Penalties and additional auction fees
There may be additional fees on the settlement we receive that are not included in the fee calculator. These fees are charged by the auction house in specific cases:
- Underpayment in a transfer - in the case of execution of a transfer by a customer with a charging option other than OUR or another problem on the side of the sender's bank. In such a case, the funds are credited in an amount smaller than the amount sent. In case of an underpayment it is usually $10-$30,
- Late payment fee - crediting funds to the auction house after the due date. This is due to a lack of Overnight option in the bank or another problem on the side of the sender's bank. If a penalty occurs, it is $50 in regard to Copart and $50 or 2% (whichever is greater) in regard to IAAI,
- Fedex document shipping fee - $12 fee added if a vehicle is purchased at an IAAI auction or $20 fee added if a vehicle is purchased at an Copart auction
- Parking fee - not every vehicle can be picked up on the date set by the auction house. This is due to short receipt times at an auction, payment delays due to customer fault, port congestion, or simply a remote location. Parking fees at Copart/IAAI are billed as follows: up to 2 days after the payment has been credited to the auction house, 100% of the parking fees will be borne by the customer, after 3 days from the date of crediting the payment until the vehicle has been collected from the Copart/IAAI branch, 50% of the parking fees will be borne by the customer. The remaining 50% is paid by us.