Crime is a reality. Be aware that this is happening and take note of the following:
The following guidelines pertain to reputable auction houses:
- No deposit is required to vehicles.
- All auctions will have a formal viewing day.
- All potential buyers are allowed to attend such viewing days.
- Reputable auctioneers, encourage potential bidders to attend these viewing days.
- Vehicles are reserved prior to the auction for private sale.
- Bank repo vehicles can only be sold on auction.
- No Auctioneer will ask for a 50% deposit prior to the auction. You can refer to their website for terms and conditions, regarding registration deposits.
- Genuine Bank repossessions will not be advertised with a selling price! The highest confirmed bidder will win the bid on the auction day.
- Do not hand over cash to an individual, ensure you pay your deposit at the cashier’s office on-site at the auctioneers or EFT to the respective Auctioneers banking details as listed on their website.
- Auction Finance only deal with reputable auctioneers. We advise you refer to our auction calendar to see upcoming genuine bank repo auctions taking place across SA, where we will list the Auctioneers contact details.
- Auction Finance representatives act in accordance with legislation prescribed by our Industry.
- All information requested from you will be to process a finance application and the approval vests with the Banks.
- Auction Finance will never ask for cash deposits upfront prior to an auction. Deposits will only be required as a finance condition by the respective bank.