Terms & conditions for selling cars by auction
The following terms and conditions are for the used car company:
- In order to bid, an amount of SAR 5,000 must be deposited in Lumi’s bank account.
- The bidder is responsible for inspecting the cars within the specified time before submitting their bids online on the auction website.
- The auction results and the winners are determined after the administration"s approval.
- The auction winners must transfer the bid amount for the vehicle to Lumi’s account within 24 hours, and a copy of the transfer receipt must be uploaded on the website. If the car is being received on behalf of someone else, then an authorisation letter on the official letterhead will need to be presented at the time of collection.
- If the buyer refuses or delays the payment of the total amount or withdraws as the auction winner, a penalty will apply as Lumi deems appropriate.
- If the payment for the car is not completed within 24 hours, Lumi has the right to repossess the car and confiscate the deposit.
- The buyer must sign the sales contract or transfer authorisation to receive the vehicle registration after confirming the payment.
- For individuals, the cars sold must be registered in the system under the buyer’s name before handing over the vehicles and the sales contract.
- For businesses, the buyer must transfer ownership of the vehicles within 30 days from the date of purchase and submit a copy of the transfer certificate.
- The vehicle can only be used once the transfer of ownership has been completed.
- The buyer has the right to return the car within 24 hours from the date of purchase if a defect is found in the chassis or shaft. Relevant documents or reports need to be submitted to support the claim.
- If the vehicle ownership is not transferred to the buyer within 30 days, it will result in a fine of SAR 500 every month for each car.
- If the vehicles are not transferred to the buyer within 90 days, an official report is filed with the police, and the client will be blocked from further participation in future auctions.
- The buyer is fully responsible for the car in the event of an accident or any legal accountability that may occur before the transfer of ownership from Lumi to the buyer.
- The security deposit is refundable once all fees and formalities are settled and the ownership is transferred for all purchased vehicles.
- Lumi reserves the right to cancel or postpone any auction without any reason or remove any vehicle from the auction list.
- Lumi reserves the right to reject or void bids for any reason, and it is Lumi’s sole and absolute discretion.
- The buyer must ensure that the correct bid price is submitted on the website, and Lumi is not responsible for any mistakes. It is important to note that the bid price excludes 15% Value added tax (VAT).
- Cars are auctioned in their current condition with the available keys, and Lumi is not responsible for any accessories not present in the vehicle.