Quite often, borrowers for any type of loans overestimate their material capabilities and become bank debtors. If a problem loan, for which the borrower has serious delays in payments, is a pledge loan, then the goods purchased with the borrowed funds of the bank may be confiscated.
In order to get their money back, a financial institution puts the confiscated vehicles up for sale. Despite. that the cost of such a car is much lower than the market value by 10-40%, many motorists are not able to purchase it for cash, transferring the entire amount for the goods to the seller at once and in full. That is why the bank that confiscated the vehicle offers a loan to buy it.
To do this, a potential borrower should visit the pages of the sites of those credit institutions that sell vehicles seized from bank debtors. Then he must go to the office of the selected bank with a package of necessary documents, which includes a civil passport, a certificate of income or a salary.
It must be said that the conditions for granting a loan for a confiscated car are more than favorable, and the requirements for a borrower are loyal. This is due to the fact that not every motorist wants to regularly drive a used vehicle. Also, many drivers are superstitious people. They firmly believe that since the car was confiscated once, it will definitely be confiscated again.
Most of the cars seized from unreliable pledgers are sold by creditors at auctions, therefore, after the bank approves the loan application and inspects the car, the person should write and send an application to the bank's employees to participate in the auction. Then leave a prepayment for the vehicle. These will be returned to the potential buyer if he does not win the auction.
If the auction is won, then a loan agreement is concluded between the bank and the buyer of the confiscated car on credit. In this case, used vehicles serve as collateral.
On the one hand, the purchase of a vehicle seized from the debtor on credit is a profitable financial transaction. But, on the other hand, a used car is not a new product, so in the future the car owner may have technical problems with this vehicle. Although the lenders are required to diagnose the technical condition of the car. In addition, legal problems may arise. For example, a former owner whose car was confiscated may apply to the courts with a statement of claim against a banking institution. Moreover, the car will be confiscated from the new owner before the court ruling.
