@Robert M posted:I'm going to try one more time.
Maybe some of you are confused. The BUYER pays the premium not the seller.
If you are a BUYER they have your credit card. You make a bid they put a hold on your card. You make the final winning bid the millisecond the auction is over you are immediately charged 5% of your WINNING BID AMOUNT up to the maximum regardless.
The process of paying the seller can take a few days, especially if the auctions ends late on a Friday. Not too many places make wire transfers on the weekend. But as the BUYER your credit card has already been charged the 5% BUYER'S premium.
If you're the seller and the buyer backs out your SELLER'S FEE is returned but the BUYER'S FEE isn't returned to the buyer.
In order to get out of the buyer's premium you would have to have a plan to not go through with the auction, you would have to cancel your credit card before the end of the auction, place a winning bid, and not complete the deal.
Why anyone would do that is beyond me. If you don't want the car don't place the winning bid. This is more about buyer's remorse settling in a few days later and they don't complete the purchase. Regardless, as THE BUYER you have already paid the buyer's premium.
You can clearly see the clock counting down so the moment that hits zero the BUYER'S PREMIUM is charged to the credit card.
Exactly! It's the "buyers remorse" issue which does not typically occur for hours or days after the auction ends or until the buyer sobers up.