Benefits of Buying FNB Repossessed Cars

In 2008, during the recession, statistics were published that stated that each month approximately R560 million in vehicle repossessions occurred. The main cause of repossession can be attributed to the fact that people often buy beyond their means.The amended National Credit Act makes it even easier for individuals to get longer terms for their car loan repayments. This has led to many individuals overestimating their ability to afford to repay the loan. When unexpected events occur and the individuals are unable to pay their instalments, that’s when the bank steps in. Every time banks repossess cars, the cars lose approximately 35% of their value. This is why the banks will do whatever it takes to try and avoid any more losses.

Many banks will often try to sell the cars at various auctions around the country. The banks selling these cars want to get rid of them as soon as possible in order to minimise their losses and avoid further expenses in the form of maintenance and storage.

This is how ordinary South Africans can gain access to FNB Repossessed Cars.

What are the benefits of buying FNB Repossessed Cars?

The process may be risky, but there is a wide variety of vehicles to choose from.

You may get a good car at a great price that is in good condition. You get great value for money because repossessed cars are often sold for much less than they are worth. You can end up saving quite a lot of money because some brands lose value faster than other brands.

There is no need to pay any administration fees – you simply buy the car as is.

The factory warranty may still be in use.

You may get the opportunity to arrange to view the vehicle in person before you place a bid, so you can make an informed decision.

Visit www.fnb.co.za for more information about FNB Repossessed Cars.