Where should I do before participating in Auto Auction?
Following are the things to do:
a) Inspect the subject vehicle in the storeyard throughout Malaysia;
b) Request for a copy of Proclamation of Sale (POS) together with Conditions of Sale (COS) from our panel auctioneers. The POS consists of details of the subject vehicle and the COS are the terms and conditions of the public sale;
c) In the event of any concerns, please seek professional advice from mechanics, our panel auctioneers, car dealers, solicitors and/or other relevant party. The vehicle will be sold based on ‘as is where is’ basis;
d) Conduct relevant searches and inquiries with relevant authorities such as Road Transport Department, Puspakom, Malaysian Royal Police;
e) Check your financing eligibility. Speak to our representative at any CIMB branches and we will do our best to assist your financing needs;
f) You will be required to deposit a sum of RM 1,000.00 (if the reserve price is below RM 100,000.00) or a sum of RM 5,000.00 (if the reserve price is above RM 100,000.00) together with the buyer’s premium of RM 250.00 (if the purchase price is below RM 5,000.00) or RM 500.00 (if the purchase price is above RM 5,000.00) to our panel auctioneer.