Got an idea what a repossessed vehicle is, but do not have the bigger picture? You can clearly get a picture of what repossessed vehicles are all about at www.mycars.co.za, but the underlying process will be discussed here.
A repossessed vehicle is a cancelled vehicle financing loan. The borrower signed an agreement when the vehicle financing loan was allocated to him/her, wherein the repayments were stipulated. Failing numerous times to comply with the agreement will result in repossession.
The banks always attempt to assist home owners in order to avoid repossession of a vehicle. The borrower will first receive legal notices that will request him/her to make a payment. Should the borrower not be able to pay the outstanding amount, only then the vehicle will be foreclosed and be auctioned. Arrangements for payment can also be made by home owners.
Go see for yourself on www.mycars.co.za all the repossessed vehicles listed. These will all be sold on an online auction. Can you afford to not go and peek?