Absa, FNB, Nedbank and Standard bank repo cars are sold from repossession auctions like Burchmores and Aucor on a weekly basis throughout different regions of South Africa. With the current credit crunch many people are facing financial difficulties and sadly as a result are losing vehicles due to defaulting on monthly payments. Although we have sympathy for those in the unfortunate position of having a vehicle repossessed 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 auction 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. 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. Vehicles are normally stored in warehouses or storage garages before an event for the public to view and examine things properly but you will not normally be allowed to test drive anything. Anyone 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.