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Nedbank repossessed car sales offer you vehicle makes and models at a lower price than the dealerships. These vehicles have been taken into repossession by the bank. Because of nonpayment or too many late payments by the initial borrower.
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Nedbank has a vehicle division called Motor Finance Corporation. That provides regular upcoming MFC auctions for the public to bid on and buy these car repossessions.
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In South Africa, there are thousands of cars being repossessed every day. Nedbank alone repossesses over a thousand cars each month and re-sells some of these models to the public.
Statistics show that a vehicle repossession loses its value by around 35 to 40%. So every time a bank has to repossess a car in this country they are losing money.
Nedbank Repossessed Car Sales
Vehicles that Nedbank repossess are for sale to the general public at auctions. It’s a good way to buy a car at a cheaper price than you may pay at a regular dealership.
These auctions are organized and run by MFC which is a division of Nedbank limited.
Here is a simple process of how to buy a car at an MFC auction:
- Browse vehicles in the auction catalog
- Sign up to allow you to partake in the auctions
- Register for an upcoming auction (deposit required)
- Join the live auction event
- Pay for and collect your vehicle
You can download the catalog of vehicles online which shows you images of the cars for sale. Other details include the make, model, year, and mileage.
At these auctions, there is a variety of car and bakkie repossessions on offer. Toyota, Ford, Audi, Renault, BMW, Hyundai, and Volkswagen just to name a few.
When you first sign up with MFC you are going to have to provide certain documents. These include a South African ID, Proof of residence, and your bank details.
So once you finish the signing up process you can then register for an upcoming MFC car auction. Keep in mind that you have to pay a deposit to register for an auction event. These details will be given to you to pay your deposit into the correct Nedbank account.
After that, you can then register for the live vehicle auction event.
For details and information on how to sign up and register for the upcoming bank repossessed car auction events visit this website: https://www.mfcauctions.co.za/
You can also call the MFC Auction House in South Africa at (011) 879 9321
Nedbank (MFC) Online Car Auction Events
You can buy a car online at any upcoming MFC vehicle auction event. Therefore you don’t even have to leave the comfort of your home to bid for and buy the model you are interested in purchasing.
So whether you are in Johannesburg, Pretoria, Durban, or Cape Town you can still register to buy a Nedbank repossessed car at an online MFC vehicle auction.
When you have finished signing up and registering you can join the online auction live. So that you can place bids on the vehicles in the auction.
The auctioneer begins the bidding process and you place bids live. So you must have a good internet connection that doesn’t keep disconnecting. Our advice is to register for an auction via a laptop or pc and not with a mobile phone.
If you win the bid on a certain vehicle it’s just a matter of you paying the balance, minus your deposit. And the car is yours. Ready for you to collect.
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Bidding for cars online can be exciting. However, you need to be cautious so that you don’t get caught up in the excitement and start making mistakes.
- Make sure your Internet connection is strong
- Browse the car auction catalog thoroughly
- Never spend more than you can afford
- Don’t try to outbid anyone in spite
- Get all the information you can about a vehicle
A strong Internet connection is necessary. Because you do not want to lose out on the bidding due to a connection drop. And in South Africa, we have load shedding. So keep that in mind.
Make sure you browse the latest online car auction catalog thoroughly. So you know you have seen all the cars available for the auction you have registered for.
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In summary, buying a Nedbank repossessed car can be a smart way of purchasing your new wheels.
So have a look at the MFC auction site to get more details on the registration process and how to participate in the upcoming auction events.
In addition, if you want finance for the vehicle you are thinking of buying it may be best to work out your affordability beforehand. To work out a budget and calculate your installments visit the Nedbank vehicle finance webpage here.
How do I buy bank repossessed cars in South Africa?
To register for a repossessed car auction, you need to put down a deposit of between R5,000 and R7,000, which is refundable if you don’t buy a car during the auction.
If you are a South African, you need to provide the auction house or the bank with proof of residence and a copy of your identity document.
Are repossessed cars cheap in South Africa?Now, you may have heard that the purchase price for repossessed cars is affordable, and that’s true. Repo vehicles are more affordable in comparison to a car you may find at a dealership. This is because as the consumer, you are buying the vehicle “as-is”
What happens to bank repossessed cars in South Africa?
Once a car has been repossessed in South Africa, it falls under the responsibility of a creditor who will send it to an auction house to be sold in order to cover the outstanding amount owed by the initial owner.
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How many cars are being repossessed in South Africa?
The present rate of repossessions are said to be between 5000 and 7000 per month nationally, between all the banks.Multiply that by 12 months and it equates to the car and finance market losing 60,000 to 84000 clients per year. The problem with most defaulters is that they suffer from “ostrich syndrome”.
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