No Interest Rate Relief from ABSA Despite Repo Rate Drops

I’m extremely disappointed with ABSA’s lack of initiative and customer care regarding interest rate reviews. I currently have a vehicle finance account with an interest rate sitting at 16.20% — which is ridiculously high, especially in the current climate.

The repo rate has been cut more than four times, yet ABSA has done absolutely nothing to reduce my rate or even contact me about a review. I’ve had to take the initiative to make lump-sum payments and increase my monthly instalment — all without any acknowledgment or support from the bank.

It’s frustrating that as a loyal customer who’s actively trying to reduce debt, I’m being penalized with a sky-high interest rate, while ABSA sits back and ignores market changes. Other banks are proactively adjusting rates for their clients — why is ABSA still charging 16.20%?

Desired Outcome: I want ABSA to review and reduce my current interest rate in line with the current repo rate and market conditions. I also want clarity on why no follow-up or communication was made regarding potential relief options or rate adjustments.