Thousands of people hard-hit by the high cost of living are losing their vehicles to bank repossession, as high food prices and rising interest rates cause many to default on vehicle finance repayments.
Standard Bank spokesperson Ross Linstrom said the bank's vehicle repossessions were up 40 percent, compared with last year, and the bank was repossessing about 600 vehicles a month. The bank is the country's third-largest vehicle financer.
"The majority being repossessed are in the lower end of the market, owing to the ability of customers to meet their commitments to the bank. We are also seeing a slight increase in the higher-income brackets, but generally it is people who earn R12 000 to R15 000 or less a month that are taking strain," De Klerk said.