What is Bank Repossessed Cars?
Bank repossessed cars are assets that a financial institution has taken back from a client who has failed to pay for it.
This financial institution can then decide to either keep the vehicles for compensation or sell the cars to recuperate costs and does this via means of bank repossessed auctions.
How To Buy Bank Repossessed Cars In south Africa?
Contact your financial service provider
Find an auctioneering house
Look for private sales
Visit some dealerships near you
Find individuals who want to sell their vehicles before they are repossessed
Buy a repossessed vehicle online
What to keep in mind when Buying a repossessed Car
It is important to keep the following in mind when you look for repossessed car to buy.
Make sure you conduct a thorough inspection of the vehicle before you sign anything or purchase it.
Take an expert with you if you do not know too much about motors or the inner workings of a car.
Ask for the VIN number to ensure that the vehicle is not stolen property.
Make sure you do not go over your budget.
Find out how the auction process works so that you do not make a mistake and end up bidding for a vehicle that you don’t want to buy.
Can you buy bank repossessed cars in South Africa?
To register for a repossessed car auction, you need to put down a deposit of between R5,000 and R7,000, which is refundable if you don’t buy a car during the auction.
If you are a South African, you need to provide the auction house or the bank with proof of residence and a copy of your identity document.
Are repossessed cars cheap in South Africa?
Understand how pricing works
Now, you may have heard that the purchase price for repossessed cars is affordable, and that’s true. Repo vehicles are more affordable in comparison to a car you may find at a dealership.
This is because as the consumer, you are buying the vehicle “as-is”.