Cars repossessed from Absa, Standard Bank and Nedbank in South Africa for those looking to buy a pre-owned vehicle are sold off at auctions through companies such as Birchmores in Durban, Cape Town, Johannesburg and other areas around the country. As the credit crunch takes hold many are struggling to hold onto possessions that have been financed by the bank and vehicles are top of the list. Sad as this may be, one person’s loss is another one’s gain and there is no better time than now to pick up a bargain and buy a cheap car.
There has been a significant increase in cars repossessed from Absa, Standard Bank and Nedbank around South Africa due to the rising interest rates and inflation in the country which can lead to people being able to purchase good quality secondhand motor vehicles at discounted prices. In the month of November 2008, Absa was repossessing 1 350 vehicles a month on average as reported by their vehicle and asset finance department and an average of 7 000 bank repo’s a month are being brought in across all South African bank divisions.
Birchmore’s auctions and Aucor Auctioneers are the two main houses in the country that handle the selling process with events usually taking part in Durban, Cape Town, Johannesburg and various other regions twice a week. Finance is usually available from the main banks on the day of the auction or you can speak to your local branch about how much money they may be prepared to finance you with to bid at one of these events. If you take the time to learn how the bidding process works and attend a few events before physically getting involved yourself you can certainly pick up some tips and advice on how to get the best prices when purchasing cars repossessed from the major banks in SA.
We understand that the thought of attending an auction event can seem a little overwhelming so we have included the useful video below to help you see how easy it actually is to attend one of these events and become an active bidder on the various bank repossessed vehicles being auctioned off.