Finalizing the Sale
Finalizing the Sale
Once a car is sold on ASSL, we connect the buyer and seller so they can complete the vehicle sale directly – and provide them with a custom checklist to ensure a smooth transaction. Here are our recommendations and tips for a successful post-auction sale – and remember, we’re here to help!
- Make Contact
- Reach out to the other party to introduce yourself as soon as the auction ends, and remember to stay polite and positive to ensure the process goes smoothly.
- We recommend that the seller provides proof of ownership to the buyer – usually, that’s a photocopy or picture of the title and registration.
- Payment & Documentation
- Buyers are expected to pay for the vehicle in-full within a week of the auction closing.
- If there’s an outstanding loan on the vehicle, the buyer and seller should discuss how it will be paid off and the specific next steps, so that the buyer can complete the transaction safely.
- If the seller has funds to pay it off, they should do so as soon as possible, and provide proof from the lender that it has been paid off.
- If the seller does not have the funds, the buyer may be able to pay the outstanding amount owed directly to the lender and then pay the remainder of the purchase price to the seller.
- An accurate Bill of Sale should be created, including the terms of the transaction, to be signed by both parties; we recommend checking with KRA for logbook and Sale templates and requirements.
- We recommend wire transfers or cashier’s checks for payment, but there are many possible options – including meeting at the buyer’s/seller’s bank to draft up a cashier’s check, withdrawing the funds directly, or completing an electronic money transfer.
- Arrange for the car to be picked up and finalize the transaction. The vehicle and title should only be released once the seller has the full payment in hand. If the transaction is happening remotely, the seller should mail the signed-over title to ASSL or the buyer via courier service with a tracking number once payment is in hand.
