You can get deals on a number of vehicles as ABSA has a wide variety of models and brands to choose from. What is more is that expert consultants support each sale and they additionally provide easy financing options. So how exactly do you get your hands on one of these gems, the repossessed cars that ABSA hold are either sold at public auction or through a closed tender. All you have to do is contact your nearest ABSA Trade Centre and see what they have to offer.
Currently ABSA has five trade centres in South Africa situated in Bloemfontein, Boksburg, Durban, Milnerton, and Port Elizabeth. This means that no matter where you are in South Africa, you will be able to buy Absa bank repossessed cars for sale in S.A. So why should you take a look at Absa repossessed cars over any other bank is because this bank is the leading financial service provider in South Africa and unfortunately for them, this means that they have the largest quantity of repossessed vehicles in the country.
So now you have got the list of vehicles that are on offer and there is one that you are keen on, so what happens next? Firstly you have to register with one of the trade centres. Once registered, you can attend the auctions that are usually held at auction houses such as Aucor and Burchmores. However there are certain things that you need to be aware of before attending one of these auctions.
- All vehicles come as is
This means that any car you purchase at one of these auctions is sold as it is on the show room. So for example, if you purchase a car and find out afterwards that there is an electrical fault with the vehicle, then the responsibility to get it fixed. As a way in which to combat these nasty surprises, it is always advisable to take an auto electrician and auto mechanic to inspect the vehicle before you bid on it. This way you will be able to negotiate on the price the vehicle is being auctioned off at if you find a serious fault which the auctioneers were not aware of.
- You are required to pay a deposit at the auction
Unlike normal car purchases where you can purchase a car through vehicle finance without a deposit, you are required to pay a deposit on cars purchased at auction in order to secure the vehicle.
- Secure vehicle finance before attending
Should you require vehicle finance, it is advisable to get approval on finance before you attend the auction. The reason for this is because you should you be the winning bidder, you are required to purchase the car. This means that should you thereafter apply for finance and it be denied, it is your responsibility to find the money.
- Go in with a set budget
The reason these vehicles are on auction is because the previous owners could no longer afford to pay for their repayments. This is usually because these people purchased beyond their means. You do not want to find yourself in that very same position so make sure that you attend an auction with a set budget and do not go over it. These auctions can be very exciting and many people have found themselves caught up in bidding wars and then have realised that they do not have the money to purchase the vehicle.