Sources of repossessed cars in S.A are abundant however the best place to look for these repossessed cars is through your bank. Repossessed cars refer to vehicles that have been taken back in to possession by the bank through which a defaulting lender obtained credit to purchase the car. A defaulting lender is a person who has not kept up to date with the repayments that are due on vehicle finance obtained from a bank.
For those of you who are interested in purchasing a repossessed vehicle and are looking for sources of repossessed cars in S.A then here is a list of places that you can look:
- Wesbank is one of South Africa’s leading banking groups and they have a website dedicated to the repossessed cars that they have. If you visit www.wesbank.co.za and search for repossessed cars, this site will not only provide you with valuable information about purchasing a repossessed vehicle, but also will direct you to a link where you can view the list of repossessed vehicles that they have in possession. The majority of the repossessed vehicles go on sale through auction houses such as Burchmores and Aucor and with branches nationwide, it means that you can get a deal on one of these repossessed cars all over the country.
- Absa is the leading banking group in South Africa and like Wesbank, they also have a large quantity of repossessed vehicles in their possession. Unfortunately due to the fact that they are South Africa’s leading bank, it means that they also have the largest quantity of repo cars as they provide vehicle finance to thousands of South Africans annually. Due to the credit crunch and other extenuating circumstances, many of their lenders have defaulted on their car loans and therefore their cars have been taken back by the bank. For those of you who are looking to capitalise on this situation, then visit www.absa.co.za as there is a list of their repo cars available on their website.
- Online car portals are also a great source of repossessed cars in South Africa as they realise that consumers are afraid of purchasing repo cars at auction due to the fact that they are not covered by the Consumer Protection Act. Therefore there are a number of sites out there that have purchased these repo cars from the auction houses and are selling them to consumers at a higher price than they would’ve gotten from an auction, but with the value of being covered by the Consumer Protection Act. Some of these sites include:
- Car dealerships have also cottoned on to the fact consumers are weary of purchasing cars without the protection of the Consumer Protection Act and they have also begun purchasing repo cars at auction for sale in their dealerships. The security that these dealerships offer is that the “as is” policy no longer applies and therefore consumers will have any scary surprises once they have purchased the car. What is more is that you can test drive the vehicles which you cannot do at an auction so you can really get a taste of what the car is like before you commit to it.
Repo cars offer their purchasers great deals and discounts on some of the best brands. What is more is that the majority of the vehicles are in fantastic condition and they have low mileage which means that their value for money is exceptional. So if you are interested in taking a look at what there is on offer, either visit your bank and ask them for a list of their repo cars, take a look at their website, or visit one of the online and normal dealerships that trade in repo vehicles.