Summary
By using this our service we will obtain committed buy prices from our extensive dealer network. Once the reserve on your car is achieved you agreed to sell the vehicle in a process that we will facilitate.
If the reserve is met and the vehicle is not delivered you will be charged a Cancellation Fee equal to 5% of the Agreed Price.



Reserve Met Policy Details
The Seller acknowledges and agrees to the following terms and conditions of this Vehicle Purchasing Agreement, upon the reserve being met:

1. The Seller grants, sells and transfers full ownership of the Vehicle to the Buyer.

2. The Seller certifies that at the time of sale, the Vehicle has no taxes, fees and/or liens due on it and that the Seller will be held fully responsible for any unlawful claims and/or demands with respect to the Vehicle. This clause survives the termination or expiry of this Agreement, or conclusion of any transaction contemplated by this Agreement.

3. The vehicle has never been:
a. subject to hail damage or Insurance write-off.
b. used in a flood.
c. modified so as to render it unroadworthy.

4. There are no unpaid fines or other notices outstanding in respect to this vehicle.

5. The registration is paid and active until the advised expiry date.

6. The Buyer will organise the payment of the Agreed Price after this Agreement is signed.

7. If the vehicle is subject to finance, including but not limited to:
a. lease agreement, or
b. chattel mortgage, or
c. car loan
then
(i) the Seller agrees to provide the Buyer with a payout letter from the financier that includes a payout figure for the Vehicle (the Provisional Payout Figure)
(ii) the Buyer agrees to pay out the financier as per the payout letter either prior to or at the time of purchasing the Vehicle from the Seller.

8. If the Provisional Payout Figure is more than the Agreed Price, the Seller agrees to pay the difference between the Provisional Payout Figure and the Agreed Price (the Shortfall) to the Buyer so that the Buyer can pay out the Vehicle’s financier.

9. If the Provisional Payout Figure is less than the Agreed Price, the Buyer will first make the payment to payout to the Vehicle’s financier and the Remaining Balance, calculated by deducting the Final Payout Figure (as per below) from the Agreed Price, will be paid to the Seller’s nominated bank account listed in this Agreement.

10. The Seller agrees that the Final Payout Figure, as at the time of making payments, will be the figure advised by the Vehicle’s financier. If the Final Payout Figure is higher than the Provisional Payout Figure, the Seller acknowledges and agrees that this may result in a Remaining Balance that is lower than if the Provisional Payout Figure is used to calculate the Remaining Balance, and the Buyer is under no obligation to revise any aspect of the Agreed Price under these circumstances.

11. It is the Seller's duty to ensure that the Vehicle is delivered in the same condition as advised in the condition report. The Buyer will only pick up the Vehicle at the Seller's premises after the payment has been made. If the Vehicle is not in the same condition at the time of pick-up/delivery as during the last Buyer inspection, the Seller agrees that the Buyer retains the right to renegotiate any of the terms of the Vehicle Purchasing Agreement including the Agreed Price, and may in its absolute discretion, elect to cancel the vehicle purchase transaction. If the Buyer elects to cancel the vehicle purchase transaction, the Seller agrees to immediately refund in full all monies paid, back to the Buyer by electronic funds transfer, without any right of set-off for any amount.

12. If at the time of delivery, the Vehicle arrives with less keys and/or service books than agreed and set out in the condition report, the Seller agrees that the Buyer may elect to send an invoice to account for the cost of these missing items. The Seller agrees to immediately pay this invoice to the Buyer by electronic funds transfer, without any right of set-off for any amount.

13. If the Seller has signed this Agreement, but the Buyer has not yet made payments for the Vehicle, the Seller may cancel this contract. However, the Seller acknowledges and agrees that the Buyer is entitled to charge a Cancellation Fee of 5% of the Agreed Price representing the Buyer’s real costs in progressing the Agreement on a good faith basis comprising:
a. The Buyer’s due diligence, time and effort in progressing the transaction
b. The reservation of funds by the Buyer for this transaction
c. All disbursements and costs incurred by the buyer in connection with the agreement

14. The Seller authorises and consents to the Buyer, in its absolute and unfettered discretion, to lodge any security interest over the Seller and/or the Seller’s assets to secure the immediate payment of the Cancellation Fee.

15. The Seller acknowledges and agrees that once the Buyer has made the relevant payments for the Agreed Price, title in the Vehicle will have deemed to have passed to the Buyer and will become the exclusive possession of the Buyer.

16. On signing this agreement, the Seller authorises the Buyer to access information from any institution, including the Vehicle’s financier (if applicable) for its due diligence and confirmation of any payout details, in relation to this transaction.

17. This Deed is governed by and interpreted in accordance with the laws for the time being in force in the State of Victoria, and the parties submit to the non-exclusive jurisdiction of the Courts exercising jurisdiction in the State of Victoria and the Commonwealth of Australia.