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CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10244
Experience:  I am a businesses law attorney, with experience advising and representing owners and investors.
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I was at the mecum auto action and registered to bid and was

Customer Question

I was at the mecum auto action and registered to bid and was caught up in the moment and bid on two cars. I am having buyers remorse and don't want to pay for the cars. What will happen ?
Submitted: 1 year ago.
Category: Business Law
Expert:  CalAttorney2 replied 1 year ago.

The auction company is entitled to hold you liable for the full bid that you made.

However, many auction companies are willing to work with buyers suffering from buyers remorse, and may be willing to run the vehicles back through a later auction and try to mitigate (reduce) your loss (you will have to pay something, and won't get the car(s), but you won't have to pay the full amount).

If you are very fortunate, the auctioneer may even allow you to walk away from one or both of the sales - but they have no obligation to do so.

If you don't reach an agreement with them, and you don't pay, the auction company can pursue you for non-payment (sue you for breach of contract and use wage garnishment, bank levy, and liens on your personal and real properties, to enforce the debt).

If you do reach a settlement, make sure to get it in writing.