What is an Impounded Car?
Vehicle impoundment is the legal process of placing a vehicle into an impoundment lot or tow yard, which is a holding place for cars until they are placed back in the control of the owner, recycled for their metal, stripped of their parts at a wrecking yard or auctioned off for the benefit of the impounding agency.
Impounded Cars For Sale In South Africa
How to buy impounded 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.
Can you buy bank repossessed cars in South Africa?
Banks sell repossessed cars via physical and online auctions from various auctioneers including MyCars.co.za (online bank repossessed car sales)
How do you get a car repossessed in South Africa?
A bank can only physically repossess a financed vehicle with a court order or with the consumer’s consent.
The court order will be issued only once the bank has complied with the following: Issued a section 129 notice (letter of demand), which can happen only after the account has been in arrears for 20 days or more.
How long does it take for a bank to repossess a car in South Africa?
A credit lender (bank) can approach a court to have your vehicle repossessed, but only after: You have received a Section 129 notice (letter of demand) after your account has been in arrears for 20 days or more.