Auction Terms, Conditions and Disclaimers
1. Registering: By registering to participate in this auction hosted by Mayco Auctions LLC (Auctioneer) and by obtaining a bid number, the individual whose name appears on the Registration Agreement (Bidder), has agreed to be bound by all written and stated Terms and Conditions contained herein as well as by any announcements made during the sale. Bidder, whether acting as principal, agent, officer or director of a company or otherwise and the company he represents are bound by these terms and conditions.
2. Bidder Deposit: All bidders are required to place a $300 cash deposit to participate in the auction. For online bidders you are giving Mayco Auctions LLC the right to charge card(s) on file a nonrefundable deposit of $300 per vehicle won. The deposit will be applied to the invoice amount owed to Mayco Auctions LLC. If no vehicle or item is won, the deposit will be returned back on card after the auction is over.
3. Payment Terms: Satisfactory settlement in U.S. Funds is to be made in full on day of auction by 3pm. Online bidders have till the following business day to pay invoice in full. Items won in auction will not be released until the total balance due on invoice is paid in full. If not paid in full by the following business day 5PM cst, you the bidder/buyer gives Mayco Auctions, LLC full authority to charge card on file the full remaining balance on unpaid invoice. Payments accepted are cash, check, cashier’s check, VISA, MC, Discover or wire transfer. A 3% Admin Fee will be applied if paying with credit card, debit card or check unless the check is accompanied by a "Bank Letter of Guarantee" drawn on a U.S. Bank addressed to Mayco Auctions LLC. You may also have the option of leaving the vehicle till check clears the bank before picking up vehicle. (REFER TO PAYMENT TERMS BELOW) bound by Buyer Terms & Conditions.
4. Vehicle Buy Fee For Online And In Person Bidding:
$100 purchase fee if the vehicle sells for $1000 or under
$125 purchase fee if the vehicle sells over $1000 to $2000
$150 purchase fee if the vehicle sells over $2000 to $3000
$175 purchase fee if the vehicle sells over $3000 to $4000
$200 purchase fee if the vehicle sells over $4000 to $5000
$225 purchase fee if the vehicle sells over $5000 to $6000
$250 purchase fee if the vehicle sells over $6000 to $7000
$275 purchase fee if the vehicle sells over $7000 to $8000
$300 purchase fee if the vehicle sells over $8000 to $9000
$325 purchase fee if the vehicle sells over $9000 to $10000
$350 purchase fee if the vehicle sells over $10000 to $12000
$375 purchase fee if the vehicle sells over $12000 to $14000
$400 purchase fee if the vehicle sells over $14000 to $16000
Note: purchase fee will continue to rise $25 each $2000 henceforth
5. Online Bidding Fee: An online buyers' fee of 2 % (based on dollar amount of item) will be added to invoice. If bidding in person this is not a fee added to invoice.
6. Catalog: The Auction catalog, website listings or any advertising of items herein is to be used as a guide only and is based on information given to Auctioneer, but its accuracy is not guaranteed or warranted. Auctioneer is not responsible for any errors in description or condition.
7. BIDDER MUST INSPECT ALL VEHICLES OR ITEMS TO HIS OR HER SATISFACTION PRIOR TO BIDDING ONLINE OR IN PERSON.
- Bidder agrees to rely exclusively on his/her pre-auction personal inspection of all items and has had the opportunity to inspect all items before bidding and is not relying on the auctioneer for information or guarantees, expressed or implied.
- EVERY ITEM IS SOLD " AS IS, WHERE IS" AND WITH ALL FAULT
- NO GUARANTEES OR EXPRESS WARRANTIES
- NO IMPLIED WARRANTY OR MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE FOR ANY ITEM
- NO PURCHASE WILL BE VOIDED DUE TO CATALOG ERROR· **MILEAGES / HOURS STATED ARE SIMPLY WHAT IS SHOWING ON METER
- ALL SALES ARE FINAL WITH NO RETURNS OR EXCHANGES.
8. Online Bidding: All Bids shall be deemed pending until duly accepted by the auctioneer. Floor bids will have first priority if a bid online comes in at approximately the same time a floor bidder bids. Online bid may be canceled, and online bidder will have to bid again. The auctioneer shall have sole discretion in deciding the successful bidder in the event of a bidding dispute. Auctioneer reserves the right to revoke any bid at any time. Anyone bidding for an account other than his or her own must obtain a separate bid number for that account. The bidder offering the highest bid accepted by the Auctioneer shall be the "Purchaser" of the lot being sold and may not retract his bid after being declared the winning bidder. Purchaser will not be entitled to any adjustment, allowance, rescission, or damages or any other remedy regarding the condition of any item purchased.
9. Time is of the essence
10. Reserves: All vehicles are subject to owner confirmation.
11. Risk of Loss: All risk transfers to the purchaser at the fall of gavel. Purchaser agrees to obtain full liability insurance coverage for the item as may be required by law.
12. TENNESSEE SALES TAX: Taxes will be collected by Mayco Auctions LLC.
- Items $3200 and less will be taxed at 9.75% Sales Tax.
- Items over $3200 will be taxed at 9.75% on the first $3200 plus 7% on any amount over $3200. (2.75% local tax drops off after $3200).
- Out of state buyers (Tennessee) will not be charged tax with proof from out of State and sign an affidavit of Exemption for removal from Tennessee within three days.
- All dealers must present certificate of Motor Vehicle Dealer license to claim exemption of sales tax.
- Purchaser is liable for sales tax on motor vehicles & trailers without proper dealer documentation.
13. Failure to Settle: Any purchases not paid in full day of auction, will be considered in default and bidder will at minimum lose their $300 deposit and will incur additional fees of 10% per annum of total purchases with a minimum of $50 per day. In the event Purchaser fails to settle or fails to comply with any Terms, Auctioneer shall take possession of all purchases, and at Auctioneer's sole discretion, have the right to resell such Purchases without notice to Purchaser. Should resale take place, original Purchaser will be responsible for any deficiency arising from the resale, a 10% commission to Auctioneer, any Failure to Settle and/or Storage fees and any legal costs incurred. To the extent permitted by law, you will also be required to pay our collection expenses, including costs associated with the use of a collection agency, court costs and reasonable attorney's fees.
14. Titles: By registering for this auction, you are giving Mayco Auctions LLC up to 30 days to have title(s) available for pickup. If not available to pick up title in person, titles will be mailed via Registered U.S. Mail Please let us know if you want to pick up your title in person.
15. Lots: Auctioneer has the right to remove a lot from the online auction even if a bid(s) is place on item.
16. Removal and Storage: All purchased items must be removed from Auction Site within five (5) business days of sale. All items remaining after that date will incur a $25 per day storage fee per item. Storage fees will continue per day up to 45 days after original purchase date. Items remaining on Auction Yard past 45 days will be considered abandoned and Auctioneer may resell any and all items per terms under "Failure to Settle" above. Storage fees will continue per item until that item is resold. Warning: Anyone caught damaging an item will be held responsible for the difference of auction price and Auctioneer appraisal, as well as any legal action taken by owner.
17. Auction Site: ALL INDIVIDUALS AT THE AUCTION SITE ARE PRESENT AT HIS OR HER OWN RISK. Bidder agrees the auction site is potentially dangerous because of heavy equipment operation, electric circuits and presence of flammable, corrosive or pressurized liquids or other materials. Bidder shall warn its agents, employees, or any other persons accompanying Bidder of these possible dangers. Regardless of cause, Auctioneer or its agents will not be responsible for any injury or death to anyone at the auction site.
18. INTERRUPTION OF SERVICE: Neither the Mayco Auctions LLC or the company providing the software shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Auction Company cannot, and will not, be held responsible for any interruption in service, errors, and/or omissions, caused by any means and does not guarantee continual, uninterrupted or error free service or use of the auction site. Bidder acknowledges that the online bidding portion of this auction is conducted electronically and relies on computer hardware and software that may malfunction without warning. Auction Company, in its sole discretion, may void any sale, temporarily suspend bidding and re-sell any items or lots that were affected by any malfunction. The decision of Auction Company and/or Auctioneer is final.