- Are there late payment fees?
If you do not pay the invoice in full within 2 days from when you won/purchased the car, there will be late fees. The late fees are generally $100 per day (but for some auctions can go as high as 2% of the vehicle sale price) for each day after the 2 days has expired. If the vehicle is not paid for within 7 days, the vehicle will be re-listed, your account will be suspended and your security deposit will be forfeited to pay for the late fees and other costs and expenses that we incur as a result of your non-payment.
Keep in mind that these are charges from the Auction Clearing House which we pass on to you.
In addition, if you are late paying for the vehicle that could mean that you will delay pick up of the car which could result in storage charges of $25 (or higher on certain auctions) per day. Again, this is a charge by the Auction Clearing House that we pass on to you.
The moral of the story is that you should pay the invoice as soon as possible after you have made the purchase of the car to avoid any additional charges.