Every day in South Africa, hundreds of financed vehicles face repossession. MyRandWise helps car owners track what they owe, build a payment buffer, and never lose their wheels.
South Africa's vehicle finance market is under real pressure. Here's what the data says.
Non-performing loans across SA's major banks increased by 21% in 2023, with vehicle and asset finance portfolios driving a significant portion of the R53.8 billion credit loss charge.
Over 109,000 vehicle finance accounts are 3+ months in arrears. That's more than 1 in 20 financed cars at risk of repossession right now.
The average new vehicle loan in Q3 2024. With prime at 10.50% and most car loans stretching 60–72 months, the monthly burden is real.
SA's four major banks (Absa, FirstRand, Nedbank, Standard Bank) charged R53.8 billion for credit losses in 2023 — up 26.6% from the previous year.
The Banking Services Ombudsman has noted a sharp increase in complaints about vehicle repossessions, with many consumers unaware the bank remains the legal owner until the final payment.
Of the total R521 billion vehicle finance book, 6.48% by balance is in serious delinquency. That's roughly R33.8 billion in loans where the bank is actively considering recovery action.
A typical South African car owner with a R400k loan at prime + 2% over 72 months.
Banks can legally repossess a financed vehicle once you default. In South Africa, most lenders issue a Section 129 notice after 20 days of non-payment. By day 90, the repo truck is loading your car.
Your buffer target: R40,800 (3 months of total car cost). MyRandWise tracks this automatically against your budget.
We don't just track your budget — we guard your mobility.
See your full vehicle cost in one place — instalment, insurance, fuel, maintenance, and licences. No more guessing what your car actually costs you.
Set a dedicated "Car Buffer" savings goal. We calculate exactly how much you need (3× your monthly car cost) and track your progress every payday.
Get warned 14 days before your car payment if your available balance won't cover it. We check your budget against upcoming commitments in real time.
Your car loan is part of your total debt picture. Our live Debt Freedom Score shows how fast you're paying it down — and what happens if you miss a payment.
Many SA car loans include a balloon. We track your balloon amount, countdown to maturity, and help you build a separate fund so you're not caught short.
Contributing to a family stokvel for a car? Track contributions, payout schedules, and who's paid what — built exactly for how South Africans actually save.
Join 25+ beta testers who are already using MyRandWise to protect their vehicles, build buffers, and take control of their money.
🌱 Start Free — Built for SA100% free during beta. No credit card. Cancel anytime.