What is Bank Repossessed Cars?

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:

Popular bank repossessed cars in South Africa include:

Latest bank repossessed cars for sale:

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