Try Standard Bank repossessed cars sales to find a bargain on your next used car purchase. In harsh economic climates people lose their vehicle assets. Because they are unable to make the necessary payments.
Auctions selling Standard Bank vehicle repossessions offer:
- Fleet Vehicles
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 their cars.
These lists of numbers are growing further after Covid 19 and lockdown. Because people are losing income and in turn facing vehicle repossession by the bank.
Why are cars repossessed by Standard Bank?
A car will be repossessed by the bank if the owner neglects to or is not able to make the payments with interest.
Standard bank lent the person money to buy the car. But if they are not receiving this money back they will take the car into their possession. The subsequent sales from the car will be used to recover the outstanding money owed to the bank.
Vehicle repossessions occur if the borrower does not pay monthly instalments. If they violate the terms of the agreement in some other way. Or if they can’t afford to pay for the car.
The bank will set the starting price for the car at auction. And if the car sells for more than this amount, the car’s previous owner will be entitled to the excess balance from the sale. Minus fees and costs.
However if the car sells for less than the starting price 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. So that the vehicle sells quickly the starting price is usually lower than the same kind of 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’s concern is not to make significant profit on the vehicle.
Where can I find cars repossessed by Standard Bank?
Buying a repossessed car sounds like a deal but where can you find these auto-trophies? Luckily there are a number of ways to 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 off 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 at https://www.mycars.co.za/.
- You can contact Standard Bank to find out what lists of vehicles are available and where they will be auctioning them. Via telephone or email. You can also visit your local branch in person and ask an employee where repossessed vehicles will next be selling 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 available.
Repossessed cars lists at the auction events will help you know what Standard Bank repo cars are for sale on the day.
This may also interest you: Find Lists of Repossessed Cars For Sale Online
As more and more cars are being repossessed by Standard Bank, you have even more available options. You can buy a car that best suits both your needs and your budget.