FAQ

Frequently Asked Questions and Answers

Where can I view upcoming auctions?

Visit www.mfcauctions.co.za for more information.
All upcoming auctions will be listed here. You will be able to view the vehicles per Auction as soon as vehicles are added to the upcoming auction.

When and where can I get a catalogue for the next auction?

Visit www.mfcauctions.co.za for more information. You will be able to View/Download the catalogue, as soon as the catalogue is ready.

I am a first time buyer, what do I need to register?

For private buyers:

Complete the form at the Auction House and bring certified copies or the originals of the following:

  • ID
  • Proof of residence
  • Proof of banking details (Required for refunds)
  • Proof of deposit payment

For companies:

Complete the form at the Auction House and bring certified copies or the originals of the following:

  • ID (Buyer)
  • Proof of residence (Buyer)
  • CK Documents
  • SARS Documents (If available)
  • Proof of residence (Company)
  • Proof of banking details (Company - Required for refunds)
  • Permission letter for Buyer to bid on behalf of the company
  • Permission Letter
  • Signatory’s ID
  • Proof of deposit payment

I am a returning customer, what do I need to participate in the next auction?

You only need to bring any outstanding documents, if you didn’t use your previous registration deposit as payment on an invoice, or if you didn’t request a refund.
However always bring your ID document.

What type of payments do you accept?

We accept most credit cards – Visa / Master Card / American Express.
FOR DEPOSITS ONLY

You can make a payment at any Nedbank branch, or make use of electronic banking. Electronic banking facilities are available at the site. Please note that if you made cheque payments, no action on your account can be taken until the cheque is cleared. In order for us to provide you with a quick service, please refrain from using cheques if at all possible.

We do not accept any cash or cheques on site.

After I won a bid, when can I collect my vehicle?

No vehicles will be released during the auction. You can however request your pro-forma invoice after the auction to validate that all the information is reflected correctly. Thereafter can the payment be made, please ensure that the payment reflects the correct reference number.
The vehicle can be collected as soon as the payment is made and reflected in our bank account. Please ensure that the proof of payment is presented on collection of the vehicle.

Please note that if you made cheque payments, no vehicles will be released until the cheque is cleared. In order for us to provide you with a quick service, please refrain from using cheques if at all possible.

Vehicles can be collected Monday to Friday, between 08h00 and 15h00, with the exception of Wednesdays when there is an auction in progress.

I want my deposit refunded.

In order for us to refund any amounts, we need your proof of banking details, with the name or initials and surname of the registered buyer.
No refunds will be done without this information.

At registration, please complete a T&C’s form and indicate whether you would like your deposit to be refunded or not.

Please note that if you made cheque payments, no refunds will be requested until the cheque is cleared. In order for us to provide you with quick service, please refrain from using cheques if at all possible.

Refunds will only be done 72 hours after the auction.

Can I use my deposit to pay for a vehicle I bought?

You can use your deposit to offset it against the outstanding amount. There are however exceptions to when you may use your deposit. You may NOT use your deposit on the pro-forma invoice, in the following scenarios:

  • If the deposit was made via cheque and not yet cleared
  • If you are going to finance the vehicle

Can I finance a vehicle that is on auction?

There is a Finance representative on site. Ensure that you bring the necessary documentation in order to get pre-approval for the vehicle you intend on buying.

Please note that the terms and conditions for financing the vehicle is determined by the various Financial Institutions and not by MFC Auction House.

What is the cost of buying a vehicle on auction?

It is important that the offered vehicle is within your budget. Your budget should make provision for:

  • Bid price
  • Documentation fee
  • Buyer's commission
  • VAT

Also remember that, at all auctions, the sale is concluded at the fall of the hammer. Fees applicable at the MFC Auction House:

  • Registration Deposit: R5 000
  • Buyers Commission: 5% Excl. vat
  • Documentation Fee: R2 000 Excl. Vat

Example of total cost payable, on buying a vehicle at an auction:

Bid price at fall of hammer:    R 100 000
Buyers Commission at 5%:        R 5 000
Documentation fee:              R 2 000
                                ------------
Total excluding Vat:            R107 000
Vat:                            R16 050       
                                ------------
Total Including Vat:            R123 050 
                                ------------

How does an auction work?

To buy a vehicle on auction you must get to know this method of acquisition to ensure that it is a rewarding experience.

Firstly, you must decide what vehicle you want to buy. To do this you must take a look at our auction lists for the various venues to see if the vehicle you want is available, and to ascertain the date, time and location of the auction.

It is also important to read and understand the terms and conditions under which the sale will be conducted. Said terms and conditions are available at the auction house and on the website.

Attending Auctions to get to know the process
The auction process is very simple and easy, and it would therefore be worth your while to familiarise yourself with it by attending a few auctions before you buy anything.

Here are a few pointers:

  • Observe the auction process
  • Find out how to register
  • Find out how to bid
  • Be sure when to bid and, importantly, when to stop
  • Familiarise yourself with the terms and conditions and the requirements of the auction process.

Once you have fully acquainted yourself with the 'how' part, you will be in a good position to apply all your knowledge to buy a vehicle. There is always professional staff present to help you along the way.

At the Auction
Once you have decided to attend the auction, please ensure that you have either pre-approved finance or money available to pay for your successful bid.

After the auction the auction house allows you 3 (three) working days to pay for and collect the purchase. It is best to have all matters in hand prior to the auction rather than trying to complete the financial side of things after you have purchased the vehicle.

Finance and insurance staff are available on the auction floor and can make this onsite process a relatively easy and painless experience. Should you wish to make use of the onsite finance and insurance consultant’s service, you will need your identity document and KYC-required documentation.

Cost of buying a vehicle on auction
It is important that the offered vehicle is within your budget. Your budget should make provision for:

  • the retail price
  • the documentation fee
  • VAT
  • buyer's commission

Also remember that, at all auctions, the sale is concluded at the fall of the hammer.Fees applicable at the MFC Auction House:

  • Registration Deposit: R5 000
  • Buyers Commission: 5% Excl. vat
  • Documentation Fee: R2 000 Excl. vat

Example of total cost payable on buying a vehicle at an auction:

Bid price at fall of hammer:    R 100 000
Buyers Commission at 5%:        R 5 000
Documentation fee:              R 2 000
                                ------------
Total excluding Vat:            R107 000
Vat:                            R16 050       
                                ------------
Total Including Vat:            R123 050
                                ------------

Important things to remember.

  • By law, all vehicles purchased have to be registered in the buyer's name within 21 (twenty one) days of purchase. After the auction you must obtain roadworthy clearance for the vehicle at an approved test station to register the vehicle in your name.
  • You have to register as a buyer to purchase a vehicle at an auction. These details form part of the terms and conditions of the various auction houses, as displayed on the website.
  • All auction facilities require a registration deposit, which is refunded if you don't buy anything. The deposit can be used as part of the payment due on successful bids. The deposit will however be forfeited should you be a successful bidder for a vehicle and renege on paying for the vehicle and applicable fees.
  • If you are unsure whether you should bid on a vehicle, always err on the side of caution by not taking part in the bid for the vehicle.
  • Familiarise yourself with the terms and conditions and the requirements of the auction process.
Date: 2019-02-17
Loading...