If you want to find repossessed vehicles at Nedbank auctions, then you need to know where to look. Your first point of call should be the Nedbank website at www.nedbank.co.za. On this site, there is a list of some of the bank repo properties that will be going up on auction.
If you are unsure of what exactly a repossessed vehicle is. Basically what it means is that the previous owner of the vehicle purchased the vehicle by means of finance from the bank. However they neglected to pay back their monthly instalments on the vehicle financing. So the bank repossesses the car.
These vehicles offer great value for money as the banks are only trying to recover what is still owing on the vehicle. As a result they will get an auction house such as Burchmores or Aucor to auction off the vehicle. Usually at one of their weekly auctions that are held nationwide. There are however some important bits of information that you need to know before you go to an auction.
Repossessed Vehicles at Nedbank Auctions
All vehicles at auction come “as is”
This means that if you buy one of the repossessed vehicles on offer. Then find a fault with the car after you have purchased, the responsibility is yours to fix it.
You cannot take a faulty car back to the auctioneer if there is something wrong with it. As you would be able to had you bought from a dealership.
Although this may sound harsh, it is necessary as there are thousands of cars that are auctioned off weekly. Therefore as a result, Nedbank does not have the time or money to spend fixing the vehicle. This therefore leads me to my second point.
Take someone with you to inspect the car
As mentioned above, the cars come as is. It is therefore imperative that, before you raise the paddle to bid on any vehicle that may take your fancy, you should take an auto electrician or mechanic with you. To view and inspect the car before the auction begins.
There is usually a day that is held either a day or two before the auction in order to view and inspect the vehicles.
You cannot test drive the car
If you are thinking that you can test drive a vehicle on auction before you purchase it, then you would be wrong.
It is therefore important that you test drive the same vehicle from a dealership before purchasing. To ensure that what you are spending your hard earned money is not a waste of money.
You have to have a deposit
Unlike buying a car from a dealership, you have to have a deposit to put forward on a vehicle that you want to purchase. This deposit secures the vehicle for you if you are still awaiting finance approval.
If you purchased a car from a dealership on the other hand. You would be able to take the car without a deposit and would have to pay a balloon payment at then end of your installment period.
The reason the cars that you are bidding on at auctions are so far below market value is simple. It’s Because the previous owners could not afford to pay for the finance repayments anymore.
One of the main reasons that this happens is because people purchase cars out of their price bracket. So when you attend an auction, you have to go in there with a fixed amount in mind. The price that you are willing to spend if you find repossessed vehicles at Nedbank auctions.