Buy ABSA repossessed cars at bank auctions around the country and you can walk away with a favourable deal on a new set of wheels.
Cape Town, Johannesburg, Durban, Port Elizabeth and George are amongst the areas holding regular auction events around the country where pre-owned vehicles are sold at prices often way under market value.
Many makes and models are no more than a few months off the showroom floor and can almost be classed as brand new!
The reason we write specifically about buying ABSA repossessed cars from the bank repo auctions in South Africa is simply because they are the country’s largest financial service provider and have more repossessions available for sale to the public than most other registered institutions.
One man’s loss is another man’s gain as the old saying goes and as sad as it may be for people losing there vehicles due to defaulting on payments, it does present opportunities for those looking to buy a pre-owned vehicle in good condition at a value for money price.
Vehicles often include makes such as:
- Mercedes Benz
There is no need to feel intimidated or nervous about attending one of the many events and bidding against others either, even if you have no experience in the auctioneering process.
There are always staff on hand at these events to help and guide beginners through the process and explain exactly how things work, what is required and how to bid against others to get the most favourable deal possible.
Finance too is almost always available to apply for on the day. Whether you are looking for a nice family vehicle, something small for yourself, luxury vehicles or even bakkies, motorbikes and caravans, head on out to one of the next bank repo auctions near you to see a selection of and possibly buy an ABSA repossessed car for a price that suits your budget.
What exactly is a repossessed vehicle?
When an individual purchases a vehicle, they will usually have to get financing from a financial service provider in order to pay for the car. The individual will then sign an agreement binding them to pay a certain amount on their loan including interest every month.
Because the financial situation of most people is unpredictable, many people find that because of losing a job or because of an unexpected expense, they cannot afford to make their loan repayments.
The financial service provider who financed the loan will then be within their rights to repossess the vehicle.
The bank will take the vehicle away from the individual and sell it on as quickly as possible, usually through an auction, in order to make back the money that they stand to lose if they do not get paid for the vehicle.
Why should you buy ABSA repossessed vehicles over normal second hand cars?
A repossessed vehicle is often much newer than other second hand vehicles and therefore it looks good, its parts are in great working order and it has a low mileage.
It is also very likely that the warranty’s and the service plan will still be intact, saving the new owner a lot of money on repairs, services and maintenance.
An auction is a good way to buy a vehicle because there is no extortionate price set by the seller. The potential buyers will decide how much they are willing to spend on any vehicle.
Why go through ABSA?
ABSA is a reputable, well-known financial service provider with a great history and many happy and satisfied clients. They are a long standing company who keep to their deals and who always aim to finance those who can afford to pay them back.
They have a lot of repossessed cars on sale at auctions throughout the year and you can contact them for details of sales near you. You will definitely not go wrong in any dealings with this upstanding financial service provider.
Who else sells repossessed cars in this country?
Almost every well-known financial service provider in South Africa has repossessed vehicles that they want to get rid of. If you do not find a vehicle that suits your needs, you can try one of the following banks:
- First National Bank
- Standard Bank
You can find out about when the next auctions are by looking at the ABSA website or contacting the staff at your nearest ABSA bank for more information.
There are many auctions taking place throughout the country, including the following cities and towns:
- Cape Town
What to keep in mind when shopping for a repossessed vehicle at an auction
There are many things to keep in mind when you are shopping for second hand or repossessed vehicle. In the past, companies who sell second hand vehicles and those who sell repossessed vehicles have been known to be dishonest and to sell vehicles for more than they are worth, or vehicles that have certain flaws and problems.
It is a good idea to make sure that you are very careful about who you choose to buy a vehicle from. Make sure you go for a company, like ABSA, that is reputable and that you can trust to sell you a good car for the right price.
Visit the ABSA Bank website today to find out more on their vehicle auctions and detailed lists of what types of repossessed cars are available through them.