Claims on Twitter are false and unfounded as such a move is always a last resort, says the bank
Repossessed cars are usually sold at auction, though most banks have implemented car payment holidays to take the strain off clients. Picture: SUPPLIED
On Monday, Twitter users claimed the bank was to repossess about 45,000 cars, but Lebogang Gaoaketse, WesBank’s head of marketing and communication, says the claims are false and unfounded. “To date, we have received over 100,000 applications and have offered relief to over 53% of customers that have applied and have qualified for assistance. These numbers are a clear indication of where our focus is at the moment, so such allegations are irresponsible at a time where customers are vulnerable and need solutions,” said Gaoaketse.
Legal action is generally taken once a client misses three payments. If your vehicle does get repossessed, it is usually sold through an auction where vehicles often sell for a fraction of their resale value. If this happens, you will owe the difference.
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