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If you owe $12,000 on the loan, for example, and the lender sells your repossessed car for $8,000, the $4,000 difference — as well as any associated fees and costs — are called the deficiency ...
Absa Group Limited, commonly known simply as Absa and formerly the Amalgamated Banks of South Africa (ABSA) until 2005 and Barclays Africa Group Limited until 2018, is a multinational banking and financial services conglomerate based in Johannesburg, South Africa and listed on the Johannesburg Stock Exchange.
Ads proclaiming "Government Vehicle Disposal" and "The Repo Joe Sale" are designed to steer buyers to special used car sales events under the pretense they're getting a special deal.
Various objects can be repossessed, including boats and aircraft, but most repossession agencies focus on car repossession. The repo agent normally uses a tow truck or pickup truck with a special towing attachment called a boom. They also may obtain the key from the car owner. Usually, the vehicle owner must be notified of a repossession.
Auto auctions are the most common method of disposing of repossessed vehicles. Repossessed vehicles can feasibly sell for less because the financial institution disposing of them only seeks to offset its losses (also restricted by federal regulations). The condition of such cars may be compromised by lack of maintenance.
Peugeot and Citroën South Africa (PACSA) was taken over by Sigma in early 1979 [6] and French car production was moved from the former PACSA plant in Natalspruit near Alberton to their "Sigma Park" plant east of Pretoria. [7] [8] Sigma's Mazda and Peugeot light commercials were briefly assembled by Sigma Leyland at Blackheath, Cape Town. [8]
Samcor produced car and commercial vehicle models of the Ford and Mazda brands as well as the South African version of the Mazda 323 as Sao Penza. A source confirms the sale of the Mazda 323 under the Sao Penza brand name in the UK between 1991 and 1992. [7] With the renewed takeover of Samcor shares (45%) in 1994 Ford returned to South Africa. [8]
Absa Bank Limited is a 100 percent subsidiary of Absa Group Limited, the Pan African financial services conglomerate headquartered in South Africa, with subsidiaries in 12 African countries, whose total assets exceeded US$91 billion as at October 2019.