GM Vault Bidder Agreement.
Placing a bid on GM Vault constitutes a binding commitment to purchase the vehicle if you are the winning bidder.
1. Binding Bids
All bids are legally binding. The winning bidder agrees to complete the purchase on the terms stated in the listing.
2. Due Diligence
- Vehicle inspection is the bidder's responsibility.
- All questions must be asked before placing a bid.
- Bids cannot be withdrawn except in extraordinary, documented circumstances.
3. Buyer's Premium
GM Vault charges a 5% buyer's premium on the final sale price, automatically billed to the payment method on file. The full sale price is paid directly to the seller.
4. Payment & Completion
- Winning bidder must contact the seller within 24 hours of auction close.
- Buyer's premium is charged immediately upon win.
- The balance owed to the seller must be paid in full within the timeframe agreed with the seller (typically 7 days).
5. Default
If the winning bidder fails to complete the purchase, GM Vault may retain the buyer's premium, suspend the account, permanently ban the bidder, and pursue any other remedies available at law.
6. Non-Circumvention
For 12 months following an introduction made through GM Vault, buyers and sellers agree not to bypass the platform to avoid fees. Violations result in liquidated damages equal to the fees that would have been owed, plus account termination.