Repo cars and vehicle repossessions taken back by the bank and other financial credit providers are usually stored in a warehouse where they are kept for a certain time period. After that time period has elapsed the various vehicles are serviced and valeted before being sold at cheap prices to the general public most commonly through the auctions. There are literally thousands and thousands of repossessed cars, bakkie’s, pick-up trucks, caravans and motorcycles being taken back by the banks and finance companies on a daily basis.
Lists are kept of repo cars and vehicle repossessions which give a potential buyer a view of prices, makes and models and are often available to those intending on visiting the auctions to give a more accurate idea of exactly what will be auctioned and sold on the day. These lists are not often displayed on the websites but rather available as a special request by email or from a download link. They are especially helpful for those wishing to attend a second hand auction and bid on certain items as they give a clearer indication to what types of vehicles will be auctioned on the day.
Showrooms are set-up to allow the general public to view items up for bidding at certain time periods before any event and bidding begins. Vehicle finance is often available to apply for at repossessed vehicle auctions and normally arranged by the major banks in the country. Caution needs to be taken when looking to buy a car or motorcycle that has had a previous owner and been taken by the bank due to non-payment. The chances are good that the driver may have been struggling with bad debt and not only threatened several times by the bank over a certain time period, but also possibly neglected to maintain and have repairs carried out. Having said that, many bargains can be picked up from the sales of repo cars and vehicle repossessions around the world.