GVE London – Sale or Return Terms & Conditions
Basis of Sale
The Owner appoints GVE London Ltd (the Dealer) as their agent to sell the Vehicle described above.
The sale price less the commission due to the Dealer and any purchaser fees (see below under sale of vehicle) will be paid to the Owner not more than 15 days (or if that is not a working day, on the next working day when banks are open for business in England) after the Vehicle is delivered to or collected by the purchaser provided that the purchaser has not exercised their right to cancel the purchase contract during the 14 day cooling off period provided by The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (the Regulations). This is to ensure that the Dealer, acting on behalf of the Owner, can comply with requirements in the Regulations to refund the purchase price to the purchaser if the purchase contract is cancelled during the cooling-off period.
The Owner’s Obligations
The Owner warrants that: –
· They are the legal owner of the vehicle, and it is free to be sold.
· That the vehicle is free of any encumbrance, save for as notified in writing to the Dealer and that it has not been pledged, sold, mortgaged, or used as collateral.
· That an up-to-date settlement letter from any third-party finance provider will be provided at the request of GVE.
· That the vehicle has been accurately described by the Owner to the Dealer and that all issues including, but not limited to, recorded mileage, mechanical, historic, and current condition, including accident damage, have been disclosed in full.
· They have disclosed to the Dealer all information that might reasonably be expected to influence any decision by a prospective purchaser to buy.
· They will reimburse the Dealer for any specific work they agree to have undertaken on the vehicle before it is marketed for sale.
· They understand and agree that the Dealer will not advertise the vehicle for sale if major faults identified in the vehicle health check are not remedied.
· They shall deliver to the Dealer 2 sets of keys; the V5; and the manual for the vehicle when the vehicle is delivered to the Dealer.
· To inform the Dealer of any marker added by a main dealer for any previous mileage discrepancies.
· They shall be responsible for (and shall reimburse the Dealer for) any and all liabilities, costs, expenses, damages and losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest, penalties and legal costs calculated on a full indemnity basis) and all other reasonable professional costs and expenses that arise out of or in connection with the Dealer acting as the Owner’s agent under this agreement either before or after the vehicle is sold and specifically including in respect of all claims made by a purchaser of the vehicle in relation to any claim that the vehicle is misrepresented in any way. This paragraph shall survive termination of this agreement.
Dealer’s Obligations
The Dealer shall be bound by the following obligations: –
· To carry out a vehicle health check on the vehicle.
· After successful completion of the vehicle health check and any remedial work required as a result of such vehicle health check, to promote, advertise for sale and do all that is reasonable to secure the sale of the subject vehicle in a reasonable time period, but the parties shall be entitled to review these obligations, including the asking price, within 30 days of the date that the vehicle is first listed for sale.
· To represent the vehicle only in accordance with the information supplied by the Owner and the vehicle specification.
· To arrange fully comprehensive insurance cover for the trade value of the vehicle while it remains under the Dealer’s control.
· To hold and keep safe both the vehicle and all money gained following the sale of the vehicle or in connection with any test drive, in trust for the benefit of the Owner, subject to paying out all disbursements, commission and VAT.
· To be liable for all reasonable costs incurred in the promotion, and presentation of the vehicle unless the Owner terminates this agreement in which case the Owner shall reimburse to the Dealer all such reasonable costs.
· To ensure that whilst in the possession of the Dealer the battery on the vehicle is kept charged.
· The vehicle to be collected by the Owner on termination of this agreement if the vehicle is unsold in a state of repair and condition that is no worse than the state of the vehicle on delivery to the Dealer. If the Owner requests transport services for the vehicle, then this will be provided at the cost of the Owner.
Sale of the Vehicle
The Owner agrees to allow the Dealer to market the vehicle for a period of 60/90 days from the date of this agreement (the initial sale period). If the vehicle has not sold within the initial sale period, this period shall extend for successive period of 30 days until either party notified the other that it wishes to terminate this agreement.
The Dealer will have the exclusive right to market and sell the vehicle during the sale period. The Owner shall not advertise the vehicle privately during the sale period.
If the Owner sells the vehicle following termination of this agreement and uses any marketing or advertising material produced by the Dealer in relation to the vehicle, then commission is payable to the Dealer at the rate set out above under Basis of Sale.
Once purchase price has been agreed with a purchaser and has been accepted by the Owner and a deposit has been taken by the Dealer from a potential purchaser, the Dealer will issue a Purchase Order to the Owner and the purchaser setting out details relating to the vehicle and the purchase price agreed. The Purchase Order represents the final form of agreement for the sale of the vehicle and the Owner shall not be entitled to withdraw their acceptance of the offer or to terminate this agreement.
Test Drive Policy
The Dealer will not allow anyone to test drive the vehicle unaccompanied at any time. Before any test drive the Dealer shall obtain a £5,000 deposit (in cleared funds) from the prospective purchaser
Timing
If the vehicle has not sold after the sale period the parties may, without any further obligation one to the other,
· cancel this agreement and the Owner shall remove the vehicle from the Dealer’s premises on two business days’ written notice, having paid all the Dealer’s agreed disbursements incurred in relation to the maintenance or repair of the vehicle while in the Dealer’s control: or
· agree in writing to extend the time the Dealer shall hold the vehicle in stock and market it for sale.
Limitation of liability
Upon arrival of the vehicle at the Dealer’s premises, it will be inspected to find any faults or damage. Any issues will be notified to the Owner in writing. The Dealer will carry out remedial works at the cost of the Owner only if instructed in writing to do so by the Owner.
The vehicle will be fully insured by the Dealer’s trade insurance policy during the agreement period. This will cover any accidental damage, fire and theft. The Dealer will not accept any responsibility for mechanical/electrical failures that naturally happen to the vehicle during the agreement period.
If any claim is made by the purchaser of the vehicle claiming that the vehicle is defective in any way, the Dealer shall notify the Owner. The Dealer shall manage that claim on behalf of the Owner and shall at all times keep the Owner notified in relation to the conduct of such claim.
Termination
The Dealer may terminate this agreement by written notice to the Owner if:
· the Owner refuses to agree to the Dealer carrying our any remedial work identified in the vehicle health check which is required in order to ensure that the vehicle is in a satisfactory condition for sale. Following any such termination the Dealer shall be entitled to charge the Owner the cost of transport of the vehicle, the Dealer’s costs incurred in preparing the vehicle for sale (including marketing costs incurred) together with a storage fee of £25 plus VAT per day until the Owner removes the vehicle from the Dealer’s premises.
· The Owner unreasonably refuses to accept any offer to purchase the vehicle put forward for approval by the Dealer. Following any such termination the Dealer shall be entitled to charge the Owner the cost of any remedial work carried out by the Dealer on the vehicle in accordance with the Owner’s instructions together with marketing costs incurred and a storage fee of £25 plus VAT per day until the Owner removes the vehicle from the Dealer’s premises.
If the Owner is a private individual and has appointed the Dealer online, by email or over the telephone, the Owner has a legal right to change their mind about this appointment. This is subject to some conditions, as set out below.
The Owner cannot change their mind once the sale of the vehicle has been agreed with a purchaser.
If the Owner changes their mind about this appointment the Owner must let the Dealer know no later than 14 days after the date of this agreement. The Owner must contact our Purchasing Manager, inform us via email at Andreas@gvelondon.com or write to us and post it to us at Unit 15, Trade City, Cowley Mill Road, Uxbridge, Middlesex, England UB8 2DB to let the Dealer know that they wish to change their mind.
If the Owner terminates this agreement at any time during the sale period, and withdraws the vehicle from the Dealer the Owner agrees to pay the Dealer the cost of any remedial work carried out by the Dealer on the vehicle in accordance with the Owner’s instructions.
In addition, if the Owner (being a private individual) terminates this agreement after the end of the 14-day cooling off period or (in any other case) terminates this agreement at any time during the sale period. the Owner agrees to pay to the Dealer a £500 per week early termination fee from the start of the agreement, during the term of this agreement to compensate. The Owner and the Dealer agree that this amount is reasonable and proportionate to protect the Dealer’s interest under this agreement.