Lenders step up repossession of commercial vehicles on payment defaults

Data collated by the Delhi-based IFTRT shows that close to 50,000 commercial vehicles have been seized and are parked in the stockyards

Stockyards in logistics and transport hubs in various parts of the country are overflowing with repossessed commercial vehicles, as the rising incidence of defaults is forcing financiers to step up the seizure of these vehicles.

The data collated by the Delhi-based Indian Foundation of Transport Research and Training (IFTRT) from financiers and transporters shows that close to 50,000 commercial vehicles have been seized and are parked in the stockyards. Sales of commercial vehicles stood at 1.007 million units in 2018-19, according to the Society of Indian Automobile Manufacturers. 

“There are about 150 repossession yards across the country and most of