reverseThe level of sales experienced last month — 34.7percent lower than in the same month in 2008 — was similar to those encountered in 2000, said Marcel de Klerk, the managing executive at Absa Vehicle and Asset Finance. With the poor performance in May,

Recession adds more strain to motor industry - Business Day
Business Day, South Africa - Jun 03, 2009
Recession adds more strain to motor industryMarcel de Klerk, managing executive of Absa 's vehicle and asset finance unit, said the cuts in interest rates had not yet improved consumer confidence, a key factor in bolstering demand for new vehicles. But Naamsa said the rate cuts and the resultant

Market watcher: David Shapiro – Sasfin - Moneyweb
Moneyweb, South Africa - Jun 02, 2009
Market watcher: David Shapiro – SasfinALEC HOGG: This is what I hear - I hear Absa has gone up from 16% to 21%, but at the same time it has given them bridging finance, which we know is terribly expensive, at R120m. DAVID SHAPIRO: Alec, I don't know enough about the deal, but when you've

Is 'sick' Mandla evading court? - More woes for Mthembu - Sowetan
Sowetan, South Africa - May 19, 2009
Is 'sick' Mandla evading court? - More woes for MthembuOn Friday, Sowetan reported that Absa Vehicle Finance was about to repossess one of Mthembu's two yellow Lamborghinis after he defaulted – for the third time – on the R36,000 monthly instalment. We also revealed that Mthembu was given an ultimatum to

Post Office tenders, BEE and the question of dishonesty - Politicsweb
Politicsweb, South Africa - May 20, 2009
Post Office tenders, BEE and the question of dishonestySmarthold supplied technology, apparently to ABSA Bank, for a biometric payment system known as 'ABSA AllPay', which was then being used to disburse social grants for the government. SAPO was interested in acquiring the use of that technology but