Wesbank repo cars for sale
When a bank repossess a car its mainly because they have realised that the owner cannot keep up with the payments. Basically when taking up a loan there is a certain installment that you pay to the bank to try and cover the expenses. What you pay back will obviously have an interest rate depending on the bank in this case it is Wesbank. The interest could be between 1,2 – 5 % but you need to make sure that you do not fall back on payments.
After repossession, Wesbank repo cars for sale typically auctions off the vehicle if you don’t have adequate funds to cover the balance that you owe on the car. You’re held responsible for the difference between the sales price at the auction and your balance. This amount is referred to as a deficiency. The deficiency is the shortfall! Wesbank will send a written notice of the deficiency amount, which, along with the charges of auction payment and legal fees, may be much higher than what you owed on your original balance.
If you can avoid your vehicle from being repossessed, you’ll avoid serious legal and financial problems. Before committing to leasing a car, make sure that you can make the payments on time, each and every month. This way you will not fall victim to the debtors like Wesbank. Also make sure that you are clear about your contract and that you understand all the fine print too. Avoid having your car as a statistic of bank repossession.
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