Absa, FNB, Nedbank and Standard bank repo cars are sold from repossession auctions. Like Burchmores and Aucor auctions, on a weekly basis and in different regions of South Africa. Many people are facing financial difficulties. And sadly as a result are losing vehicles due to defaulting on monthly payments.
Having your car repossessed by the bank is unfortunate and difficult. However, it does present an opportunity for those looking to buy a used car. To pick up a bargain by bidding against other potential buyers at the regular auctions.
For those wanting to buy a bank repossessed car at a Burchmores or Aucor auctions… We advise that you spend some time examining things thoroughly before taking the plunge.
This may sound obvious. But it is important to keep in mind that most people have lost a vehicle due to financial problems. Which often means they have neglected to maintain it. Or held back with spending money on repairs.
Absa, FNB, Nedbank and Standard bank repo cars at Auctions
The major banks like Absa, FNB, Nedbank and Standard Bank will usually clean the car up. And make it look presentable and pleasing before going on auction. But will not usually spend money on repairs that could be needed.
For this reason, take someone with you that knows something about mechanics. Or what to look for when buying a used car in SA.
Before an event, vehicles are kept in warehouses or storage garages. But you will not normally be able to test drive anything.
If you are new to the repossession auctions will find there are staff on hand to help and advise on the process and requirements. And finance is almost always available on the spot for anyone who needs to borrow money for bidding on and buying bank repo cars at an auction.
Keep an eye out for the auction events in your area. There are different ways to get bargains on second hand cars in South Africa. Although your best bet is to check out Absa, FNB, Nedbank and Standard bank repo cars at the vehicle auctions.