39 Renaissance Drive, Crown City, Johannesburg

Monday – Friday, 8 am – 5:00 pm

Frequently Asked Questions

What are vehicle documentation fees?

This is an administration fee levied additional to the purchase price and are R500 ex vat per registrable vehicle.

How will my final invoice be calculated?

Your bid price (hammer price) + buyer’s commission + vehicle documentation fees + VAT = final invoice amount.

Do I have to pay VAT?

Yes, VAT is payable and is not negotiable.

Do you arrange finance?

Hammer Time does not arrange finance.You can, however, arrange finance by making contact TBC Finance should be arranged prior to the auction.

How much is the deposit and how is it payable?

The deposit for this auction is R20,000.00 and is payable upon registration.

The deposit is payable by EFT, bank, and bank guaranteed cheque or cash deposit into our bank account.

(Kindly note: Cash deposits carry a deposit fee which is for your account).

Is the deposit refundable and, if so, when will it be refunded?

The deposit is refundable if no purchases were made. When paying by credit/debit card it is reversed the same day but can take up to 10 working days to reflect in your account.If you are paying by bank or bank guaranteed cheque we will return the cheque to you. Internet transfers (EFT’s) are usually refunded electronically the day after the auction. Banking details need to be supplied by clients before leaving the premises (preferably in writing).

What is a reserve price?

This is the mandate price provided by the seller for which the auctioneer is allowed to sell the asset.Any auction offer below this reserve price needs to be confirmed by the seller. Reserve prices are confidential and are not communicated to prospective purchasers as assets may be sold below these reserves in some instances.

When is payment due?

Payment must be made before close of business on the day of the auction. You may deduct the deposit already paid from the total invoice amount. The full amount can be paid by EFT, bank or bank guaranteed cheque or cash deposit into our bank account. (Kindly note: Cash deposits carry a deposit fee which is for your account). We do not accept credit/debit cards for full payment nor any cash on site.

Can we pay cash on site?

No, we do not accept cash on site. You can, however, deposit cash into one of our bank accounts. Kindly note that cash deposits carry a deposit fee which is for your account.

I cannot pay for the vehicle?

Nothing is sold subject to the availability of funds or finance. You will lose your R20,000.00 deposit, you will be blacklisted and you will not be able to buy at any future Hammer Time auctions.

Can my invoice be amended?

Unfortunately not. You must make sure you complete the buyer’s card correctly when registering. Under no circumstances may any invoice be amended.

Is it possible to split my invoice?

No, invoices are not allowed to be split.

Are there any guarantees?

Free of duty to repair.

What happens if a vehicle is not sold on the auction?

The vehicle must come on auction again.

Explain the auction process

Viewing: Make sure that you attend our viewing day, which is usually 1 day prior to the auction. You need to familiarize yourself with the condition of the goods before bidding, as all assets are sold “free of duty to repair.”

Registration: You will have to complete a buyer’s card. Please make sure that all details are correct, as no invoice will be amended after the auction.

Deposit and Fica: A deposit of R20,000.00 will be required for this auction. The deposit is payable by EFT, bank, and bank guaranteed cheque or cash deposit into our bank account. (Kindly note: Cash deposits carry a deposit fee which is for your account). The deposit in full is refundable if no purchases were made. We require your FICA documentation before we are able to issue you a buyer’s card. (Please see the FICA requirements set out in our catalogue alternatively, on our website).

Auction day: Each vehicle is sold individually. You have to pay for all vehicles that reflect on your invoice. You are not allowed to pay only for the ones you like.

Invoice composition: Your bid price (hammer price) + buyer’s commission + vehicle documentation fees + VAT = final invoice amount.

Payment terms: Payment must be made before the closing of business on the day of the auction. You may deduct the deposit already paid from the total invoice amount. The full amount can be paid by EFT, bank or bank guaranteed cheque or cash deposit into our bank account. (Kindly note: Cash deposits carry a deposit fee which is for your account). We do not accept credit/debit cards for full payment nor any cash on site.

Registration document process: We issue you with a dealer stock registration document. You, as the new owner, needs to roadworthy, register and license the vehicle in your name within 21 days after the auction.

Removal of assets: No assets may be removed from the premises during the course of the auction or afterward without full payment being made first. All vehicles should be removed by Friday. Thereafter a storage fee of R250.00 (excl. VAT) per lot, per day will be charged.

Do you have an online bidding facility?

We do, please click below

What is the Consumer protection act?

The Consumer Protection Act aims to:

  • Promote a fair, accessible and sustainable marketplace for consumer products and services;
  • Establish national norms and standards to ensure consumer protection;
  • Make provision for improved standards of consumer information, to prohibit certain unfair marketing and business practices;
  • Promote responsible consumer behavior;
  • Promote a consistent legislative and enforcement framework, related to consumer transactions and agreements;
  • Establish the National Consumer Commission; and Replace, in a new and simplified manner, existing provisions from five acts, including the Consumer Affairs (Unfair Business Practices) Act of 1988; Trade Practices Act of 1976;Sales and Service Matters Act of 1964; Price Control Act of 1964; and Merchandise Marks Act of 1941 (specifically Sections 2-13, and 16-17)
What is buyer’s commission?

Buyer’s commission is a percentage (8%) that is levied additional to the hammer price. This premium is payable by the purchaser (“buyer”) and is not negotiable. The buyer’s premium is 8% on this auction.

What is FICA documentation?

Subject to Regulation 30(2), the auctioneer must ensure that every prospective bidder must prior to the commencement of an auction his or her identity in the bidder’s record, and such registration must with the necessary changes meet the requirements of Chapter 1 of the regulations in terms of the Financial Intelligence Act, 2001, published in Notice No. R.1595 in Gazette No. 24176 of December 2002, in respect of establishment and verification of identity, and sign that entry.

FICA REQUIREMENTS

PRIVATE INDIVIDUAL

  • ID document
  • Proof of residential address (current utility bill is not older than 3 months)

NB * This must be in the bidder’s name. IF NOT, a valid affidavit is to be provided and a marriage certificate for spouses residing together.

CC OR PTY (LTD)

  • Current proof of home address of each member
  • ID document of each member
  • CK1 letter
  • SARS certificate
  • CIPRO print out
  • Proof of business address

Representatives of a company or private individuals are required to produce a Proxy letter and the Proxy’s ID document.

GET IN TOUCH

081 370 2149

063 294 9844

support@hammertime.co.za

admin@hammertime.co.za

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