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Following an inflow of complaints about banks repossessing cars when customers fall behind on their vehicle finance repayments, Reana Steyn, the Ombudsman for Banking Services (OBS), pointed out that it was critical to define the rights of both consumers and banks in such cases.
She highlighted that the first legal element to understand was that the vehicle financing arrangements and the vehicle remained the property of the bank until the loan was entirely returned.
Steyn explained:
