Hundreds of cars serving as collateral for bank loans have been put on sale by commercial banks to collect debts. The officer of a joint stock bank in Hanoi said the bank has foreclosed on hundreds of cars this year, but the number of cars sold has been very modest. Some years ago, when the economy was growing well, people rushed to borrow money from banks to buy cars and apartments. In 2016-2019, the loans to fund car purchases grew by 40 percent per annum. Banks applied measures to lure borrowers, accepting to lend up to 80-90 percent of the cars’ value. As many borrowers cannot now pay debts, banks have to foreclose on cars, which are collateral for loans, to sell for debt collection. The officer said it is most difficult to sell passenger cars with 16-45 seats. As travel demand has decreased in Covid-19, many transportation firms have had to suspend their operation. Because of the decreasing travel demand, no one wants to buy these vans. As cargo transportation demand is on the decrease, people aren’t think of buying trucks now. As for sedans, both used and brand-new cars have seen prices drop sharply, while the supply is… Read full this story
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