Knowing the banks selling repossessed vehicles at auctions in South Africa can help you buy cars at wholesale prices. If you are interested in buying a second hand car it is a good idea to know which banks sell repossessions. So that you can make a wise choice on your vehicle purchase.
Four Banks Selling Repossessed Vehicles
There are quite a few banks that offer repossessed cars and other vehicles for auction. However four that are well known for their good service are:
All four of these banks are long standing and reputable. And have a large amount of satisfied happy customers. They are big financial corporations with many customers and a lot of business.
In today’s fast paced ever changing world everybody seems to be on the go all the time. We all have obligations and things to do. And often very little time to do them in.
Getting from your home to work, to your children’s school, to the shops. Or to appointments, to the doctor and a myriad of different places that you need to be day to day in good time and as safely as possible is essential.
Transport has become one of the integral components to successful living. And each and every one of us makes use of it at some point, generally several times a day.
Because cars are expensive but essential, looking into banks that sell repossessed vehicles would be a good route to take.
Which Bank should you get your Repossessed Vehicle from?
Banks in South Africa have to repossess cars when the client cannot or will not make their monthly loan repayments.
Most banks will hand over their repossessed items to professional auctioneers who will handle the appraisal, auctioneering process. And often the logistics and transport.
So banks like Standard Bank, Absa, Nedbank and FNB don’t normally auction off the repossessed cars themselves.
Instead they will use an auctioneering organization.
Professional auctioneering companies like Aucor and Burchmores will be members of the South African Institute of Auctions. A body that aims to ensure that all auctioneering business is done correctly and ethically. And with respect to both the auctioneer and the buyer.
This may also interest you: Attend a Burchmore Auction
Buying a Repossessed Car at a Bank Auction
Buying a vehicle repossession at the bank auctions in South Africa has its advantages.
If you cannot afford a brand new car. Or if you do not trust second hand dealerships, buying a repossessed vehicle has the following benefits:
- Repossessed cars are often newer than other second hand vehicles
- Repossessed vehicles might still have service plans and warrantees intact
- Bank auctions are a good way to have control over the price you pay for a vehicle
- At an auction the potential buyers decide what the vehicle is worth
If you are looking for a cheap vehicle you can sometimes get repossessed cars under R50,000.
What Banks that Repossess Vehicles do
Often these four banks will repossess vehicles and then hold them for a period of time before putting them on auction.
They do this so that the client that could not make their monthly loan payments has a chance to find the money and pay the bank back.
Once the holding period is over the bank will then usually send the vehicles to one of the major auction companies. Who will advertise, organize and hold the auction. The banks usually want the vehicle sold as quickly as possible so that they can make their money back.
In Summary of Banks Selling Repossessed Vehicles
To summarize it is essential to have transport of some kind to live your life fully. Because many of us cannot afford brand new cars and because there are several instances of dishonesty with second hand dealerships. Buying bank repossessed vehicles is probably the best way forward for you.
Undoubtedly having your own vehicle is the most convenient way to get around. But purchasing it can be difficult and expensive. That is why looking into banks selling repossessed vehicles is a good way to find a car that suits you.