4% CONSUMERS UNABLE TO REPAY CAR LOAN
Did you know 82% of all cars are financed by banks.
However, on average 4% of all consumers are unable to repay this car loan.
Those unpaid car loans pose big risks and challenges for banks.
The central bank issued a decree that U.A.E. banks must make an accounting provision for car loans that are in arrears of 90, 120 and 180 days, of at least 25%, 50% and 100% of that unpaid car loan. (*)
This leads to significant provisions for banks.
Add to those outstanding amounts other costs such as:
Parking fines
Speeding tickets
Salik
Now each bank fully understands that fast recovery of those vehicles is Top priority.
Estimates given by banks are, that each unpaid car loan contributes for 100.000 dirham taken as provision on the balance sheet.
Per 5.000 delinquent cars, this is an incredible 500 million dirham.
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Company Details
- Founded
- -
- Address
- Ithraa Tower Garhood, Floor 7,netherlands
- Industry
- It Services And It Consulting
- NAICS
-
Computer Systems Design and Related ServicesOther Computer Related Services
- Website
- http://www.reportacar.ae
- Keywords
- IT Consulting.
- HQ
- Dubai, Dubai
Report A Car Questions
Report A Car's website is http://www.reportacar.ae
Report A Car's LinkedIn profile is https://nl.linkedin.com/company/report-a-car
Report A Car's industry is
IT Services and IT Consulting
Report A Car's top competitors are
Pinkway Car Rental,
Minhaz Building Cleaning Services L L C,
Bhutta Rent A Car,
Servicemaster Clean Commercial Cleaning Grand Junction,
Ard Al Badiyah Llc,
Shineplus Cleaning Services,
Pinkway Car Rental,
Car Cash Dubai,
Zero Down Payment Car Finance,
Abhar Cleaning Services.
Report A Car's categories are IT Services and IT Consulting
Report A Car's founding year is 2019
