South African banks want to stop the government’s plans to sell the cars of drunken drivers for a lot less than they are worth.

The banks believe they can get more money for the cars if they put them on auction themselves, thereby retrieving a bigger part of the money still owed to them.

Representatives from Absa, Wesbank and Standard Bank on Tuesday said they had approached the Banking Association and wanted to discuss the issue with the asset forfeiture unit (AFU).

Marcel de Klerk, Absa’s operational chief for vehicle and asset finance, said banks can obtain better prices for the cars at an auction as they took care to ensure the cars were in a good condition.

“We know the market and will obtain a much better price for the vehicle.”

Cases being finalised

Patrice de Marigny, director of vehicle and asset financing at Standard Bank, said this bank was also discussing the issue with the AFU.

“The bank’s interest and fairness towards all parties will be discussed with the AFU via the Banking Association.”

A total of 352 motorists who were arrested for drunken driving during the festive season might forfeit their vehicles.

Posted: 01|10|07 at 12:51 pm. Filed under: Auction News.