4. Deposit & Participation: To participate in the auction, a deposit of 40,000 baht is required. If a bid is won but the purchase is cancelled or full payment is not made, the deposit will be seized by the auction.
5. Auction Location & Delivery: Most auctions occur in Bangkok. Delivering the car to another province incurs a transportation fee ranging from 5,000 - 12,000 baht, depending on the destination and auction location.
6. Payment Schedule: The day of the auction, 20% of the winning total bid plus 7% VAT is due. The balance is due within 7 days of the auction. Failure to pay in time results in a daily storage charge.
7. Car Release: The car can only be released or delivered when full payment has been made.
8. Ownership Transfer: Cars are usually bank repossessions. Banks take 2 - 6 weeks to process ownership transfer documentation. If the car is paid in full, it can be delivered and used while waiting for the title book and transfer documentation.