Wesbank Repossessed Cars For Sale In South Africa
What is Wesbank Repossessed Car?
WesBank auctions sell repossessed cars in Cape Town, Port Elizabeth, Gauteng, Bloemfontein and around South Africa. They offer in excess of one hundred vehicles for sale every week. You can view models as early as one day before an auction at the allocated warehouses.
Wesbank Repossessed Cars For Sale In South Africa
Find where your nearest WesBank vehicle auction in South Africa is taking place & what you need to bring to a car auction to secure a great deal!
Frequently Asked Questions
How do I buy a repossessed car 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.
How are bank repossessed cars sold?
In many cases, banks will try and assist in helping the client make good on their commitments, but after a certain period the car is repossessed, and once the financial documents have been completed, the car is put up for sale via auction.
Why are repossessed cars so cheap?
Also, if a repossessed car is relatively new, its service and warranties plans may still be intact. The chances are high in finding a good-quality vehicle at a low price. The only reason that these cars are found in these places is because the banks/financial institutions simply want to recover their money.
How does bank repossessed cars work in South Africa?
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.
Is buying a repo car a good idea?
Buying repossessed cars can be a great way to save money. Buyers can often purchase a vehicle at a cost lower than fair market value. However, buying repo cars can be tricky, especially if you are unfamiliar with the way the repossessed car trade works, or how to find a repossessed car.
What are the disadvantages of buying a repossessed car?
The biggest disadvantage for the buyer of a repossessed car at auction is that test drives are not allowed. There are good reasons for this; the chief one being that the finance house or bank that provided the original purchase-price funding still owns the car until it is actually sold at auction.
What is floor price in repossessed cars?
The Floor Price is the Lowest Bid Price you are able to buy the car for, but it is still a bidding process until the auction period ends, so the highest bidder wins.
What happens when your car is repossessed in South Africa?
After the vehicle has been repossessed the bank will send the vehicle to an auctioneer. The auctioneer will be authorized to sell the vehicle on behalf of the bank.
Should I pay off a repossession?
In most states, you have to pay the entire car loan balance in order to get your car back after repossession. But you might have other options. Whether you have to pay the entire balance of your car loan to get your car back after repossession depends on where you live and the terms of your car loan agreement.
Is it OK to buy bank repossessed cars?
Safe and Trustworthy Sellers
Buying a repossessed car from a bank assures you of a legal and secured transaction, as you’re dealing with a reputable financial institution. On the other hand, buying a second-hand car from a private seller can be prone to fraud since you’re dealing with a stranger.