Fairland, Gauteng -- (SBWIRE) -- 05/16/2013 -- The WesBank Car of the Year winner for 2013 is the Porsche Boxter, as unveiled at a gala event held at the Sandton Convention Centre. The event, the 28th in its history, was once again judged by the South African Guild of Motoring Journalists and sponsored by WesBank.

The passenger car vehicle market is expected to grow by just 2% in the current year, according to WesBank CEO, Brian Riley, who gave his predictions for the year ahead at the WesBank Car of the Year event in Sandton last night (Wednesday 6 March).

Riley predicts that the LCV market, however, is likely to perform a little better. "There is some activity in the SME market and LCVs remain a popular passenger alternative and we see LCVs growing by 3%. In the commercial market, which includes all medium, heavy, extra heavy and buses, we see some reasonable activity in the medium and heavy categories with little growth in the extra heavies and buses, with 4% growth overall in commercial vehicles.

"This means that total vehicles are predicted to grow by 14 594, which is an overall increase of 2.4% to just under 640 000 vehicles. I would like to have said 7% or 8% but we just can't find the reasons why that would materialise. This number will provide a very healthy living for all of the industry participants but I think we will see some evidence of intense competition," says Riley.

Riley believes that when looking at prospects for 2013, the strength of the economy is unlikely to provide much stimulus to vehicle sales. "Our view is that GDP will be sub-trend at a tepid 2.2% for the year. While this is hardly a number to get excited about, we should remember that it remains positive and is far better than most of the figures coming out of Europe. For the customer, once again there is real value, good service standards and a vast menu to choose from when purchasing a new vehicle."

He says WesBank expects CPI to breach the 6% level at some point, but on average to remain slightly below the high end of the South African Reserve Bank-imposed target of between 3% and 6%.

"After a number of years of sub-CPI vehicle price increases, we believe that we will be looking at increases this year of at least CPI. We also predict a fair amount of rand volatility - currently it is hovering around the $9.00 mark but the risks are pointing to further weakening. On the positive side, we don't see any upward movement in interest rates for the foreseeable future."

Riley says benign GDP growth would suggest that the Reserve Bank should cut rates to stimulate growth: "However, we think this unlikely, as bond yields need to remain appealing to continue to attract the necessary capital to fund the current account deficit."

He equates the performance of the motor industry and the general South African economy to comparisons between Asia and Europe: "Off a high base we managed significant growth last year comparing well to the rest of the world. Exports were solid last year but are set for a quantum leap in 2013 as new markets open up in Africa, alongside the traditional European trading partners."

Riley believes that growth must be more muted although January certainly surprised on the upside. "In WesBank's 45 years of trading this is the first time we have exceeded the preceding December's new business performance in January. February brought us back to earth reflecting a 1.6% growth year on year. The accumulated growth stands at 7.6% but which way will it go from here?"

Riley comments that the recently published WesBank Vehicle sales Confidence Indicator (WVsCI) confirms that dealers are optimistic, at confidence levels of 6.5 and over 7.0 (out of 10) for both a current and also a three- and six-month forward looking basis. He says he regards this as an indication that dealers are more optimistic than WesBank for the year ahead.

"Applications remain buoyant, although to counterbalance this, there is some pressure on affordability. The contract periods have been extended to the maximum and the settlement period is unlikely to speed up, given the lack of equity in the assets for the first four years of a contract. New car buyers are likely to find the late model used vehicles a reasonable alternative with used cars depreciated and priced at the most competitive levels they have been in years.

"I believe that the industry is in something of a sweet spot, which will not be challenged this year but we cannot outgrow the GDP of the country indefinitely. If we do, it will come from an artificial stimulus such as excessive stock, a pricing war or irresponsible lending, none of which are sustainable."

The twelve finalists for the 2013 WesBank / SAGMJ Car of the Year competition, South Africa's premier motoring event, were (in alphabetical order):

- 2012 BMW 3 Series 320i Automatic
- 2012 Ford Ranger 3.2 XLT 4X4 Double Cab Diesel AT
- 2012 Hyundai i30 1.8 Executive
- 2012 Kia Rio 1.4 TEC Hatch MT
- 2012 Lexus GS 350 EX
- 2012 Mercedes-Benz B 180 CDI BlueEFFICIENCY
- 2012 Nissan Juke 1.6 DIG-T Tekna (Leather)
- 2012 Opel Meriva 1.4T Cosmo
- 2012 Porsche Boxster
- 2012 Range Rover Evoque Si4 Dynamic 5-door
- 2012 Toyota 86 High Spec 6MT
- 2012 Toyota Yaris 1.5 HSD Xs

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes. For additional information please visit, https://www.wesbank.co.za/.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 05/14/2013 -- With millions of South African consumers still under financial pressure in the current economic climate, managing the costs involved of owning and running a car can play a major role in reducing monthly expenses.

Given the challenges of our public transport system, owning a car is vital for millions of South Africans. However, it is also one of their biggest monthly expenses. It is therefore crucial that people investigate all avenues where they can save on the cost of owning and running a car.

Fuel:

According to Chris De Kock, Executive Head of Sales and Marketing at WesBank, a good place to start is with fuel costs. Over the last few years, the rising fuel price has resulted in this becoming one of the biggest expenses associated with owning a car, with the price of petrol currently topping R10 per litre.

The average monthly fuel expense has risen from R963.20 in 2007 to R1 412.60 in 2011, an increase of 46%. The fuel portion of the Total Mobility Calculation* basket has subsequently increased from 24% in 2007 to 28% in 2011. During the same time, the instalment of the vehicle increased from R2 201 in 2007 to R2 609, an increase of only 18%.

A recent WesBank survey showed that motor dealers are increasingly concerned about the impact of rising fuel costs, with 26.5% of respondents listing it as a negative factor likely to affect future sales.

De Kock says there a number of ways to cut down on your monthly fuel bill.

These include:

- Cutting down on, share combine journeys

- Buying a fuel-efficient car if possible

- Drive more responsibly. A car has the greatest fuel efficiency at about 100kph. If you accelerate hard from 100kph to 130kph, there will be a large increase in fuel consumption

- Maximise car efficiency: making sure your car is regularly serviced and running smoothly will often result in better fuel efficiency

Monthly Instalments
Instalment payments are often the largest portion of monthly expenses associated with owning a car. Here are some useful tips when it comes to managing your instalment payments

- While financing a car allows people to own a car that they would otherwise be unable to afford, it is important that these monthly instalment payments are manageable and fall within your budget. It's also important to take into account how a rise in interest rates will affect your monthly instalments and whether you would still be able to afford the payments. If you find yourself unable to meet your monthly instalments, speak to the financing company sooner rather than later to discuss a solution.

Monthly running costs
Running costs are the actual costs that depend directly on you using your vehicle. These costs are primarily tolls, tyres, servicing and repair costs.

Keeping your car in tiptop condition can help reduce the running costs of your vehicle, below are some tips on what you can do:

- Take your car in to be serviced at the prescribed intervals.

- Replacing dirty air filters and sparkplugs could help reduce the usage of fuel.

- Make sure your tyres have adequate tread and check tyre pressures weekly – this will help in not having to replace your tyres regularly.

Insurance

While car insurance may sometimes seem like an unnecessary expense, it is vital in protecting you from potential financial catastrophe in the event of theft or a serious accident. However, it is also important to ensure you are getting good value for money from your insurance cover.

- Look for an insurance policy that best meets your specific needs. Don't pay for cover that you do not require.

- Conduct annual reviews to ensure your current premium is competitive.

- Speak to your insurance company or broker about what you can do to reduce your premiums. Many insurers offer discounts for safety precautions taken by owners, such as tracking systems, secure lock-up facilities and even driver behaviour.

- Read the terms and conditions of your policy carefully and beware of exclusion clauses.

"Spending some time focusing on each of these factors will enable you to shave a considerable amount off your monthly expenses of owning a car, which in the current market conditions, is very valuable indeed," concludes De Kock.

* Our Mobility Calculation Model is based on an entry level vehicle costing R100k in 2007 increasing by CPI rate compounded annually, travelling an average of 2000 km per month running on Unleaded 93 Inland. Financed with a 10% deposit at prime +2% over 60 months with no residual value (Source: WesBank Calculators, SAPIA and AA websites).

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes. For additional information please visit, https://www.wesbank.co.za/.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 04/06/2013 -- When it comes to buying a car, the financial considerations of owning your dream ride are just as important as the number of airbags, power steering or boot space for those long distance travels or monthly groceries.

According to George Nyabadza, General Manager - Public Sector and Marketing at WesBank, South Africa's leading asset-based financial solutions provider, these financial considerations include much more than the price tag.

Buying a car is a long-term commitment and making the correct decision to suit your pocket can be overwhelming for some, especially if you do not have a comprehensive checklist to guide you during the process. That is why it is vital to ensure that you are well informed about the process, in order to make the correct financial, and in some cases, life-impacting decision.

Nyabadza suggests you include the following steps in your decision-making process:

1. Firstly, know clearly what you, and possibly your immediate family, can afford. Correct budget planning is essential in selecting a vehicle that you can afford to finance in the long run. This means considering how inflation and interest rate fluctuations impact not only on your monthly instalments, but also your insurance costs, fuel consumption costs and maintenance costs of the vehicle.

Beyond these obvious car-related costs, you should also consider what could possibly transpire in your life over the term of the vehicle. If, for example, you are financing a car over the long-term, what would be the consequences of your financing decision if you got married, had children or needed to provide for your parents in their old age?

2. Choose a reputable dealer that has extensive knowledge of the vehicle market and is able to advise you on all aspects of the vehicle that you want to finance.

3. Know what criteria you need to meet to have your finance approved. The National Credit Act (NCA) requires confirmation of income, debt and expenses. Basic affordability can be determined by subtracting your monthly expenses from your income. You may have heard it many times, but you should have a living monthly budget that you regularly review and stick to as much as possible.

4. It is imperative to have your vehicle insured as this could save you unnecessary costs when it comes to the repair bill. It's also worth remembering that should you have an accident and cannot afford to have the car repaired, you will still be required to pay the monthly instalments, whilst not having the benefit of a car. It is also advisable to have your car maintained according to the manufacturer specifications to avoid further cost implications.

5. Ensure that you structure your finance agreement in line with your budget by considering a repayment plan based on when you are most likely to trade your car in. For example, the common payment period options are 48, 60 and 72 months, which indicates the number of months you have to pay off your car.

It is worth considering that while longer payment periods mean lower instalments each month, you will need to make payments for longer. The length of the contract could also have an impact when you decide to sell your car.

For example, should you want to trade in your car before your contract period ends, the optimal time to do so is when the trade in value meets the settlement amount, which is the amount that you still owe on the car. On a 48 month contract, this "break even" point could, for example, be around 28 months. However, for a 60 month contract your break-even point could be much longer, at say around 42 months and on a 72 month contract, this would be even further out, at say roughly 54 months.

Should you consider financing your vehicle using a balloon payment, Nyabadza recommends that you first fully understand the financial impact of a balloon payment on your cash flow. A balloon payment is an agreed inflated final payment of a loan that is paid in full at the end of the loan agreement. It is commonly used locally in vehicle finance as a way of reducing monthly instalments. You will remain completely liable for the balloon payment irrespective of what happens to your vehicle during the terms of the contract. It is therefore important to ensure that your vehicle is fully insured at all times and regularly serviced and maintained, in order to retain good value should you wish to sell the car after paying off the balloon payment.

6. Once your payment structure has been finalised, always ensure that your payments are made on time in order to maintain a good track record to increase your chances of further future finance. Should you not be able to meet your monthly payment commitments, contact the bank immediately and get advice on how to best move forward in a manner that is acceptable to both the parties.

7. Finally, improve your chances of a successful finance application by providing all relevant information and requesting advice from reputable dealers who will have finance specialists on site. These industry experts can make recommendations on what vehicle and financing package suits your needs and falls within the limits of your pocket.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, South Africa -- (SBWIRE) -- 04/05/2013 -- South African companies that own vehicles or operate fleets need to work proactively with their card issuer and implement strong preventative measures to avoid becoming the victims of petrol card fraud, which remains a major concern for businesses in the country.

According to Neil Naidoo, WesBank Fleet Assistant General Manager, South Africa's leading asset-based financial solutions provider, most petrol card issuers should have systems in place to identify the irregular use of petrol cards on behalf of clients.

For example, as soon as a transaction takes place, the WesBank Early Warning Detection System identifies if the usage is irregular. If this is the case, we advise the client to investigate the incident and inform us of the outcome as soon as possible.

"In addition, monthly risk reports and discussions on these findings allow for clients to conduct a more thorough review to identify unusual spending patterns."

However, Neil advises that companies should also implement proactive measures to detect or even prevent petrol card fraud.

These include:

- When the cards are given to the drivers, let them sign for it.
- Fuel cards should be locked away in a safe when not in use. Make sure that nobody has access to
the cards except for the delegated person.
- Drivers must hand in all purchase slips and the fuel card to a delegated person when the vehicle
is returned.
- Make sure the correct card is given to the vehicle it has been assigned to.
- Give attention to the early warning reports sent out by the fraud departments.
- Contact the bank immediately if fraud is detected or suspected.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 03/07/2013 -- WesBank's FleetFine is one of the latest integrated web-based systems, which is designed to assist fleet owners to better manage their fleet. WesBank is a leading asset and vehicle finance provider in South Africa, and is well known for providing excellent fleet management products and services.

Leading South African movable asset-based financier, WesBank, uses FleetFine, its latest integrated web-based system designed to assist fleet owners to manage the administration of driver fines and vehicle licences, as well as ensure compliance with AARTO (Administrative Adjudication of Road Traffic Offences) regulations.

According to Chris de Kock, Executive Head of Sales and Marketing at WesBank, with the implementation of AARTO it has become more apparent that fleet owners require effective risk management strategies to ensure the sustainability of their businesses, as non-compliance could result in severe financial and operational loss.

By outsourcing administrative functions such as managing driver fines, monitoring driver behaviour and updating vehicle licences, fleet owners are able to protect themselves against potential financial and operational penalties, says de Kock.

De Kock explains that the new system is linked to all major municipalities countrywide and can identify outstanding offences committed by drivers in company-owned vehicles. This information is retrieved from the applicable government systems by conducting a search of the company's registration or proxy number, thereby allowing WesBank to redirect the fines to the driver that has committed the offence for which he or she is then liable.

This applies to large fleets that have many drivers, increasing the risk exposure, as well as smaller businesses that require every vehicle and driver to be operational in order for the business to remain profitable.?

He explains that FleetFine also allows fleet owners instant web access to all their information which includes outstanding fines, driver details, offences committed and the status of Operator and Driver demerit points accumulated against the Driver and Operator cards.

As part of the set up phase, existing fleet information pertaining to the organisation, proxy, vehicles and drivers is uploaded into its Fine Management system. Driver's licenses are also loaded and validated and where applicable all existing offences are identified and redirected, if required, to ensure the client is compliant from the very beginning.?

He says that the system ensures that driver behaviour is monitored through driver scorecards which can assist companies Human Resources divisions to take action, where applicable.

This is particularly relevant with the implementation of AARTO, whereby drivers can potentially have their licences suspended should they accumulate 12 demerit points. From a fleet perspective, managing driver behaviour is crucial in order to safeguard against lost time, wasted money and resource inefficiencies.?

De Kock adds that the system also ensures that offences are timeously addressed in order to ensure that they are paid or redirected within the stipulated AARTO time line and that the client receives the maximum discount benefits.

Our objective with the new system is to develop a solution that is both in the best interests of the business and the driver. It is designed to allow drivers to manage their fines and ensure that the business is empowered with information and assistance to manage their operational and financial risks, concludes de Kock.

About WesBank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 03/06/2013 -- Buying a car shouldn't be a headache even if you are considering private vehicle finance and buying a used car from an individual. WesBank has close on four decades of experience in providing vehicle and asset finance and are here to help make the private finance a seamless process.

Buying a car from a dealer has become an almost seamless process, with much of the paperwork being handled by the dealership itself. The good news is that buying a car through a private sale, whether from someone you know or a private seller, can also be a relatively painless and - even more importantly - safe process.

According to Chris De Kock, Executive Head of Sales & Marketing at WesBank, if one wants to buy a car from someone else, the process is quite simple. "The buyer can either apply for finance online or phone to speak to a marketer. Once the application has been approved, the buyer simply needs to submit the relevant documents to the financier. All the relevant steps are carefully explained in the process as well as the credit criteria."

He says that if the buyer organises their private finance through WesBank they can sign the agreement for their new vehicle online and once the documents have been approved, meet a WesBank agent to verify the required supporting documents and organise a copy of the vehicle registration documents (NATIS).

"Depending on who the buyer or seller transacts with, it may also be advisable for specialist third parties to be involved. For example, WesBank uses the services of Title Guard, a private company that facilitates transactions between the buyer and the seller. TitleGuard follows a careful process to enable the vehicle to be properly transferred and registered from the seller to the buyer, while protecting both parties."

The vehicle must also pass the standard Roadworthy test as well as a 101 Multipoint check, and this is facilitated by an approved supplier such as Dekra Group in order to ensure that the vehicle is fit to be on the road. De Kock clarifies, "Because WesBank has partnerships in place with companies like TitleGuard and Dekra, the safety and security of the transaction is ensured."

To mitigate risks, says De Kock, the two parties should speak to their financiers about the possibility of a risk management solution for both seller and buyer.

Firstly, checks should be carried out with the insurance companies to ascertain the accident history of the car. Any adverse information can then be shared with both the seller and the buyer of the car before a transaction is concluded. Further checks can also be made to ensure that the car is not circulated or tagged as a stolen vehicle or a rebuilt vehicle which banks do not finance.

"Because the bank acts as an intermediary, money is paid directly to the seller of the car where the car is owned outright. When the car is still under finance, the financing institution will be settled first, and this guarantees that ownership passes to the buyer correctly. The interested parties will only then receive their money. These processes can ensure that the buyer and seller's interests, as well as the interests of the financial institution, are looked after," concludes De Kock.

About WesBank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 02/25/2013 -- Data from leading asset-based financier, WesBank, reveals that the number of hybrid or 'green' cars it is financing for South African consumers is gradually increasing, but remains low as a percentage of total passenger vehicles financed.

However, the company believes the shift to 'green' cars will accelerate as factors such as lower purchase prices and running costs, Government incentives, a wider selection of models and raising awareness around environmental issues start to take effect.

The company's book figures reveal that the number of hybrid cars financed by WesBank for consumers during January to September 2011 has increased by 88%, albeit off a low base, when compared to the same period last year.

According to Cyril Zhungu, General Manager for the Motor Division at WesBank, the uptake in hybrid vehicles is slowly increasing in South Africa, but remains relatively low in comparison to international consumer adoption figures.

According to latest statistics by hybridcars.com, in 2010 hybrid vehicles made up 2.4% (275 000 units) of the US vehicle sales market and in Japan automakers recorded a 21% growth in hybrid and electric vehicle sales during 2010 - growing to more than 486 000 units, up one-third on 2009 levels. In contrast, sales of hybrid vehicles in South Africa make up less than 1% of total passenger vehicle sales.

Unlike a conventional car that is powered by an engine run on petrol or diesel, a hybrid vehicle uses two or more power sources - both a traditional engine powered by petrol or diesel and an electric motor powered by a battery.

"We expect that the effect of factors such as government's implementation of carbon tax in September last year, on each new car sold, will fuel increased interest in hybrid vehicles among consumers over the next couple of years," says Zhungu.

"Rising fuel costs is another factor that may stimulate local growth, as hybrid models offer better fuel efficiency than conventional vehicles, while pricing is also less of a disadvantage as hybrid vehicles are gradually becoming cheaper to manufacture as production numbers increase."

He also points to the increase in the range of hybrid vehicles currently available locally as potential for increased sales activity. "Around five years ago there were only one or two types of hybrid vehicles available in the country. Now more models, across various categories, are available to consumers and major car makers are continually expanding their range of hybrid offerings with new innovations, including greater fuel economy and lower emissions."

According to research conducted by climateavenue.com, most modern hybrid vehicles can reduce smog-forming pollutants by up to 90% and carbon dioxide emissions by 50%.

The US-Obama administration recently announced plans to deploy one million plug-in hybrid vehicles by 2015. Locally, the SA government is also trying to encourage greener vehicle sales among consumers with its policy to reduce greenhouse gas emissions by 34% by 2020.

People purchase environmentally-friendly cars for a variety of reasons, such as concern about the environment and climate change, image and lower running costs. Local consumers are also becoming increasingly aware of their role in climate change and many are actively looking for ways to address the problem.

"The share of hybrid vehicles in total car sales continues to increase in many countries and South Africa is likely to follow suit as more hybrid models become available on the market," concludes Zhungu.

About WesBank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 02/21/2013 -- Ensuring that you have a clear credit record is the first and foremost step prior to applying for finance, as without a clear credit record your finance application will not be successful.

Chris De Kock, Executive Head of Sales and Marketing at WesBank, South Africa's leading asset-based financial solutions provider, says that many of those with impaired credit records may be unaware that they are on this list, or are there as a result of "minor" infringements. "Nevertheless, the result is often the same - a bad credit rating or an adverse listing on your name can seriously hinder your ability to secure asset finance."

When applying for vehicle finance, banks analyse your credit rating. A total of 249.70 million enquiries were made on consumer credit records in the 2nd quarter of 2011, an increase of 25.3% quarter-on-quarter and 84.5% year-on-year. Of the total enquiries made on consumer records, enquiries from banks and other financial institutions accounted for 67.9%.

De Kock says that one of main reasons vehicle applications are declined is because of the applicant's credit profile. "As a result of the National Credit Act (NCA) and current market conditions, banks have revised their lending criteria to ensure they are compliant with NCA regulations. To optimise your chance of securing your vehicle finance loan, it is imperative to keep a tidy credit record by ensuring that all of your accounts have been paid to date before you apply for financing.

"When closing an account, it is best to rather settle the account balance and then contact the relevant credit provider to check that your name and record has been cleared. If you have a judgment on record, ensure that your account is cleared by contacting a litigation attorney to have the judgment rescinded. Proof of settlement from the creditor will also need to be provided to the Bank when applying for finance as the listing may still be on record.

De Kock says in that in order to keep a healthy credit score, consumers should follow the following guidelines:

- Ensure that you meet your monthly debt repayments on time to avoid a tarnished record.
- If you fall behind on repayments, get back on track as soon as you can.
- Always pay the minimum instalment required.
- Draw up a budget - and stick to it.
- Boost your buying power by reducing your debt. If possible, pay more than the minimum payment on your accounts to further improve your credit standing.
- If you can't make a payment, talk to the relevant creditor about making an alternative payment plan.
- Don't ignore a letter of demand. Always be proactive and take appropriate action.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 02/20/2013 -- Latest data from leading all-asset financier, WesBank, has revealed a marked increase in the number of consumers electing to fix the interest rate on their car loans when buying a vehicle. A rise in the number of incidents of 'hula hoop' schemes - where a business practice arranges to have the financing of a vehicle taken over by a third party - is leaving an increasing number of local consumers in serious financial straits.

According to Nicholas Litton, Head of Risk at WesBank, South Africa's leading all asset financial solutions provider, hula hoop scheme advertisements are often found in the classified sections of newspapers offering assistance in taking over vehicle instalments, with headlines such as 'take over vehicle instalments', 'blacklisted' and 'can't get finance'.

"These advertisements are directed at those consumers who are experiencing severe financial difficulties and who can no longer keep up with their repayments or who are struggling to obtain finance through proper channels.

"The assistance the company provides is finding a 'buyer' who will take over the instalments to the bank. This is an illegal business practice as the financial obligations of a consumer cannot be transferred without the knowledge and agreement of the financial services provider."

Litton says that when consumers contact the advertiser they are told that the practice is legal and that they are operating with the permission of the banks. "This is not true, as no bank will authorise these business practices to operate on their behalf. The client will also be informed that the business practice will pay the arrears on the account or pay a deposit for the vehicle."

He says the consumer signs an agreement regarding the 'take over' of the asset and the vehicle is then given to the new 'buyer', who is then responsible for paying the instalments. "In practice, however, the repayments are often not made to the bank and the account will be left in arrears, leaving the original owner without a vehicle and still being held responsible for the remaining debt on the account.

"The new 'buyer' who contacts the business practice to purchase a vehicle will be asked to make instalments into a private bank account - which are often not passed on to the bank - or sometimes directly to the bank through manual payments. They are also often required to make a large deposit on the vehicle before it is given to them.

"This private arrangement is illegal and even if the buyer does make the payments to the bank, they will not have 'legally' purchased the vehicle. It remains the property of the bank until the account has been paid in full and even then, the buyer does not have the right to retain the asset.

"It is critical that consumers do not contact such companies as at best they may just lose their asset, at worst they could also be left paying off a huge debt on an asset that they no longer have in their possession," concludes Litton.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Gauteng, South Africa -- (SBWIRE) -- 02/04/2013 -- WesBank are leaders in vehicle and asset finance and their reputation for providing tailor-made financial solutions is backed by over 40 years of experience. Find out more about the strong show of growth in new vehicle sales in August 2012 with commentary by Chris De Kock, Executive Head of Sales and Marketing at WesBank.

New vehicle sales continued to show strong growth in August 2012, according to figures released by the National Association of Automobile Manufacturers of South Africa (NAAMSA), which revealed year-on-year total industry growth of 9.40%.

According to Chris De Kock, Executive Head of Sales and Marketing at WesBank, South Africa's leading moveable asset-based financial solutions provider, growth so far this year has been very strong but is now showing signs of slowing down. "The base effect of the strong growth achieved in 2011 is starting to come through in the numbers and while growth is still strong, we do expect this to moderate in the coming months."

"The 50 basis point reduction in interest rates at the end of July also had a positive impact on consumer demand for new vehicles in August; however, we believe we have now seen the last of this and there will be limited benefit on vehicle sales going forward."

He says strong consumer demand helped the year-to-date growth remain in double digits, at 11.30% for the 8 months to August. "Clearly it remains an incredible buyers' market for new vehicles, which is being driven by the muted CPI on vehicles combined with the 40-year low interest rate environment. The shift of demand from used to new vehicles is also fuelling this growth, as customers continue to see limited benefit in used due to a narrow price gap between the two."

This trend is also reflected in WesBank's book data, which recorded year-on-year growth of 8% in credit applications in August, as well as the second highest number of monthly applications in the last seven years. "Our data also shows that the transaction value has increased slightly, suggesting that consumers are not migrating to cheaper cars by buying down in their choice of vehicle."

De Kock notes that while 2012 has so far seen very strong growth in new vehicle sales, this will become harder to achieve going forward, given the strong comparative figures recorded in the second half of last year and the deteriorating economic environment."

"In spite of this, sales should still end in the mid-single digit growth range for 2012," concludes De Kock.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Gauteng, South Africa -- (SBWIRE) -- 02/01/2013 -- WesBank – South Africa's leading asset-based financial solutions provider - explains the finer points of vehicle finance and balloon payments with commentary by Chris De Kock, Head of Sales and Marketing at WesBank.

Balloon payments - an agreed inflated final payment of a loan that is paid in full at the end of the loan agreement - can be a useful tool to enable consumers to purchase a vehicle, but it is important to understand how these deals are structured and what it means before entering into any agreement.

Chris De Kock, Head of Sales and Marketing at WesBank responds:

There is no simple answer to the problem, the following needs to be considered:

- Longer repayment periods as well as balloon payments result in smaller monthly repayment amounts. The benefit of this is that it allows the consumer to purchase a more expensive car with relatively affordable monthly repayments; however the negative is that that the customer will remain in debt for a longer period of time as is the case with this customer. This is because the Settlement Value versus Market Value curve takes a longer period to reach the breakeven point.
- Did the customer's financial situation change from the point when the car was bought? If the customer's financial position changed and there is a risk of them not being able to afford the instalment, then it is recommended that the customer make contact with the bank before the account goes into arrears.
- If the customer's financial position did not change and the customer is purely suffering from "buyer's remorse" the following needs to be taken into account:

1. Taking a loss infers that the customer will sell the existing car at a loss (which still needs to be paid) and buy a smaller car, in most cases the instalment of the smaller car plus the repayment of the "loss" of the initial car will most likely add up to what the customer was paying originally. In this instance we would recommend that the customer keep paying off the loan until the account reached the breakeven point where the customer will be able to sell the car and settle the loan account without incurring a loss.
2. Balloon payments - an agreed inflated final payment of a loan that is paid in full at the end of the loan agreement - can be a useful tool to enable consumers to purchase a vehicle, but it is important to understand how these deals are structured and what it means before entering into any agreement.
3. A balloon payment is more expensive as it delays the payment of an asset, resulting in an increased interest cost for the consumer. In addition a balloon payment will take longer to reach break-even, which is the point at which the amount owing on a vehicle is equal to what the vehicle can be traded for.
4. However, if someone does not have the cash to make the final payment, there are options available. The buyer can choose to refinance the balloon payment, or trade in the vehicle whereby the balloon payment is then settled and the consumer will enter a new finance agreement.

It is vital that consumers always consult a reputable dealer who will have finance specialists on site to provide them with advice on which financing option is best suited to their individual circumstances.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Gauteng, South Africa -- (SBWIRE) -- 02/01/2013 -- WesBank is a South African finance company that has been providing movable-asset finance solutions for more than 40 years. Chris De Kock, Executive Head of Sales and Marketing for WesBank provides insight on slower September 2012 vehicle sales.

The growth in new vehicle sales in South Africa slowed sharply in September 2012, with figures released on 2 October 2012 by the National Association of Automobile Manufacturers of South Africa (NAAMSA) which showed a 1.4% increase in total industry vehicles sales year-on-year in September 2012.

According to Chris De Kock, Executive Head of Sales and Marketing at WesBank, South Africa's leading asset-based financial solutions provider, this slowdown is not surprising. "New vehicle sales were still very strong in September but these figures are a clear indicator that the base effect of strong growth in the latter half of last year has finally started to catch up with the market."

He notes that the slowdown is largely due to the fact that September was a short month in terms of trading days, with 19 working days in the month compared with 21 a year ago and 23 the previous month.

De Kock says that according to WesBank book data, September was the first month in more than three years that application growth dropped on a year-on-year basis. "This is a leading indicator of future growth and indicates that we are likely to see continued moderation through the final months of the year."

However, he says September was also the strongest month recorded on an application per day basis, with the number of applications per day reaching a record 5 225 in the month compared with 4 754 a year earlier and 4 907 in September last year.

"There is clearly still a lot of activity and demand in the new vehicle market, driven by low inflation on vehicles together with the 40-year low interest rate environment. As such, we are not seeing demand curtailing but rather the base effect is simply becoming that much harder to beat."

"As a result, we would expect further flat growth in the coming months leading to single digit growth for the year as a whole, in line with our earlier prediction," concludes De Kock.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Gauteng, South Africa -- (SBWIRE) -- 02/01/2013 -- WesBank – South Africa's leading asset-based financial solutions provider comments on the recent increase in demand for new vehicles as indicated by the figures released in October by the National Association of Automobile Manufacturers of South Africa (NAAMSA).

Demand for new vehicle sales in South Africa continues to surprise on the upside, regaining momentum in October after retracting in September, according to figures released today by the National Association of Automobile Manufacturers of South Africa (NAAMSA) that showed a 4.73% increase in total industry vehicles sales from last month.

Chris De Kock, Executive Head of Sales and Marketing at WesBank, South Africa's leading asset-based financial solutions provider, says the results were partly influenced by the fact that October had three extra working days. "Market activity for new vehicle sales was relatively subdued for the previous two months due to fewer trading days, so some of this demand simply carried through to October.

"However, there is clearly still plenty of demand among consumers for new vehicle sales as a result of the conducive buying environment, with low inflation on new vehicles and interest rates also at a 40-year low. In addition to this the threat of increasing vehicle prices caused by a weakening Rand has had the effect of pulling forward sales into October. This is demonstrated by WesBank book data, which recorded a record number of applications during the last month to 120 171, easily above the year-to-date monthly average of 101 352," said De Kock.

"The new vehicle market is continuing to benefit from the migration of customers away from the used market; however, there is evidence that the used market is re-pricing and is starting to once again become attractive for customers seeking value.

"Year-to-date the market is 10.5% up on 2011 and above our expectations. It is going to be interesting to see how the last two months of the year perform, given the obvious financial pressures negatively impacting on consumers and the continued volatile global economic environment," concludes De Kock.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 01/31/2013 -- WesBank – South Africa's leading asset-based financial solutions provider has reported no change in the WesBank vehicle sales confidence indicator for the fourth quarter in December 2012 which some dealers attribute to civil unrest and concerns over the economy.

Confidence regarding sales activity among South Africa's automotive dealers remained unchanged in the fourth quarter of 2012, as some dealers believe that continuing strong vehicle sales data has been tempered by on-going civil unrest and concerns about the economy.

According to results from the latest WesBank Vehicle sales Confidence Indicator (WVsCI)* for the fourth quarter of 2012, overall confidence levels in sales activity amongst dealers remained unchanged at 6.0 out of 10. Confidence in future sales activity was barely changed at 6.5 and 6.7 for the next 3 and 6 months respectively, compared with 6.5 and 6.8 in the previous quarter.

Chris De Kock, Executive Head of Sales and Marketing at WesBank, says the local vehicle sales industry has performed strongly so far in 2012 but notes that there is a general feeling that the tide may now be turning. "Vehicle sales have performed exceptionally well over the last two years and the latest NAAMSA figures demonstrated that there is still plenty of demand among consumers. However, confidence among dealers regarding activity for the next few months is subdued, which is to be expected given recent events locally and concerns about the economy."

On factors that may prevent consumers from completing a purchase, 32% of dealers cited the economy and consumer confidence as the primary reason, compared with just 9% in the previous quarter. "Interestingly, 12% of dealers said that a low trade-in price is also a factor in preventing consumers from closing a deal on a new vehicle."

Reflecting recent events, 16% of dealers said strikes and labour unrest would have a negative effect on future activity, while 11% cited political stability and elections, neither of which were highlighted in the previous quarter.

According to the WVsCI statistics, opinion among dealers on the positive factors that would drive future sales activity remains mixed with no clear reason cited. 29% said new products, 15% believe interest rates and 10% said economic factors.

New car sales vs Used car sales
De Kock notes that the fourth quarter has seen growth in the used vehicle market, with 34% of car dealers saying the used market is more active currently compared with 25% in the previous period, the highest recording on current activity for two years. "While the new vehicle market is clearly still the most active, it is interesting to see a shift towards used vehicles. We would expect this trend to moderate in the next three months, as consumers often look to buy new models at the start of the calendar year."

De Kock says the WVsCI also shows that consumers do remain cost conscious, with pricing and incentives proving crucial reasons for new car sales. 12.9% of dealers said incentives for new car sales and special deals were keeping the new segment more active, whilst 15.9% cited good pricing and cheaper options.

According to WesBank book data in the below graph, there has been a marked shift towards new vehicles over the last three years, with the used: new ratio falling from a high of 2.69 in April 2009 to just 1.77 in October 2012.

"Demand for new vehicles has remained strong over the last few years; due in part to the small price gap between used and new vehicles and a shortage of late model used vehicles as a result of the slow sales during 2007/08/09. However, this is likely to change as we begin to see more vehicles purchased during the start of the current cycle coming back into the market."

De Kock notes that whilst growth in new vehicle sales may slow in the coming months, the introduction of new models, combined with consumers taking advantage of the low interest rate environment to obtain an advantageous fixed rate deal before rates start increasing, will continue to support the market.

"The market has performed exceptionally well during the course of 2012 and we expect overall sales growth in new vehicle sales to reach the high single digits by the end of the year, possibly even into double digit growth, which is very positive given that we are coming off a comparably high base," concludes De Kock.

*The WesBank Vehicle sales Confidence Indicator (WVsCI) polls over 250 new car dealerships throughout South Africa on issues such as current and expected sales activity levels, as well as factors affecting purchasing decisions amongst buyers.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, South Africa -- (SBWIRE) -- 01/29/2013 -- WesBank is one of South Africa's leading asset finance companies and is well respected for providing asset-based finance solutions. WesBank proudly launched its new advertising campaign in June 2012, which reflects their response to the changing needs and behaviours of consumers.

WesBank, South Africa's leading moveable asset-based financial solutions provider launched its new advertising campaign in June 2012 which reflects its response to changing customer behaviour.

According to Chris de Kock, Head of Sales and Marketing at WesBank, the campaign showcases WesBank's move towards innovative online solutions that help take the 'schlep' out of vehicle finance." The way people engage and transact has changed. As people's lives become busier, they don't have time to deal with reams of paperwork or be placed on hold by call centres. As a result, we wanted the campaign to highlight how we as a brand are taking this to heart and are amending our offering accordingly."

Sizakele Marutlulle, CEO at Grey SA, the advertising agency tasked with conceptualising the campaign, says it was important to take the WesBank brand into the marketplace with a new and imaginative perspective. "WesBank is pioneering innovative new solutions by enabling its customers to sign documents online, check balances and receive responses to queries in real time, without needing to phone a call centre.

"It has been extremely exciting to be given the opportunity to attach a new vocabulary, terminology and vision to how people experience a well-known brand. This campaign shows how life without WesBank can be a battle."

The campaign features print, radio, outdoor and digital elements, all of which reflect the struggles that many customers generally experience through traditional engagement channels and how these can be alleviated through new online platforms which WesBank offers.

The outdoor billboards, which are displayed across the major metros including Gauteng, Cape Town and Durban among others – also showcase an innovative style. "The artwork on the billboards are actually photographs but have been manipulated to look like illustrations, which presents a truly new style that invites people into the design," says Marutlulle.

"We are extremely pleased with the campaign. To service customers effectively today, businesses need to listen to their needs and react appropriately. This campaign truly reflects the fact that WesBank is assisting its customers to interact in whatever manner is most convenient for them" concludes De Kock.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, South Africa -- (SBWIRE) -- 01/27/2013 -- With the backing of over 40 years of experience, WesBank has become a leader in asset based finance solutions in South Africa. WesBank's Executive Head of Sales and Marketing comments on the pitfalls and financial liabilities facing South African motorists who fail to deregister vehicles that have been stolen or written off.

South African motorists could be exposing themselves to huge financial liabilities by failing to properly deregister a vehicle that has been stolen or written off.

South African motorists could be exposing themselves to huge financial liabilities by failing to properly deregister a vehicle that has been stolen or written off.

This is according to Chris De Kock, Executive Head of Sales and Marketing at WesBank, who says criminals use these details to register stolen and illegal vehicles, with the former owner then being held responsible for all future liabilities such as fines and licensing fees.

"All motor vehicles have to be registered on the electronic National Traffic Information System (eNaTIS). One of the ways in which criminals are able to 'register' illegal vehicles on the eNATIS database in order to be able to re-sell them is to use the details of cars that have not been properly deregistered."

De Kock notes that criminal syndicates are known to buy stolen vehicles or cars that have been written off and clone the identification number to use on another vehicle. "If a vehicle is still registered in someone else's name that person will remain liable for all costs that may be incurred in the future, including any traffic fines incurred or even damage to third party property caused by the vehicle."

If a vehicle has been stolen, the title holder must notify the police within 24 hours and inform the relevant registering authority within three months. If the owner is not the title holder (i.e. the vehicle has been bought on credit), the theft must be reported within seven days.

De Kock says it is also important when selling a vehicle that owners' ensure that they submit a Notice of Change of Ownership (NCO) to the registering authority. "It is the responsibility of the seller to submit an NCO. If they do not do this, they will remain liable for licensing, interest and penalty fees until the ownership has been changed. This means that if you sell a car but do not change the details and the new owner incurs traffic fines or has an accident, you can still be held liable for all costs."

"Buying or selling a car can be a tiresome process with a lot of paperwork however it is important that people do follow the correct procedure to avoid any financial repercussions in the future," concludes De Kock.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, South Africa -- (SBWIRE) -- 01/27/2013 -- Get useful advice from WesBank – South Africa's leading asset-based financial solutions provider about the rise in vehicle sales during December 2012.

The 2012 year ended better than expected in the car sales arena, with total new vehicle sales growth at nearly double digits. December 2012 ended with a marginal increase in new vehicles sales, according to figures released today by the National Association of Automobile Manufacturers of South Africa (NAAMSA).

Chris De Kock, Executive Head of Sales and Marketing at WesBank, South Africa's leading asset-based financial solutions provider, says the final growth for 2012 has proven to be very strong. "The prospect of higher new vehicle prices in the new year, following a period of very low vehicle inflation environment over the past three years, helped to maintain consumer demand into the latter part of the year.

"In fact, the market has been surprisingly strong throughout much of 2012, with plenty of demand among consumers for new vehicles evident by the increase in finance applications recorded by WesBank, which increased by 17% from 1.03 million in 2011 to 1.21 million in 2012. Factors which also contributed to the strong demand included on-going incentives currently being provided by manufacturers, such as discounts and trade-in incentives, as well as interest rates remaining at a 40-year low."

De Kock says that WesBank internal data has also revealed some significant trends, for example the fact that the average transaction value for new cars has increased by 7% from December 2011, with a corresponding increase of 13% in used car sales in the same period.

"We've also seen the replacement cycle come down by 12% on new cars, from 41.72 months as at December 2011 down to 36.72 months. When we look at the replacement cycle for used cars, it's reduced by 7%, from 33.47 months in December 2011 to 31.23 last month," says De Kock.

"Full year 2012 the market is up 9.2% compared to 2011, with passenger vehicle sales performing much better than expected - they increased by 11.3%, while LCVs had a subdued year, growing only by 4.6%. While this is a slight retraction from the high of 11.6% in July, it is still a very strong performance, given the financial pressures that continue to negatively impact on many consumers, and ultimately the performance was better than many expected at the start of the year," concludes De Kock.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 01/25/2013 -- The South African Guild of Motoring Journalists (SAGMJ) and WesBank – South Africa's leading asset-based financial solutions provider, are proud to announce the South African Car of the Year finalists for 2013.

The 2013 WesBank / SAGMJ Car of the Year finalists were announced early this morning during a breakfast event hosted by WesBank, the competition's headline sponsor, and the South African Guild of Motoring Journalists (SAGMJ). The announcement of the COTY finalists follows a vote cast by a 29-member jury, elected by their peers, on the 27 Semi-finalists

The twelve finalists for the 2013 WesBank / SAGMJ Car of the Year competition, South Africa's premier motoring event, are (in alphabetical order):

- 2012 BMW 3 Series 320i Automatic
- 2012 Ford Ranger 3.2 XLT 4X4 Double Cab Diesel AT
- 2012 Hyundai i30 1.8 Executive
- 2012 Kia Rio 1.4 TEC Hatch MT
- 2012 Lexus GS 350 EX
- 2012 Mercedes-Benz B 180 CDI BlueEFFICIENCY
- 2012 Nissan Juke 1.6 DIG-T Tekna (Leather)
- 2012 Opel Meriva 1.4T Cosmo
- 2012 Porsche Boxster
- 2012 Range Rover Evoque Si4 Dynamic 5-door
- 2012 Toyota 86 High Spec 6MT
- 2012 Toyota Yaris 1.5 HSD Xs

The next step in the process is to determine the winner from a two-day test session to be held in February 2013 at the Gerotek test facility near Pretoria, where the Jury members will assess the cars independently.

In keeping with the competition's broadened scope, the testing at Gerotek will allow the vehicles to be evaluated under the conditions individual vehicles would be expected to perform under, with routes designed to test the vehicles in a similar way the average consumer would use them. The test days offer the Jury the opportunity to reacquaint themselves with the vehicles and specific aspects such as aesthetics, build quality, ergonomics, fuel consumption, environmental friendliness, safety features and value for money.

South Africa's Car of the Year competition - sponsored for the past 28 years by wheels bank, WesBank, with additional support from Total and Hollard Insurance - is unique in the world in that it is determined by three rounds of voting. The first round of voting is open to all full members of the SAGMJ and yields the semi-finalists, where after a second round of voting, open to only the jury, determines the finalists. Following the two-day test sessions at Gerotek, a final allocation of points by the jury is tallied and audited before an overall winner is announced.

A significant change to this year's competition is the manner in which the COTY Jury was determined. Following a Car of the Year workshop held earlier this year, the Jury is no longer compiled from those SAGMJ members who had the greatest exposure to the eligible model ranges (by means of launch events and test cars). Instead, after casting a vote in the first round, each member had the opportunity to vote for 25 of his or her peers to serve on the Jury. The members with the most votes - to a maximum of 30 members - were co-opted onto the COTY Jury.

While all of the models are deemed to represent examples of outstanding automotive engineering, there can be only one winner and, in the eyes of the COTY Jury, that model will epitomise all-round automotive excellence. The winner of the 2013 WesBank/SAGMJ Car the Year will be revealed at a gala banquet in March 2013.

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients.

Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Fairland, Gauteng -- (SBWIRE) -- 01/24/2013 -- If you are considering applying for vehicle finance for your new or used car in 2013, get useful advice from WesBank – South Africa's leading asset-based financial solutions provider.

For most people, a New Year means a fresh start and a set of resolutions. If one of your resolutions this year is to become more mobile – or perhaps to help a family member become more mobile - and you are thinking of buying a car, don't let this become one of the 'resolutions that got away'.

Instead, take a look at the following helpful points from Chris De Kock, Executive Head of Sales and Marketing at WesBank, South Africa's leading asset-based financial solutions provider.

Here are ten tips to keep in mind when buying either a new or pre-owned car:

1) Always buy from a reputable dealership. You will be assured of the best possible service and this will also help to safeguard you from buying the proverbial 'lemon'.

2) Fit for purpose: Buying a car should be based on the practical use that your vehicle is intended for. Pay special attention to the average mileage you travel per month, the car's fuel efficiency, considering buying petrol as opposed to a diesel driven vehicle and the ever escalating cost of fuel.

3) Total cost of ownership: You should not base your affordability calculation only on the repayment of the instalment. WesBank's research has shown that in the current market condition, the actual monthly instalment of an entry level car accounts for less than 50% of the total cost of ownership. Prospective buyers should also budget for fuel, maintenance and insurance before deciding to buy a new car.

4) Buying a new or used car? A used car appears cheaper than the comparable new car but over the long term the cost of maintaining a used car will add up. In contrast, most new cars come with maintenance or service plans. Having a maintenance plan also offers peace of mind that you won't have any out-of-budget expenses to maintain the car. Depending on where you buy your pre-owned vehicle, you can have the option of purchasing a maintenance or service plan.

5) Fixed or linked interest rate: Usually when interest rates are low, most customers opt to use a fixed interest rate, which sets the rate for the duration of the contract. On the other hand, when interest rates are high, most customers opt for linked interest rates – meaning that the rate of interest repaid on the vehicle every month will be linked to the prime rate, in the hope that the prime interest rate would move down over the duration of the contract, which would in turn would also reduce the monthly repayment. You would need to take care when deciding on a fixed or linked interest rate, because once you have made your selection and signed the contract, the option of fixed or linked is set for the duration of your contract.

6) The repayment period: Deciding on the repayment period is important. Choosing a longer period reduces the monthly instalment and this may initially appear attractive, but it accrues more interest. In addition, the longer the period over which the car is financed, the longer it will take for the settlement value to reach break-even point with the asset value because of depreciation. In short, this means that it will take longer before you can trade in your car.

7) Paying a deposit: Paying a deposit has multiple benefits: it results in a smaller monthly instalment and also allows you to finance the car over a shorter period. This means that if you so choose, you can trade the car in sooner.

8) A balloon payment or not? A balloon payment is an inflated final instalment which is agreed upon up-front. It allows you to pay reduced monthly instalments but results in the previously mentioned break-even point to be significantly extended. We also find that customers sometimes tend to forget about this inflated amount at the end of the contract, which can then turn into a nasty surprise.

9) Value-added products: There are a number of value-added insurance products to choose from. There are products relating to the car itself, for example service or maintenance plans, tyre insurance and dent and scratch protection. There is also shortfall cover, which protects you in cases where your insurance does not pay your claim in full. There are also various personal insurance products such life, disability and unemployment cover. Having a thorough discussion with a Finance and Insurance specialist will help you make the most informed decisions.

10) Thorough research: Especially in the current economy, buying a car should be a thoroughly researched and practical endeavour. The Finance and Insurance specialist on the dealer floor is there to assist and guide you in making the most informed decision. Remember when applying for finance you need to bring a number of documents with you according to the requirements of the Financial Intelligence Centre Act (FICA). These include your ID, driver's licence, payslip and proof of residence. If your salary is commission-based you need to bring at least six months' bank statements

About Wesbank
WesBank has over 40 years of experience in asset and vehicle finance. As a leading asset-based finance provider in South Africa, we finance new and used vehicles for personal use, both privately and through dealerships, as well as leisure vehicles, and also offer expert advice and professional service to our clients. Our other main focus is providing quality asset finance and fleet management solutions for a number of market sectors. WesBank's asset finance services cover aviation finance, agri finance, commercial vehicle finance, company vehicles, plant equipment, office equipment, public sector finance and franchise finance. In addition, we offer personal insurance, vehicle insurance, personal loans as well as business insurance, and we are perfectly placed to structure a finance deal to suit your needs.

WesBank is a division of FirstRand Bank Limited, which in turn, is part of the FirstRand Group. FirstRand is South Africa's most innovative Bank Assurance Group with interests in Retail and Merchant Banking, Life Assurance, Financial Planning and Medical Schemes.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm