News / Personal Finance /
Private Car Sales / April 2008
Safest Way Of Selling Your Car Privately
Buying or selling a car privately is never easy – especially with
personal safety concerns, fraud, theft or the fact that customers
simply do not know how to approach it or have limited knowledge of
the risks involved.
Media reports highlighting the risks of selling or buying vehicles
privately with customers being ripped off or being sold unroadworthy
vehicles have only illustrated the pitfalls and dangers of private
However, with the interest rate hike making itself felt, many people
are left with no other option other than to sell their cars
According to Marcel de Klerk, Managing Executive of Absa Vehicle and
Asset Finance, the bank has found that customers are finding it more
difficult to service their debt.
“Downgrading their vehicles is one of the options available and
customers may see selling a vehicle privately as the only way out,”
have always encouraged customers to work through authorised dealers
not only to avoid being victims of fraud but also providing access
to services at low cost.
"This is why Absa has introduced a “Private Deals” concept only
available via Absa accredited dealerships with trained staff.
“Customers, whether they are buyers or sellers, will have a safe
place to conclude a private transaction – and this is the
"They will also have access to the services of a specialist on the
dealer floor, receive guaranteed payment as buyers will go through a
credit check and have peace of mind on the mechanical condition of
the vehicle as it will be tested and checked. Any repair work will
be highlighted and be fixed at a fee by the dealer,” explains de
“Our main concern has been around security for the customers and
simplicity of process. Convenience is key as the dealer performs
all administration legwork from testing and certification to
licensing and registration.
"Customers will also benefit by achieving a sale price for their
vehicle that may not be generally available,” said de Klerk.
process is simple. Sellers take their car to one of the dealerships
offering Absa’s Private Deal. The car will be checked thoroughly
and if the quality is acceptable, it will be placed on a dedicated
Private Deals website if the seller does not have a buyer.
the seller has a buyer, the buyer will go through a normal credit
check and arrange bank finance via the dealer should it be required.
“There will be no risk in cash transactions, no meetings with
strangers in insecure places or dodgy situations. This basically
takes the risk out of private deals.
“Considering the impact of the high interest rate on customers,
especially on the lower end of the market, this offer can be used to
encourage existing customers in financial distress to sell their
vehicle, mitigate bad debts and preserve their credit rating,” said
also strongly believe that this offer can help stimulate a lagging
second hand vehicle market. We consulted widely and engaged with
the motor industry leaders before taking the decision to take this
offering to the used vehicle market.
have formal agreements with about 100 used vehicle dealerships which
were chosen based on long standing relationships, geographic
location as well as proven integrity and track record.
a market suffering the effects of inflation and continued interest
rate hikes, we took a decision to make more options available – both
to customers and dealers.
"Not only will this offering make customers more secure, it can help
generate deals that would not normally happen and create movement in
this market,” said de Klerk.
find out more, visit
or call 0861 727 227.
Source: ITInews – Insurance
Times and Investments Online