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TRUCKS' MARKETS * South Africa - Truck makers hit out at bank rules
South Africa -Business Day, by Artwell Dlamini -12 Feb 2009: -- MAN Truck & Bus SA is “nervous” about the effect of banks’ tight lending rules on the commercial vehicle market... CE Thomas Hemmerich said last week the threshold transport operators needed to reach in order to secure vehicle finance was “too high”... Some banks, Hemmerich said, demanded a deposit of up to 40% and this made it “extremely difficult” to get approvals for vehicle finance from banks... Hemmerich said the new rules made the truck market look worse than it was... Nissan Diesel said its clients were required to have at least R100m a year in turnover and put down a deposit of at least 20%. These guidelines had cut off credit even to creditworthy transport operators, it said... The National Association of Automobile Manufacturers of SA is upbeat about prospects in the truck market. It said in its latest report that sales of medium and heavy trucks and buses “should hold their own” this year...
Labels: trucks markets worldwide
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