For those looking for some of the best deals on wheels, try Standard Bank repossessed cars sales to find bargain buys as your next used car. In the current harsh economic climate, many people are forced to give up their assets as they are unable to make the necessary payments. This means a growing market for repossessed vehicles that are sold for pocket-friendly prices. In South Africa, over 1200 cars are repossessed every month because people can no longer afford to pay for the car they initially set their sights on.
Why are vehicles repossessed by Standard Bank?
A financed car will be repossessed by the bank if the owner neglects to or is not able to make the required payments with interest. Standard bank loaned the person money to b
uy the car, but if they are not receiving this money back they will be forced to take the car back into their possession. The subsequent sales from the car will be used to recover the money owed to the bank.
Vehicles will be repossessed if the borrower does not pay monthly instalments, if they violate the terms of the agreement in some other way, or if they are no longer able to afford to pay for the car. The bank will set the starting price for the car and if the car sells for more than this amount, the car’s previous owner will be entitled to the excess balance form the sale. If the car sells for less than the starting price, however, the previous owner will be liable to pay for the difference as part of their debt to the bank.
What are the advantages of buying a repossessed car?
- When Standard Bank repossesses a car they want to recover their losses as soon as possible. To ensure that the vehicle sells quickly, the starting price is usually lower than the equivalent car would be at a car dealer or sold through a private sale.
- When you are buying a repossessed car, you are only paying for what the bank needs to recover, in other words, what is left of the debt. The bank is not concerned with making significant profit on the vehicle.
Where can I find cars repossessed by Standard Bank?
Buying a repossessed car sounds like a deal not to be missed, but where can you find these auto-trophies. Luckily there are a number of ways to ensure that you get yourself behind the steering wheel of an excellent car deal with Standard Bank repossed cars sales.
- Repossessed cars are usually sold by auction through auction houses situated in the major cities of Durban, Cape Town, Port Elizabeth, and Johannesburg, as well as at a number of other regions around the country. These vehicles are available for both private and public sale. To find vehicles on auction, enquire at Aucor or Burchmores, as these agents usually auction of repossessed vehicles on a weekly basis in major cities.
- To find cars online, My Cars is a great resource with a section specifically dedicated to cars that have been repossessed by Standard bank. Here you can view a vast range of vehicles, and refine your search selection to a particular make or other specifications. My Cars can be found on http://www.mycars.co.za/.
- You can contact the relevant connection or employee at Standard Bank to find out what vehicle are available and where they will be sold via telephone or email. You can also visit your local branch in person and ask an employee where repossessed vehicles will next be auctioned off in your area. The bank may also be selling vehicles privately.
One person’s loss can be another person’s gain, and in this case, you need to act quickly to get your hands on some of the best car deals around. As more and more cars are being repossessed by Standard Bank, you have even more available options when it comes to finding a car that best suits both your needs and your budget.