When can WesBank repossess your car?
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.
How do I settle my WesBank account?
You can request and print a settlement letter from our website. Visit www.wesbank.co.za and register for Account Services. You may also request a settlement via SMS by sending the letter ‘S’ followed by your 11-digit account number to 31329.
Can you get car finance with missed payments?
If you miss three to six payments, the finance company will send you a default notice asking you to bring the account up to date. They normally give you the legal minimum of fourteen days to pay the arrears and they can repossess your car if you don’t pay.
Can I move my vehicle finance to another bank?
Yes, it is possible to switch your car loan, but it is very uncommon. This is mainly because it is very unlikely that the client will get a better rate at another institution and refinancing the car loan will in all likelihood extend the repayment period and therefore attract a lot more interest.
How do banks find cars to repossess?
Some car dealers install GPS tracking devices on cars they sell. These trackers show the repo man exactly where your car is at all times. This means that if you miss one payment, the repo man might be able to track you down immediately to repossess your car.
How do I cancel my WesBank contract?
TERMINATING YOUR PARTICIPATION You may terminate your participation in the WholeSale Finance System website by giving WesBank 7 (seven) day’s written notice. Termination of your participation as an Approved Customer will automatically terminate the participation of all Users nominated by you.
How do I contact WesBank?
011 27 86 128 8272
WesBank/Customer service
Can my car be repossessed in Scotland?
If you have not paid more than a third of the total amount owed under the agreement (including interest), a finance firm may repossess your car without obtaining a court order, although in Scotland, because Scotland has a different legal system, the firm may always require a court order.
Can you finance a car older than 10 years?
Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit. If you don’t have great credit, you may find it difficult to finance through a bank, even for a new car. But, banks are far from the last option when it comes to auto lending.
Can you finance 2 vehicles at the same time?
The answer is yes! You can have two car loans at one time, but you must be mindful that it may be more difficult to qualify for a second loan. Lenders will only approve you if your income and debt can handle the added monthly expense. In addition, you will need good to excellent credit to receive a low APR.