Capital Auto Auction

2380 Longmill Road, Youngsville, NC 27596

Phone (919) 570-5570 Fax (919) 562-5118

 

AGREEMENT

Consignor and purchaser understand and are familiar with the terms and conditions of the Auction sale as such are posted upon the Auction premises. Title to this car passes to purchaser only when purchaser's check is honored by drawee bank. The Auction has no knowledge of any prior condition or defect, inherent or incurred that may apply to this vehicle. And and all warranties and representations, expressed or implied are made solely by consignor. Auction acts only as agent of both parties for the purpose of conducting said sale and is not liable for damages that may result. All units must be paid for on day of purchase or this sale will be considered null & void. Auction does not provide insurance coverage on any vehicle not under its posession and control. Customer assumes all risks of loss and liability for vehicles removed from Auction premises.

 

SALE SUBJECT TO ALL TERMS LISTED

TERMS AND CONDITIONS OF CONSIGNMENT

 

THE SELLER REPRESENTS TO THE BUYER THAT HE IS THE TRUE AND LAWFUL OWNER OF THE ABOVE DESCRIBED MOTOR VEHICLE, THAT HE HAS GOOD RIGHT AND POWER TO SELL THE SAME, AND THAT SAID VEHICLE IS FREE OF ALL LIENS AND ENCUMBRANCES AND TITLE IS GUARANTEED WITHOUT EXCEPTION TO THE PURCHASER, SELLER FURTHER AGREES TO HOLD HARMLESS FOR AND TO INDEMNIFY IT AGAINST ANY LOSS RESULTING FROM ANY BREACH OF SAID WARRANTY OF TITLE TO THE ABOVE DESCRIBED VEHICLE.

 

CAPITAL AUTO AUCTION DOES NOT WARRANTY THE ACCURACY OF ODOMETER READINGS.

 

TERMS & CONDITIONS OF SALE

 

The buyer agrees that he has examined the above vehicle and accepts it in its present conditions; he also agrees that the title and ownership of said vehicle above mentioned with all of its equipment, radio, heater, etc. Shall remain in the seller until any check or draft given for the Sale Price of said vehicle or any part of the same, has been honored and paid in full, and until said check or draft shall have been honored and paid in full title to the above described vehicle shall be retained by the seller and not pass to the buyer nor shall this sale be considered consummated; provided however, on delivery of this vehicle to the buyer, he shall assume all liability of damage or destruction of the same.

 

Buyer further agrees to honor payment of any check or draft immediately when presented to his bank for payment. And under no circumstances will stop payment for any reason whatsoever unless approved by authorized representative of This Auction Company. Then if approved, buyer is to return vehicle at his expense to place of purchase. The buyer agrees to hold This Auction Company harmless for and to indemnify it against any loss as a result of buyer's check being dishonored by the bank upon which it is drawn for any reason whatsoever.

 

  1. The buyer of the vehicle described in this instrument is protected against any invalidity in his title to said vehicle exsisting at the time of this sale, but such warranty does not cover more technical defects which can be removed by execution and delivery to the buyer, or prior owners, of legally required papers without the necessity of any monetary payment.
  2. The amount of the auction company's liability under its guaranty of title of the vehicle the subject of this transaction, shall never exceed the sale price of said vehicle in this transaction, and the maximum amount of the auction company's liability under its said guaranty shall be reduced by deducting from said sale price 2% thereof on the first of each month following the date of this transaction, and all liability of the auction company will expire and terminate on the first day of the forty-eighth month after the date of this transaction.
  3. The auction company's guaranty of title is expressly limited to the buyer of the vehicle in the transaction the subject hereof, and said guaranty is not negotiable or transferable.
  4. The auction company's guaranty to the buyer shall be void ab initio if the purchase price for the vehicle is not paid by the buyer.
  5. The guaranty does not protect against defects in the title known to the buyer whether listed as exceptions to the title of this instrument or not.
  6. Whenever any claim is made by any person against the title of said vehicle, whether by suit or otherwise, the buyer shall within five days after becoming aware of said claim notify the auction company, giving full particulars of the claim, and shall cooperate fully in defending any legal action and in taking any other steps to minimize possible loss.
  7. On payment of any claim under this guaranty, the buyer will execute all necessary papers subrogating its right to recover against the seller, or others, to the auction company.
  8. The buyer shall not surrender possession of the vehicle except as required by legal process, to any such claimant, nor shall it voluntarily pay or acknowledge the validity of such claim without the prior approval of the auction company.
  9. Time is of the essence of this agreement and any failure of the part of the buyer to notify the auction company of any such claim shall vitiate the auction company's liability under this guaranty. Likewise, failure of the buyer to cooperate in defending any such claim shall relieve the auction company of liability under this guaranty.