First time bidder

[beatsieb0y]

I've been eyeing a used Case IH 885 tractor listed at Richie Bros. and thinking about placing a bid. But I'm a little unsure how it all works, especially with the extra fees and taxes added after the auction. What are the normal fees that I can expect?

And if I win the bid and the final price ends up way higher than expected, what happens if I decide not to pay? Do they charge penalties or block future bids? Appreciate any input!

 

[theredpower]

Just keep in mind that there's a buyer's fee typically 10% for bids below $25,000, 5% for those between $25,000 and $75,000, and a flat fee of $3,750 for anything above that. If you fail to make a payment, Richie Bros. can impose an 18% interest charge, take legal action, and prevent you from placing bids in the future. Remember, all bids are final, so make sure you're certain before you commit

 

[chupa pops]

It seems you're out of luck because I believe there's a disclaimer in the terms of bidding that states the bid price does not include fees and taxes. Most people who bid already take this into account.

 

[Shion_Uzuki]

There's no "oops, I changed my mind" at those auctions. You bid, you're on the hook. Walk away and expect fees, maybe losing your deposit, and they'll blacklist you. Figure all the premiums before you even raise your hand.