If you are looking for a bargain buy of a vehicle, you can try looking at Absa Vehicle and Finance repossession locations. Repossession of a vehicle takes place when a person who has bought a financed car defaults on the monthly payment agreements. If this happens, the Absa will liable to repossess it as the lending financial institution.
Absa repossesses cars from people who have not honoured the lending terms, people you have fallen behind on payments, or people who can no longer afford the instalments. These assets are often sold at auction for very reasonable and competitive prices.
Absa has a varied selection of used, repossessed cars that are sold at public auctions. To find out where a sale will be taking place in your area you can contact an Absa Trade Centre close to you. When you contact an Absa Repossession Centre an experienced consultant will to be to help you find the right repossessed vehicle for you budget and needs. They will also guide you through the tender process and registration.
Absa Trade Centres can be found in:
- Boksburg in Johannesburg (011 841 4200). Repossessed vehicles here are cold through auction house Burchmores every Thursday and Saturday.
- Midrand in Johannesburg at Aucor auction house on Saturdays at 12.30pm. (011 258 9898). On Thursdays, Burchmores in Midrand sells repossessed vehicles (011 237 4444).
- Port Elizabeth
To find out about when to next sale will be at each of these centres as well as the range of repossessed vehicles for sale, you can visit the Absa website on www.absa.co.za.
Why visit Absa Vehicle and Finance Repossession Locations?
When banks sell repossessed vehicles, they often want to sell the assets as quickly as possible to avoid incurring further loss. This means that repossessed vehicles often sell for very competitive prices that will keep you smiling all the way to the bank. Particularly since we are in times of a global recession, people all over South Africa have to tighten their purse strings and find that they can no longer afford to pay off a car on a loan from Absa. This means that there is an even greater variety of repossessed vehicles on the market, making it more likely that you will get a good deal on the exact car you are looking for.
How can I pay for a repossessed vehicle?
As with other used car or new car purchases, Absa will offer financing options for the vehicles you want to purchase. In fact, there will be an Absa counter at most auctions where you can ask about the best financing option to prepare for your bidding.
At the auction location, the bank will set a starting price for the repossessed vehicle. If they receive this amount or higher, the balance will go to the previous owner of the car. If there is a deficit in the starting price then the previous owner will be liable to pay the difference.
Hints and tips when you visit Absa Vehicle and Finance Repossession Locations
- Examine the vehicle thoroughly to ensure it is in good condition. Look at both the exterior and interior of car.
- If possible, bring along a person who has mechanical knowledge if you do not know much about cars yourself. This knowledge is invaluable so that you can be sure you are getting a good deal and to avoid landing up with a junk heap that just happens to have a good lick of paint.
- Learn about how an auction works if it is your first. This will give to the confidence to place your bet and land up with a good deal. If possible, bring along a friend or someone who has been at a repo auction before.
- If you are having trouble finding a location to buy repossessed vehicle, contact Absa to ask them how you can go about getting the best deals on wheels.