Buying or selling a vehicle through a second hand dealership can be a long, tedious process. There are perceptions of dishonest in second hand dealings and vehicles can take a long time to move. Prices are also set which means that they could be going for more than they are worth. If you are looking to buy a vehicle without hassle or fuss and at a good price, looking at bank repossessed vehicles is your best bet. They are most often sold at both online and real life auctions.

What does ‘bank repossessed’ mean?

Because vehicles are so expensive, most of us cannot afford to purchase one without taking out a loan. Loan repayments can also be expensive and should something befall you, you might not be able to make your loan payments in full or on time. Things like being retrenched from your job, emergency hospital bills and bad investments can mean a decreased income. Because your essential living costs come first, the loan repayment is often the first thing to be affected.

Should a client not be able to come up with the money for their vehicle loan repayments in full or on time, financial service providers will often repossess their vehicles. They will then hold the vehicle for a short period to give the client a chance to come up with the money. If they client is unable to produce the outstanding money, the bank will auction the car off to get their money back.

The benefits of buying a repossessed vehicle

Repossessed cars are often a good buy because of the following reasons:

• The vehicles are often still very new.
• The vehicles might still have their warrantees intact, saving the new owner money on maintenance.
• The vehicles might still have their service plans intact, saving the new owner on repair costs.
• At an auction, the price is not set and the potential buyers decide what a vehicle is worth.

Online auto auctions

There are auctions held by several reputable auctioneering houses all over the country, but if you do not have the stomach for the energy and tension that come with a live auction, you can auction online. You can view catalogues to find vehicles that you are interested in and even view the vehicles in person before the online auction begins. It is always dangerous to purchase a vehicle without seeing it first. You should make the effort of doing a thorough inspection in person to ensure that you know what you are getting yourself into.

SAIA (the South African Institute of Auctioneers)

You should also ensure that the company you are buying your vehicle through is registered with the South African Institute of Auctioneers. This body strives for ethics, responsibility and respect in the auctioneering process. All reputable auction houses will be registered with the SAIA to show potential customers that they offer honest, reliable service and good quality products.

Online vehicle auction websites

There are many companies who offer online vehicle auctions including the following.

• International Online Auto Auction

Because this auction is international, you should be prepared to pay for shipping costs and you should realise that you are not likely to have the opportunity to see the vehicle before you bid on it.

• Imperial Auto Auctions

This company is a reputable dealership and offer many good quality vehicles.

• Auto Trader Auction

Auto Trader Auction sells all manner of vehicles from SUVs to trucks to sedans and caravans. You will undoubtedly find something on offer that will suit your needs.

• Standard Bank Auto Auctions

Well-known and reputable financial service provider Standard Bank offers online vehicle auctions on repossessed cars. You know you are in safe, reliable hands when you go through Standard Bank.

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In today’s fast paced world where everyone has a million things to do and a million places to be every day it is essential that we each have a reliable mode of transport that we can trust to get us to where we need to be safely and efficiently. Unfortunately, because we live in a consumerist society, you can be sure that anything worth having will be costly and vehicles are no exception. There is a huge demand for good quality vehicles at a good price and making sure that you find a reputable dealer will help you find the right vehicle.

Why you should buy a repossessed vehicle over a brand new or second hand

Buying brand new

Buying a first hand vehicle is usually preferable because of the following reasons:

• New cars will have a longer life span than older cars
• New cars will generally have warranties and service plans which will help save you on maintenance and repair costs
• New cars will not have dubious pasts that you are unsure of

However, brand new vehicles are incredibly expensive and will generally require you to take out a loan with a financial service provider. Many people are not able to afford the loan payments and getting a car loan for a brand new vehicle will be incredibly difficult for them.

Buying second hand

If you are unable to afford the high payments on first hand vehicle loan fees, you could always look into second hand dealerships to see what they have to offer. Although the prices will be better at second hand dealerships, there are several downsides to shopping for second hand cars. These potential difficulties include but are not limited to the following:

• Second hand dealerships are often known to be dishonest. There are many cases where cars are sold under false pretences and new owners are left with vehicles that are older than they believe them to be, and with problems that mean high bills for repair.
• If you find a second hand dealer that you can trust, you will still never know the true past of your second hand vehicle. There might be wear and tear that the dealer and yourself have missed and you could still find yourself with break downs and damage that you will have to pay for.
• Second hand cars do not often have warrantees or service plans and you will have to cover all maintenance and repair fees yourself.

Buying from an auction

Choosing a car from a repossessed vehicle auction might be your best option for the following reasons:

• Repossessed cars have usually been taken from their first owners when they find themselves unable to afford their loan payments to the financial service provider that financed their purchase. The bank will generally auction the vehicle off to make back their money. Because of this, the vehicles from auctions will usually be quite new.
• These vehicles might still have warrantees or service plans intact which will save you money.

If you are going this route, it is a good idea to find recommended vehicle auction companies in South Africa to ensure that your sale is legal and safe.

The following are several recommended vehicle auction companies:

• Park Village Auctions
• SMD Auctions
• Aucor
• Auction Operation
• Eagle Auction
• City Wheels

The South African Institute of Auctions (SAIA)

The SAIA is an institute that aims to maintain ethics, responsibility and respect between auctioneering companies and customers. The institute looks out for the best interests of both the auctioneers and the potential customers to ensure that everything is done the right way. It is wise to ensure that the auction company you choose to buy from is a member of the SAIA.

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Everyone needs transport in order to live their lives, and using public transport or relying on lifts from others can be impractical and inefficient. You need your own vehicle in order to get the best out of your time. However, cars are incredibly expensive and you might not be able to afford to buy a vehicle first hand. Or, you might only be able to afford a smaller, less nice first hand car when you need something bigger and better.

Buying second hand

Buying a second hand vehicle might be the best option for you and your finances. However, there are many difficulties and dangers in second hand shopping. Dealerships are often dishonest and there are many instances where they have lied to buyers about the cars age, damage and condition. If you are fooled into buying a poor quality vehicle by a dishonest car sales man you could find yourself in trouble when it breaks down and you are unable to afford costly repairs.

Bank repossessed vehicles

If you would rather avoid normal second hand dealerships, you could look at bank repossessed cars. If a client has not paid their monthly loan payments, a bank may repossess their vehicle. The bank then sells these vehicles on to auctioneers like SMD. Many of these vehicles are in good condition with their warranty’s and service plans still intact. SMD auctions might have several repossessed cars on offer.

SMD

SMD is a well known, reputable second hand vehicle dealerships with many cars of a variety of makes, models and ages in a variety of conditions on offer. They have a daily sales method as well if you do not have the stomach for the excitement and stress of an auction. SMD sells cars from major insurance companies and individuals back to the public. They consider themselves ‘pioneers of the salvage industry’ and do a very brisk trade both at their auctions and through their daily sales.

About SMD auctions

SMD auctions are some of the largest in the country with many buyers and many cars present. It is possible to find a bargain at the auctions as the buyers determine what the price will be. You can pay in cash or speak to one of the sales staff about financial assistance. You can also view the cars that will be up for auction on the SMD website and prepare yourself for the auction. The auctions take place regularly across South Africa and you can view the website or contact SMD staff for the specific dates.

SMD will not be able to assist you with any vehicle repairs but they could offer advice or steer you in the right direction. If you wish to participate in the bidding at the SMD auctions in South Africa, you will have to register. This can be done at 9am on auction day or any time during the auction. Auctions will start at 10:30am. According to SMD, one car is sold every minute, making SMD a trusted and well used second hand dealership where bargains can be found every time. There are no reserved prices and you can decide what you will pay. There are two types of SMD auction: repossessed vehicle auctions and salvage vehicle auctions.

If you wish to participate, you can view the vehicles that will be up for auction from up to two days before the auction takes place. You can bring someone with you to give you a quote on the repairs the vehicle might need. If you have any questions or require any help, there are always staff available to answer your questions. You will also have to pay a registration deposit of R5 000 which will be refunded to you in full if you do not make a purchase.

SMD Auctions in South Africa is an original post from: Car Auctions Africa

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What is a repossessed vehicle?

A repossessed vehicle is a used car that has been put into the ownership of the lending institution that financed it. This happens when the person who previously owned the car defaults on loan repayments, violates the terms of the agreement, or is no longer able to pay the monthly installments. When this happens, the lending institution is awarded a court order to repossess the vehicle into their possession and sell it to regain any money they have lost. These cars are usually sold on auction through auction houses such as Burchmore’s and Aucor. Auctions are held on a regular basis around the country.

What makes repossessed vehicles so cheap?

When it comes to selling off repossessed cars, banks and other lending institutions are more concerned with making up for any money lost than selling the car at a profit. This means that good quality cars often sell for far less than they are actually worth, depending on how much the previous owner still owes on the vehicle.

This gives you the opportunity to buy repossed vehicles and sell them for profit, as you pick up bargains on auction and sell them for a more book-worthy price.

How can I sell my vehicle for profit?

You can try trade in the vehicle at a dealership, as this is the most convenient way to sell the vehicle you have bought. However, the dealer will be essentially taking a portion of your profit and you may not even make much of a profit! Essentially, using a dealer is using a middle man; he provides the service for you of selling the car to a private buyer but he will not pay as much for your vehicle as a private buyer would.

The way to make the most profit on your purchase is to sell straight to the public. You can advertise the car for sale on community noticeboards, in newspapers and other publications, or online. The cheapest way to advertise can be by advertising your vehicle on online classifieds such as Gumtree -www.gumtree.co.za.  On Gumtree, it is easy and quick to post an ad for free. You can include the vehicle details as well as your contact details and pictures. If you are selling a worthy vehicle at the right price, watch the offers roll in!

Hints and tips for buying on auction 

• Especially of you plan on selling the vehicle for a profit, you need to ensure that you are actually getting a good deal. To do this it is essential to do your research about the vehicle you intend to buy.
• Before you attend the auction, study the list of cars that will be sold on that day. Look for what appears to be a good deal, then look up the prices being charged at dealerships for similar models. If the prices are significantly higher for similar cars sold at dealerships, the car may be worth buying to sell at a profit.
• Get to the auction early so that you can thoroughly inspect the car you are interested in buying. If you don’t know much about cards, bring along someone who does to help you check the care from top to toe to look for flaws or imperfections.
• You need to register with the auction house before you are allowed to bid on auction. You need to bring along a bank guaranteed cheque or credit card with you to pay the nonrefundable deposit required. Bring along some form of identification and check before the auction what the bidding requirements are for that particular company.

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Police vehicles that are deemed out-dated are sold on auction by the government. The police force renews its vehicles once in a while, and instead of storing the old police vehicles (which would cost the government money). The government has a yearly budget to cover the expense of new police cars, meaning that the old vehicles can be sold to the public. These cars are sold on auction for very reasonable prices.

The vehicles sold on auction will often go for below-book value, as the government is more concerned with selling off the car than making any profit on the vehicle. Auctions are a great way of getting rid of these vehicles to make space in the parking lots for the new police cars. This is good news for the consumer, as people who attend used police car auctions can take advantage of these lower prices. In fact, car dealership representatives often attend these auctions to find vehicles to sell to the public for profit. Essentially, buying used cars on auction is a way of cutting out the middle man, as auctioneers take much less commission than do regular dealerships.

Another reason why it’s cheaper to purchase used cars at police vehicle auctions is because the government buys these cars in bulk, meaning that they pay less for the cars than an individual would at a dealership. Because the government gets a good deal on the car, they are able to reciprocate and sell the car as a good deal to the public when it is no longer in use.

The majority of police cars sold on auction are in relatively good condition, with well-maintained engines and other parts. Because police vehicles are renewed every few years, the police cars sold on auction also shouldn’t be more than a few years old. If you are not interested in the model of the police car, you could always take the car apart and sell the parts that are in good condition. In this way, you can make a profit off police cars sold on auction. If you find an extra good deal, you can also sell the entire car privately to make some money off your auction purchase.

How do I find police cars sold on auction?

It is unlikely that the police department will want to spend money on advertising upcoming auctions, so it is best to consult major auction companies to ask when the next auction events will be held. In the Western Cape, ClareMart Auction House has been awarded a contract to deal with the disposal of government vehicles. Another way to find police cars on auction is to consult auction classifieds or to conduct an online search.

Tips for buying on auction

• Before you decide to buy a car on auction, attend at least one auction beforehand so that you have an idea of how the process works and can feel more comfortable in your bidding.
• If you don’t know much about cars yourself, bring along someone who does to help you inspect the car you are interested in to assess its condition.
• Set a budget. Auctions are an exciting way of buying, but don’t get carried away with your bidding. Decide what the car is worth and how much you want to spend on it and don’t go above this amount.
• Before you attend the auction, get a list of the cars that will be on sale. You can then decide which cars you are interested and you can do thorough research on the vehicle before you buy. Compare the asking price to similar models so that you can be sure you are getting a good deal.

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When people default on vehicle finance payments, their cars will be repossessed by the bank or lending institution. These vehicles will then be sold on auction. One of the benefits of buying in auction is that you can often find good cars for reasonable prices because the banks are more concerned with covering any losses incurred rather than aiming for high profits.

If you are looking for some of the best deals on wheels, try these top vehicle auction dealers in SA to find the right car for you:

Burchmores

For over 99 years, Burchmores has prided itself in buying and selling cars on auction to the public. Burchmores was founded in 1911 as JC Burchmores and it became one of the first companies in South Africa to allow people to both sell and buy a wide variety of vehicles on an auction platform.

The first ever Burchmores auction saw 10 cars being sold; but today the company sells over 50 000 cars per year both on and off the floor. Burchmores are the largest company remarketing vehicles in South Africa, with a turnover of R1 Billion per year.

Aucor

Another of the top vehicle auction dealers in SA is Aucor, a company with over 40 years of experience in the industry, having been founded in 1968. Aucor have extensive reach throughout Southern Africa (including Botswana, Namibia and Lesotho) and offer not only an auction service to buyers and sellers, but also extend to provide logistics, transportation, finance, pre sales support, post sales support, consultation, insurance salvage and professional assets appraisal. Aucor is also the only land-based auctioneer which operates an online auction service.

These services are provided by 12 full-time auctioneers as well as a host of other service professional employed by Aucor.

With an international database consisting of over 98 000 sellers and buyers, Aucor have also extended a global network of auctioneers around the world to allow for international operations.

City Wheels

In the early 1990′s, City Wheels took note of the fact the vehicle auctions have become a major way of selling and buying cars, and have grown into South Africa’s largest independent car auctioneer. City Wheel’s car auctioneering warehouse in Pretoria is the biggest in South Africa, storing over 150 bakkies on car on display. City Wheels sells over 300 cars per month, many of which well below their market prices. They also employ 5 professional consultants to assist both buyers and sellers. Finance for approved buyers of City Wheels’ deals is available through Wesbank and ABSA.

City Wheels is a South African Institute for Auctioneers member and was awarded a Golden Dealer status on 5 occasions form ABSA Bank.

Park Village Auctions

Jack Lazarus and his sons Roy, Dean, and Clive founded Park Village Auctions in 1983. Over the last 20 years and more, this independent auctioneering company has earned a prominent position as one of South Africa’s premier auctioning firms. As a family business, Park Village Auctions prides itself on commitment to the auctioneering industry as well as integrity all work relations.

Park Village Auctions have a nationwide network, with branches all over Southern Africa. Park Village Auction branches can be found in:

* The Eastern Cape
* The Free State
* Kwa Zulu Natal
* The Northern Cape
* The Northern Province
* The Western Cape
* Botswana
* Swaziland and Lesotho

The company has also established Park Village Africa (Pty) Ltd., as a means of  broadening their African footprint.

Imperial Auto Auctions

Imperial Auto Auctions (IAA) is a relatively new auction company, created to service MFC (a division of Nedbank and one of the largest vehicle finance houses in South Africa). IAA is a division of the Imperial Group and is listed on the Johannesburg Stock Exchange. The company is also part of the Imperial Group’s Tourism and Car Rental division.

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When people are unable to meet the necessary monthly instalments on their car purchases or default on these payments, these cars will then be repossessed and sold on auction to help the bank cover any losses incurred.

What are the advantages of buying a repossessed car? 

• When a bank is auctioning off a repossessed car they are not looking to make a profit; they only want to recover any losses or the remaining amount owed on the car. This means that these cars often sell for very low prices.
• Because the banks want to sell off the cars quickly, it is usually easier to get financing for repossessed vehicles than it would be for ordinary car purchases.

Where can I find cars repossessed by Wesbank?

There are public Wesbank car auctions in Cape Town as well as other major cities such as Port Elizabeth, Bloemfontein, Gauteng and many other parts of South Africa. If you are interested in attending a repossessed car auction, you can view the cars on offer one day before the auction to see if there are any vehicles you are interested in, although these lists are subject to change on the actual day. You can even secure financing for the vehicle before the actual event.

• Every Wednesday and Saturday, Burchmore’s host an auction of repossessed vehicles at Marconi Cresent, Montague Gardens, Cape Town. For more information, call (021) 551 2320
• Every second Wednesday, Wesbank auctions off repossessed vehicles in Cape Town at the Aucor Auction House (Aucor Park, 17 Dacres Ave, Epping 2, Cape Town) at 10:30am. For further information, call 021 534 4446.
• You can also contact Wesbank directly to ask when the next public auction in Cape Town will be held. You can also visit your local Wesbank branch to make an enquiry.

Tips for buying repossessed cars on auction

• Cash is not accepted at auction events, so you have to come prepared with a ban guaranteed cheque.
• Look for an online auction guide if it is your first time attending an auction, or bring an experienced auction-goer with you.
• You are not allowed to test drive any vehicles on the day, so make sure that you know a bit about cars yourself or that you bring along someone who does. You will need to thoroughly inspect the car you are interested in to ensure that you are actually landing up with a good deal rather than a junk heap.
• Look out for the auction personnel who are there to help you when viewing the different cars on offer.
• Consider attending one or two events before actually bidding so that you can get an idea about the proceedings.
• Before going to an auction it is important to conduct research to compare the car you are interested in with similar vehicles on the market. When you come to a car auction knowing what you should be paying for the car you will be well-equipped to make a good buy. To do this, simply look online at cars for sale or visit your local dealership for further insight.
• Remember that any vehicle to buy is subject to Value Added Tax (VAT) that will be added on after the sale has been made so be sure to prepare yourself financially for this.
• Have fun! Finding a good car deal from a Wesbank repossessed car auction should make you smile so go out and there and enjoy yourself!

Public Wesbank Car Auctions in Cape Town is an original post from: Car Auctions Africa

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What are bank assets?

Bank assets refer to what the bank owns; the financial and physical property of the bank including reserves, investment securities, loans, and physical assets (such as buildings, furniture, land, equipment etc.). At most banks, the largest asset they own are loans which generate revenue through interest paid by the borrower. These loans are the legal claims that banks have against the property of wealth of people they have lent money to. Loans can be given to consumers (as personal loans, home loans, car finance, credit cards) or businesses (capital investment and real estate development loans).

What purpose do bank asset disposal centres in SA serve?

A bank will dispose of physical assets that have been repossessed when a borrower defaults on a loan. As a financial services providers, banks repossess vehicles and other assets from people who can’t afford the regular monthly instalments, from people who have abused the lending  terms and conditions, or from people who have listed the asset as a security against their failure to pay what is due on the loan amount.

As more and more people today find themselves in financial difficulty in the midst of a global recession, assets that they could previously afford to pay off are now out of their reach. This means that the bank who loaned them the money to finance this asset needs to recover their loss by taking the asset back into their possession and selling to recover the amount still owing on the loan. There are a number of bank asset disposal centres that sell or auction off bank assets. These items are often sold at very reasonable prices as the bank is more concerned with recovering lost money than making a profit.

Where can I find a bank asset disposal centre in SA?

When it comes to buying deals on wheels, repossessed vehicles are usually sold on auction in the major cities. Auctions are held weekly at auction houses such as Burchmores and Aucor. You can also contact the bank directly to see where and when the next sale will take place and what assets they have available. Another option is to try the online resource My Cars, www.mycars.co.za, where you can find a listing of the vehicles different banks have up for auction.

If it is a good property deal you’re after, try My Roof (http://www.myroof.co.za) for a listing of bank repossessed property. At the top of the homepage you can click on the name of a bank (Standard Bank, Absa, or FNB) to choose which bank repossessed assets you would like to view. You can also find an online listing at Property Seekers (http://www.propertyseekers.co.za/bank-repossessed-houses) which has a special section dedicated to property that has be repossessed by the bank. You can also ask your local estate agent if they have any repossessed properties selling through their agency.

The most significant benefit of buying repossessed bank assets is most certainly the price. However, it is important to still be discerning when buying to make sure that the deal is as good as it looks. Inspect the property you want to buy carefully, as there may be defects that don’t immediately meet the eye. It is also important to compare the price of the asset against similar offerings on the market so that you can get an idea of what you should be paying on it. If the deal is a go, don’t hesitate in making a move – if you’re getting a good buy, you won’t be the only one who recognises it! Keep a close eye on bank disposal centres so you can take advantage of competitively priced bank assets.

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Firstly, is it completely necessary for you to purchase a vehicle at this point in time?  If you have a bad credit history and creditors have made judgments against your name, then you have to consider if it is a good idea to take out further debt before you clear the debt that you already have.

Secondly, if it is completely necessary for you to get a vehicle at this particular moment in time, ensure that you do not go and purchase a vehicle that you cannot really afford. If you are in debt and need a car, it is best to get a vehicle that will not take a lot of money in upkeep and will be fuel efficient.

Thirdly, you need to consider the other expenses that are associated with purchasing and owning a vehicle. You will not only have to pay for petrol or diesel, but insurance on your vehicle, as well as maintenance costs. This can cause even the person with the best intentions to fall behind on their monthly payments because they did not factor in these other expenses.

Fourthly, the majority of creditors willing to provide a loan to a person with a bad credit history will have terms and conditions and fine print which is not explained properly to you. Although the Consumer Protection Act has been put in to place to try and safeguard consumers against fine print and terms and conditions that they do not understand, not everyone understands their rights. This can therefore lead to consumers ending up in a worse situation than they were ever in as many creditors will require you to use one of your assets to secure the loan. This means that they will require you to place something of value against the loan amount in question, such as a property. Should for any reason you not be able to pay for your monthly instalments, your creditor will have the right to take ownership of you property and sell it in order to make their money back on the loan amount.

It is therefore recommended that you never take out a secured loan from one of these institutions, but rather take out an unsecured loan. You will most likely end up paying more in interest for an unsecured loan, but you will have piece of mind knowing that should you default on the loan, you will not lose your home.

Fifthly, should you need a car urgently, why not consider a rent-to-buy option whereby you rent a car on a month to month basis. At the end of an agreed upon period, you will be able to say if you would like to purchase the vehicle. This option is fantastic for those of you who have debt as should you not be able to make a monthly payment, all you have to do is return the car to the dealership and they will rent it out to someone else. It really is that simple.

Lastly, if you can get a debt consolidation loan and clear all of your debt and clear your credit history of any judgements before taking out a loan, this is the most responsible idea as it will safeguard you against being taken advantage of by loan sharks as you will more than likely be able to get a loan from the banks.

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1.   Buy at the end of the month

One suggestion is that you should look to purchase a car at the end of the month ideally when we are moving in the next quarter. The reason people have said this is because car dealers have quotas which they have to meet and therefore the idea is that if you go just before the end of the quarter, the salesman will want to make enough sales to meet their quota and therefore will give you a better deal on the car. To try and capitalise on this even further, they say that you should wait until the end of the day on the last day of the quarter to get the very best deal possible.

2.   Visit a dealership on a rainy day

This may sound completely bizarre but the idea is that there will be little or no buyers in the dealership. As car salesman are looking for the best way to convince a person to buy a car from them, they will apparently give you their undivided attention on a rainy day as there will seldom be other people in the dealership.

3.   Purchase during the holiday season

The idea behind this is that vehicle sales generally drop during the festive season and therefore the dealerships will be more competitive and try and get you the best deal possible. If you combine this with the end of the month, at the end of a quarter, then they say the chances that you will get an unbelievable offer are higher.

4.   Visit a dealership at the beginning of the week

People claim that if you go shopping around for a vehicle in the first few days of the week, you will most likely get a better deal. The reason for this is that the majority of people who are looking for cars do so over the weekend and therefore if you were to attempt to make a deal the chances are slim. However if you go on a Monday when there are fewer people in the dealership, there is a chance that you will receive a better deal instead of having the salesperson walk off and serve someone else.

5.   Purchase a year end model rather than a new one

If you purchase a year end model, the idea is that you will save money as people lose interest on vehicles once a newer model has been introduced. In addition to this, car salesman will apparently want to sell of the older models in order to make space for the newer models and therefore will give you a better deal.  What is more is that once a newer model has been designed and is in the process of manufacturing the new model, production on the older model ceases. This means that the car dealerships will want to get rid of the older models faster.

6.   Look for repossessed vehicles

With the economic downturn that occurred, many people unfortunately defaulted on their vehicle repayments. Therefore the banks took their cars back in to possession and sell them on auction for greatly reduced prices as they are only trying to make back the money still owing on the vehicle.

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