Repossessed vehicles added daily whilst shopping for your new car from the comfort of your computer, tablet or cell phone. Convenience doesn't get better than that plus you save thousands. Why not start searching for your dream car today?
How does it work?
R3000 refundable viewing deposit payable if your bid is accepted.
Viewing details will be disclosed once deposit has been paid.
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How does it work?
Capture pictures of your vehicle.
Confirm your vehicle details (year model, mileage, etc.)
Upload your advert using the “Sell My Car” link
When you join MyCars you immediately have access to all these terrific features:
Bank repossessed cars are assets that a financial institution has taken back from a client who has failed to pay for it. This financial institution can then decide to either keep the vehicles for compensation or sell the cars to recuperate costs and does this via means of bank repossessed auctions.
If you are facing a bank repossession due to lack of payment of your loan for an extended period, your choices are as follows:
Once a vehicle has been repossessed the owner is given a final opportunity to settle the shortfall but will still be liable for any additional administrative and legal costs. If no settlement is received by the financial institution they will proceed with the sale of the vehicle via means of an bank repossessed auction. If the vehicle owners debts are larger than the amount received by the sale of the vehicle the owner is still liable for the amount owed plus any legal or administrative costs which may have accumulated. In this scenario the financial institution may offer the owner a payment scheme to settle the remainder of their debt, if the owner is not in a position to pay off the debt they may proceed with attaching other assets the owner might have, such as furniture or appliances and so on. Repossession leads to blacklisting on the ITC system for a period of 5 years meaning the person will not be able to apply for any credit or loan amounts during this period.
Banks sell repossessed cars via physical and online auctions from various auctioneers including: