Terms & Conditions of Auction
1. All announcements made the day of the sale take precedence over any and all printed material and Internet advertising.
2. All purchases must be paid in full on sale day. Full settlement may be by Cash, Credit/Debit Card, Cashiers Check or Company check.
3. Company checks require a bank letter of credit addressed to Mayco Auctions, LLC guaranteeing a specific purchase limit for the auction. If not accompanied with a bank letter of guaranteed funds, you may be required to place a bid deposit of up to $500.
4. Payments by Credit/Debit Card or Personal Check will have an additional 2% convenience fee added to invoice for using the card/check processor.
5. Cash purchasers are allowed immediate possession of the vehicle and title (if available) day of auction.
6. Vehicles may be paid for with check, but if buyer does not want to pay the 2% extra for immediate check processing, buyer will need to leave the vehicle, title and keys with the auction company till check is validated or clears the bank.
7. In Tennessee if a bad check is written it is considered a "Theft of Service" and punishable by law. $50 service fee for bad checks plus any court costs.
8. If a title is not available day of auction we will have the title available for pickup within 30 days. If not, you have the option of returning the vehicle in the same condition it was sold for in the auction for a full refund (Exempt for the temporary tag cost).
9. State and local tax will be collected on purchased items unless buyer provides a valid Tax Exception ID card or document.
10. The following doc fee/buy fee will apply to each vehicle purchased: $1000 under doc fee of $100 applies, over $1000 doc fee of $125 applies.
11. Temporary drive-out plates are available while supplies last, for $10.
12. All items are offered with reserve or subject to owner confirmation.
13. In the case of a tie bid, the Auctioneer reserves the right to reopen the bid between those two bidders only.
14. Auctioneer reserves the right to revoke any bid card at any time
15. Anyone bidding for an account other than his or her own must obtain a separate bid number for his or her own account.
16. The high bidder’s bid accepted by auctioneer constitutes a verbal binding agreement of purchase of the lot being bid on and bidder may not retract his bid or be entitled to any adjustment, allowance, rescission or damages or any other remedy regarding the condition of the any items purchased.
17. If bidder fails to pay for the item or vehicle, Mayco Auctions LLC will take full legal action along with banning bidder from future auctions.
18. All sales are AS-IS, WHERE-IS, with no warranties express or implied. No mechanical arbitration.
19. Buyer agrees to run their own car history report from their choice of provider such as i.e., CarFax, Auto Check, TrueCar etc. on the vehicle they bid on.
20. Mayco Auctions does not guarantee information listed in Electronic Data Vehicle Histories (i.e., CarFax, AutoCheck, TrueCar, etc)
21. All sales are final. Bidder has had the opportunity to inspect all sale items and bidder agrees to solely rely on his or her own inspection.
22. Buyer will not be entitled to any adjustment, allowance, or damages or any other remedy regarding the condition of any item purchased.
23. All descriptions and conditions of vehicles and or equipment in sale catalog and advertising are believed to be correct. However, neither the owner nor the Auction Company or its auctioneers are responsible for any errors in description or condition. Catalogs, brochures and Internet advertising are to be used as a guide only.
24. Mayco Auctions, LLC nor its auctioneers guarantee year models, mileage, service history or condition of any items. Meter readings or mileage in catalog or online are merely a reading at the time of check in. Buyer accepts responsibility to inspect and verify mileage or hour meter readings prior to bidding.
25. It is the buyers responsible to verify any manufacture warranties with the vehicle or equipment dealerships.
26. Once the auctioneer accepts the highest bid, the item is then sold. Buyer then takes delivery and assumes all risk of possible loss for the item and buyer agrees to obtain full liability insurance coverage for the item.
27. Buyer is advised not to do any improvements or damage to vehicle's value until titled in their name. No reimbursements will be given or allowed by Mayco Auctions, LLC nor the seller of vehicle. Examples: New tires, windshields, body work, interior work, motor work, or even pulling parts off.
28. Mayco Auctions, LLC will collect local and state sales tax on titled vehicles and trailers. No open titles will be handed over.
29. For Out of State buyers to be exempted from tax on a motor vehicle, boat or vessels, he or she must sign an affidavit stating they will be removing those items from the state within 3 days of purchase.
30. "Lot Sales" - Mayco Auctions is owed & due normal commission on any vehicle or item sold on auction premises. Deals ignited on auction premises but completed off premises is valid reason for both seller and buyer to be banned from future auctions.
31. Removal Hours: Monday – Friday 9:00 am – 5:00 pm (CST). All purchased items must be removed from auction site within 7 days of auction sale date the items where purchased. After 7 days each item will incur a $25 per day storage fee per item up to 45 days after original purchase date. Items remaining on Auction Yard past 45 days of the auction sale date will be considered abandoned and forfeited to Mayco Auctions LLC, and Auctioneer may sell items. Storage fees will continue until item is resold.
32. By attending the auction, buyers and spectators acknowledge that the auction site and anywhere items are to be sold or displayed is potentially a dangerous place. Heavy equipment is being operated and even potentially dangerous material present. All individuals at the sale site and display areas shall be there at their own risk and at all times take full notice of the conditions of the premises. Bidders shall warn their agents, employees, or any other persons accompanying them of these possible dangers and take full responsibility for any injury or death to any persons or persons whomsoever, or property damage caused by buyer or buyers’ representative or spectator. No person shall have any claim against the auction company, auctioneers, their agents, or employees for any injuries sustained or death to any person or persons whomsoever.
Registering Bidder Signature: ___________________________________________________________ Date: ________________________
Registering Bidder Print: ________________________________________________________________
By signing this document below, I the bidder/buyer agree to the terms and conditions stated above upon registering to bid in Mayco Auctions LLC, Auction event. Buyer also acknowledges that they have received a copy of this document. Terms & Conditions of Auction Mayco Auctions, LLC - 105 Law Rd, Jackson TN 38305 - Phone # 731-424-0328 - TN Firm # 6090 - TN Public Auto Auction Firm # 30