Document 42051
DMV Vehicle Code Section 11730 Consignment Agreement Requirements PURPOSE OF THIS AGREEMENT The consignment agreement required by DMV Section 11729 shall contain all the following terms, phrases, conditions, and disclosures: 1) "I (We), the undersigned consigner(s)/sellers, hereby consign and deliver possession of my (our) vehicle, which is a Year _______ Make ________________ Model ______________ VIN__________________________________________ 2) (License) ___________ (State) ____ (Mileage) ______ to (Consignee) VIP Motors (Dealer # 49811) for the sole purpose of selling the vehicle and paying to the consignor or his or her designee from the proceeds of the sale of the vehicle, the amount agreed upon under terms of this agreement. This agreement is effective and valid for a period of 120 days from this date." Agreement automatically renews for another 120 days unless canceled in writing prior to renewal date. At the termination of this agreement, the consignee shall release the vehicle to the consignor, or, at the option of both the seller/consignor and consignee VIP Motors, enter into a new agreement (see automatic renewal of consignment agreement). EARLY TERMINATION OR LATE TERMINATION OF CONSIGNMENT AGREEMENT 3) THE BELOW FEES ARE DUE ONLY IF CONSIGNMENT IS CANCELLED: - EARLY TERMINATION: If for any reason vehicle is removed from the showroom before the 120 day consignment agreement term is over, the consignor will pay a prorated $16 per day early termination fee. This is based on the remaining days on the 120 day consignment term, plus the cost of any repairs, and the $699 “VIP Package”. - LATE TERMINATION: After initial 120 day consignment period there is no early termination fee. There is a monthly cost of $255 or $8.50 per day from date of consignment, plus cost of any repairs, and cost of VIP package. To remove your vehicle provide a minimum 48 hour written notice, so an invoice can be prepared and vehicle prepared to leave the showroom. Seller initial here X ________ NOTE: Consignor must maintain full coverage insurance on any vehicle consigned with VIP Motors PROCEEDS 4) "If the vehicle is sold by the consignee during the term of this agreement, the money due the consignor shall be disbursed within 20 days after the date of sale in accordance with the terms of this agreement. As used in this agreement, a "sale" occurs when the consignee either (A) receives the purchase price or its equivalent or executes a conditional sales contract for the vehicle, or (B) when the purchaser takes delivery of the vehicle, whichever occurs first”. VEHICLE PRICING: For consignor 5) The following information shall be completed prior to the signing of this agreement or agreed to by email. - Current market value: $___________ Source: _________________________. - Asking Price $____________ Note: Asking price to be reduced by 2% each week. Approved minimum sale price is $_____________ Note: Minimum sale price to be reduced every week by 2%. Outstanding liens: $_____________ Lien holder: _______________________________________. Repairs to be made to vehicle: $_____________ Work Order #______________________. $__N/A_ or the following specific formula N/A or net to seller of $ N/A 6) VIP MOTORS buys cars and reserves the right at anytime to purchase consigned vehicle per the terms of the consignment agreement, based on the latest minimum sale price. 7) "Within 20 days after sale, the consignee shall make an accounting to the consignor of all of the following: date of sale, repairs authorized by consignor (supported by work records), exact amount of any liens payable to lien holders, evidence of payment of any liens, and the total sales price." 8) "Upon payment of the moneys due the consignor, the consignor agrees to furnish the consignee those documents necessary to transfer the ownership of the vehicle to the purchaser. - Consignor must pay any amount needed to pay off lien to lien-holder before VIP Motors will send balance-due to lien-holder. - DMV FORM 262 must be signed and submitted to Consignor/VIP Motors upon signing consignment agreement. - Title and any other documents needed to process sale must be provided to VIP Motors before proceeds will be disbursed to Consignor or lien holder. Any legal fees associated with enforcing this agreement will be paid for by “seller”. PURPOSE OF THIS AGREEMENT 9) "The consigned vehicle is delivered to the consignee in trust for the exact terms set forth in this agreement. The consignee agrees to receive this vehicle in trust and not to permit its use for any other purpose other than contained in this agreement without the express written consent of the consignor." Seller/Consignor Name (please print legibly) X_______________________________________ Seller/Consignor Signature X _____________________________________________________ Date_____/_____/ 13 Page 1 of 2 - BOTH PAGES MUST BE FILLED OUT AND SIGNED Seller initial here X ________ Complimentary $699 VIP Package when we sell your vehicle!vehicle - Full showroom quality detailing/reconditioning (See our showroom for examples of how your vehicle will be prepared for sale $450 - Full calendar quality photo-shoot and post processing of your vehicle $250 - Advertising on hundreds of web sites. $650. - CA required safety inspection $119 - CA required smog $65 - DMV title transfer work $80 - Lien-holder processing $50 - CarFax included for your vehicle $39.99 Total Value of VIP Package $1,703... CONSIGNMENT COMMISSIONS: $200 per month showroom fee plus below commission. - Cars selling between $28,000 - $35,000 Cars selling between $35,001 - $45,000 Cars selling between $45,001 - $55,000 Cars selling between $55,001 - $59,999 Cars selling between $60,001 - $69,999 Cars selling between $65,001 - $75,000 Cars selling between $75,001 - $85,000 Cars Selling between $85,001 - $94,999 Cars Selling over $95,000 = 6% 14% 13% 12% 11% 10% 9% 8% 7% Discount schedule for multiple vehicle consignments: - 2nd car you consign take 5% off of your fee schedule on the left. 3rd car you consign take 6% off of the commission schedule to the left. 4th car you consign take 7% off of the commission schedule to the left. 5th car you consign take 8% off of the commission schedule to the left. If you have more than 5 cars to consign we can give you a custom quote on selling your vehicles. MINIMUM CONSIGNMENT FEES 10) Vehicles selling for less than $28,000 have minimum commission of $3600 ($3,600 includes the cost of the VIP Package”). plus $200 per month showroom fee. - Motorcycles have a minimum commission of $2500 (which includes cost of VIP Package) plus showroom fee of $5.50 per day. Seller initial here X ________ Note: Vehicles over 25’ long the showroom fee is a $300 month. Note: This is an exclusive right to sell vehicle. If vehicle is sold by seller commission and fees are still due VIP MOTORS. Note: “Off site consignment” with no detail/photography: Cost due at signing $450. SELLER/CONSIGNOR INFO Phone ( Please write clearly or fill out online at www.VIPmotors.US VIP fax number (408) 753-9405 )_________________________ Name________________________________ EMAIL __________________________________________ Street Address___________________________________________ City________________________ State_____ ZIP _______________ Seller/Consignor Signature X _____________________ Date______/______2013 VIP Motors 2225 El Camino Real Santa Clara CA 95050 VIP Motors Employee Name _____________________________________ Signature X____________________________________________________ Date_______/_______/ 13 8) "NOTICE TO CONSIGNOR: Failure of the consignee to comply with the terms of this agreement may be a violation of statute which could result in criminal or administrative sanctions, or both. If you feel the consignee has not complied with the terms of this agreement, please contact an investigator of the Department of Motor Vehicles."Amended Sec. 12, Ch. 1035, Stats. 2000. Any legal fees associated with enforcing this agreement will be paid for by Consignor (seller). Any legal action is to be resolved in Santa Clara County CA Page 2 of 2 - BOTH PAGES MUST BE FILLED OUT AND SIGNED Revision Date 10/24/13
© Copyright 2024