Your Gateway to Buying Quality Repossessed Cars
Our regular repossessed vehicle auctions in Nairobi present a prime opportunity for savvy buyers to acquire quality vehicles at highly competitive prices. These auctions, managed by Swipe Recoveries Experts Ltd, feature cars, trucks, and commercial vehicles repossessed by leading financial institutions like banks and SACCOs. The process is transparent, public, and conducted in strict accordance with Kenyan law, offering a legitimate and exciting way to purchase your next vehicle. Whether you are a first-time buyer looking for a bargain or a dealer sourcing inventory, our auctions provide a diverse selection of vehicles. We ensure a professional and organized experience for all bidders from our central hub at International Life House, Nairobi.
Legal Basis: The Hire Purchase & Chattels Transfer Acts
The process of vehicle repossession and subsequent auction is legally grounded in specific Kenyan laws, primarily the Hire Purchase Act (Cap 507) and the Chattels Transfer Act. These statutes govern the agreements between lenders (like banks) and borrowers when a vehicle is used as security for a loan. When a borrower defaults on their payments, these laws provide the legal framework for the lender to repossess the asset to recover the outstanding loan balance. The Acts stipulate the conditions under which a vehicle can be repossessed, including the requirement for the lender to provide adequate notice to the borrower.
Crucially, the law also grants the borrower a 'right of redemption,' allowing them to reclaim the vehicle by clearing the arrears and associated costs before the auction takes place. If this right is not exercised, the lender has the legal authority to sell the vehicle through a public auction to the highest bidder. Swipe Recoveries Experts Ltd acts as the agent for these financial institutions, ensuring that every step, from repossession to the final sale at auction, is compliant with these statutory requirements, protecting both the lender and the buyer.
How to Participate: A Step-by-Step Guide for Bidders
Participating in our repossessed vehicle auctions is a straightforward process. Following these steps will ensure you are well-prepared to make a successful bid.
Step 1: View Auction Listings
We advertise all upcoming auctions in major Kenyan newspapers (like the Daily Nation and The Standard) and on our official website. The advertisement will list the vehicles available, including make, model, year, and registration number.
Step 2: Attend the Viewing Day
We hold designated viewing days before the auction date. This is a critical step. It allows you to physically inspect the vehicles you are interested in. All vehicles are sold on an "as-is, where-is" basis, so it's important to assess the condition yourself or with a mechanic. During the viewing, you can start the engine but not test drive the vehicle.
Step 3: Register for the Auction
To bid, you must register on the auction day. This requires a valid form of identification (National ID or Passport) and a refundable bidding deposit. The deposit amount is typically between KES 50,000 and KES 100,000, payable via a banker's cheque or direct bank transfer. If you do not win any bid, this deposit is fully refunded.
Step 4: The Bidding Process
The auctioneer will present each vehicle, state the starting price, and invite bids. To bid, you raise your bidding number. The vehicle is sold to the highest bidder when the hammer falls. If you are the winner, you will be required to pay a portion of the purchase price immediately (usually 25%) and the balance within a stipulated period (e.g., 7-14 days).
Understanding the Costs for a Winning Bidder (KES)
Budgeting correctly is key to a successful auction purchase. Beyond the final hammer price, there are a few other costs to consider:
The Hammer Price: This is the final winning bid amount for the vehicle. You are required to pay 25% of this immediately after the auction and the remaining 75% within the specified timeframe.Bidding Deposit: The initial KES 50,000 - KES 100,000 deposit you paid is applied towards the 25% down payment if you win.Logbook Transfer Fees: After full payment, you will be given the vehicle's original logbook and a signed transfer form. You are responsible for paying the NTSA transfer fees through the TIMS portal to get the vehicle into your name.Insurance: You will need to arrange for vehicle insurance before you can legally drive the car on the road.
It's important to note that unlike some retail sales, there are typically no separate 'auctioneer's commission' fees for the buyer; this is paid by the seller (the bank). Always factor in potential repair or servicing costs, as vehicles are sold 'as-is'.
