Avoid Consequences: Pay Immediately After Winning an Auction

Won an IBID auction but decided not to buy? Be careful; there will be consequences if you break the auction terms.

Once you’ve won an auction at the IBID auction house, you must confirm and pay for the item right away. 

While this is the rule at every IBID branch, the payment due date might be different depending on the type of item.

If a winner cancels without reason or commits a “bid and run,” such an act is seen as a failure to fulfill the agreement.

See also: Why Your Company Needs an IBID Auction Account

There are many reasons why bidders might be in default. Here are some of them:

• Inattention: Either fails to read the details of the auctioned item or makes a bidding mistake.

• Change of plans: Decides to cancel the purchase for some reason.

• Forgetting to pay: Forgets or not being able to pay on time.

There are several consequences you should know about if the IBID auction house declares a winner in default. 

Consequences of Not Paying After Winning an Auction

Here are some of the consequences that the winner will bear:

• Invalidated Win: The winning bidder retains valid ownership of the item, but only temporarily. Winners must first complete payment within five working days for used cars and motorcycles, and within three working days for lifestyle products, following the auction. 

• If you miss the deadline, your win is canceled, and the item will likely be auctioned again.

• Deposit Loss: The deposit you paid is non-refundable. All IBID bidders must purchase an NPL to participate in the online auction.

• If you win, your NPL deposit goes toward the total cost. If you lose, the deposit will be fully returned to the registered bank account no later than 3 days after the auction.

• However, if you commit a default, you won’t get the deposit back because IBID keeps it.

• Compensation Claim: In some cases, payment failure may prompt the seller or IBID to take legal action for damages against you.

• This is possible because the consigner or IBID can file a claim for damages as per the General Terms. Therefore, it’s crucial to understand and adhere to the terms in each auction process.

See also: Things to Do Before Consigning Your Office Equipment

Tips for Preventing Default at IBID

• Understand the Auction Process: Learn IBID’s rules and regulations thoroughly.

• Inspect Items Carefully: Ensure the desired item matches the description and condition provided.

• Be Financially Prepared: Ensure you have sufficient funds to make payment after winning the auction.

• Meet Deadlines: Pay your auction bills by the due date.

You can avoid default by bidding based on your needs and budget. It’s also important to understand the auction process so you can experience trouble-free transactions and ultimately take home your desired item.

How to Pay at IBID

Once you’ve won, here’s how to make your payment, step by step:

1. Confirm Payment: Go to the IBID app and select the transaction menu

2. Select Payment Method: You can choose cash or installment payment

3. Make a Payment: Transfer the amount due to the provided virtual account

4. Select Delivery Option: You can choose to pick up the item yourself or request delivery

See also: Where IBID Gets Used Cars for Its Auction

Don’t let little mistakes cost you the chance to get what you’ve always wanted. Following these tips will help you participate in IBID more easily and safely.

IBID is a subsidiary of PT Serasi Autoraya (SERA), dealing in auctions of vehicles, heavy machinery, gadgets, and lifestyle products. In addition to being professional and reliable, one of its benefits is the easy process.