Excise Tax Law

I15 Auctions Inc DBA Bid Fast and Last is a public auction house, but we reserve the right to refuse service to any individual for any reason. Please read the terms and conditions below carefully prior to agreement. Please note, all items are sold AS IS. I15 Auctions Inc DBA Bid Fast and Last expresses no warranty on any item in this auction. All items are sold as pictures, as they sit and all sales are final. Preview day is offered for all items being auctioned. The dates and times can be found listed in the auction details. Staff will be unable to assist with loading items. Buyer is responsible for bringing supplies to load items including boxes, hand trucks, vehicle/motorcycle ramps, straps, bubble wrap and assistance. All prospective buyers must be at least 18 years old and are required to register with I15 Auctions Inc DBA Bid Fast and Last Auctions, prior to bidding. By using the bid number, the Buyer acknowledges he has received, read, and understands and agrees to be bound by the terms and conditions of the auction either on the Buyers agreement or posted at the auction facility or online. The Buyer offering the highest bid accepted by the Auctioneer shall be the purchaser of the offered lot, and no purchaser shall retract his bid. Purchaser accepts a lot when he makes a bid. Buyers Premium: 10% buyer's premium plus 5% online premium = 15% buyers premium 15% buyers premium will be added to the final bid price with no cap. Sales Tax: Local sales tax, based on location of the auction, will be applied to the invoice total. 7.75% is the current tax rate for our Hesperia Warehouse location. Firearm Excise Tax: 11% excise tax will be charged in addition to the7.75% local sales tax on all firearm and ammo purchases. Participation Requirements: Valid credit card required to be approved to bid. Payment options: Cash, wire transfer, cashiers check or Debit/credit cards We accept Visa, MasterCard but do NOT accept Discover or American Express. A 3.8% convenience fee will be charged with all credit/debit transactions. ID will be required for all credit card purchases. The credit card holder must be present in order to charge the card. If at any point, a buyer decides they wish to reverse a charge on their card to pay with a different payment method they will be refunded the total minus the 3.8% convenience fee. Credit card payments will not be accepted for purchase of any precious metals totaling $1,000 USD or more. Precious metals include but are not limited to jewelry, coins, sterling silver, bronze statues, etc. The purchases must be paid for by wire transfer, cashiers check or cash. Vehicles must be paid via cash, cashiers check, wire transfer or credit card in person. We do not accept over the phone payments for any vehicles. We will only accept up to $5,000 on a credit/debit card for vehicles. The remainder will need to be paid wire transfer, cashiers check or cash. Items must be paid for within the allotted pick up times. Pick up times and location can be found in the auction description. Failure to complete payment within the allotted time will result in a restocking fee of $100 or 25% of the total invoice price, whichever is greater. Failure to pick up the items within the allotted pick up times will result in a storage fee of a minimum of $25 per lot per day. Storage will begin the first day after the allotted pick up days. If the buyer wishes to cancel items won, a restocking fee must be paid. We allow cancellations within 24 hours of the auction closing. The cancellation fee is $100 or 25% of the invoice total, whichever is greater, including premiums and fees applicable. Failure to cancel or pay the cancellation fee will result in a final sale. Cancellation is not offered for any auctions that are not at our Hesperia Office located at 17272 Darwin Ave Hesperia, CA 92345. All off-site auctions invoices must be paid in full. Shipping: I15 Auctions Inc DBA Bid Fast and Last, has an in-house shipping department that offers shipping at the buyers expense. The invoice must be paid in full in order to receive a shipping quote and for items to be packaged. If having items shipped, the buyer may pay with card, wire transfer, cashiers check or personal/business check. If the buyer is paying with a credit/debit card, they will be required to submit a copy of their valid ID and card. All items will be shipped to the billing address that is on file. NO EXCEPTIONS. If the buyer wishes to have items shipped to an alternate address, the invoice must be paid with a wire transfer. If paying with a personal/business check, the items will not be shipped until 21 days after the check has been cashed, allowing for the check to clear. Shipping fees must be paid for within 48 hours of receiving a quote or items will be considered abandoned. All items being shipped will require insurance and signature upon delivery. The buyer holds harmless the Auction Company for any and all damage. If needed, the buyer is responsible for filing any insurance claims with the shipping company. If the Buyer is unable to be contacted within 7 days of the auction closing, the items will be considered abandoned and charged a 25% restocking fee. Preview is offered for all auctions with the dates and times listed in the auction details. Descriptions and photos are simply a guide in addition to preview. All items are sold as- is, where-is without any guarantees or warranty expressed or implied, statutory or otherwise of any nature whatsoever in respect of the lots offered at the auction. Buyers are encouraged to make their own physical inspection and rely solely on that. The buyer acknowledges that all auction items are available for inspection prior to the auction and it is the buyer's responsibility to have inspected the item before bidding. No sale shall be invalidated; nor shall the auction company be liable as a result of defects or inaccuracies of any lot. Any dispute arising as to any bidding shall be settled by I15 Auctions Inc, DBA Bid Fast and Last Auctions, at their sole discretion, and the items may put the lot in dispute up for sale again. I15 Auctions Inc, DBA Bid Fast and Last Auctions, reserves the right to refuse any bid, which it considers to be an insignificant advance over the preceding bid. Auction company must be made aware of any discrepancy of won items within 24 hours of the items being picked up/delivered. Failure to make the auction company aware of any discrepancies will result in a final sale of the items. Transport of items is available on select items from off-site auctions to our Hesperia Warehouse location with prior authorization and communication with Auction Company staff. Small items are transported via tote, with a cost of $25 minimum per 24x24x24'' tote. If a buyer wishes to have larger items transported, they are responsible for getting authorization prior to bidding on the item. Transported lots will get 7 days of free storage starting the day after the items arrive at our Hesperia Warehouse. Any items not picked up within 7 days will be subject to a storage fee of $25 per lot per day. In reference to Regulation 1599 of the California Department of Tax and Fees Administration, Bid Fast and Last complies with the following: Tax does apply to sales of coins as collector's items or as an investment, except as otherwise specified in this regulation. For sales occurring on or after January 1, 2023, a sale in bulk occurs if the total market value of the monetized bullion, non monetized gold or silver bullion, and numismatic coins sold in a single transaction is $2,000 or more, or is equal to or exceeds the adjusted amount as computed by Revenue and Taxation Code Section 6355. For purposes of this regulation, market value means sales price as defined in Section 6011 of the Sales and Use Tax Law. The Buyer, whether acting as principal, agent, officer or director of a company or otherwise, in any capacity whatsoever, and the company they represents, both jointly and severally agrees to indemnify and save harmless Auctioneer and its officers, directors, employees, agents, attorneys and its consignors, from any and all actions, causes of action, suits, damages, costs, and losses of any nature, including injury and death, arising from the purchase or use of any items, or the attendance or participation of Buyer, their agents or employees, at the auction and/or on the auction site whether before, during, or after the auction. Buyer agrees to be responsible for the payment of the purchase price, Auctioneer's fees, any applicable DMV fees, and taxes due on all of Buyer's purchases. The Auction Terms and Conditions shall be governed by and interpreted under the laws of the State of California, and any action hereunder against Auctioneer shall be commenced in the State of California. ALL FIREARMS WILL BE SOLD BY I15 Auctions Inc, Inc, a Federal Firearms License (FFL) Licensee in California. California buyers must possess a firearms safety card, pass the California Bureau of Investigations background check for all firearms and fill out ATF form 4473. A $47.19 fee will be charged for the background check and DROS (Dealer Record of Sale), and an additional $10 per firearm. A Firearm safety card is available for $25. If you do not pass the background check, you still must pay for the firearm(s), and they will be sold at a later auction and appropriate commission will be charged. Firearms must be picked up by the purchaser at I15 Auctions Inc Hesperia, CA location. No one other than the purchaser may pick up a firearm. Buyer must be over the age of 21 to purchase a firearm. Buyers from outside California or out of the area will need to arrange shipping with a Federally Licensed Firearm Dealer of their choosing. Buyer is responsible to determine their ability to purchase the firearm in their state. If you do not qualify to own the firearm in your state, you still must pay for the firearm(s), and they will be sold at a later auction and appropriate commission will be charged. All Sales are final on the day of the sale. Auction company will arrange shipping of the firearm(s) with tracking, insurance and signature required. The cost of the shipping will be paid by the purchaser prior to shipment. A $70.00 document processing fee, DMV Registration Fees (if applicable), $50 smog fee, smog certificate at actual cost and registration fee (if applicable), will be charged for every DMV purchase, whether sold independently or grouped into one lot and regardless of purchaser's intended use of the purchase. California law does not provide a cooling off or other cancellation period for vehicles. Therefore, you cannot choose to cancel a contract at a later time simply because you change your mind, decide the vehicle costs too much, or wish you had acquired another vehicle. I15 Auctions Inc, DBA Bid Fast and Last Auctions, must offer a 2-day cancellation option, should you wish to exercise, to purchase the right to return certain motor vehicles under $40,000 by 5PM PST of the second day after the sale. This cancellation option applies only to vehicles purchased for personal or household use; it does not apply to motorcycles, off-road vehicles, recreational vehicles, or vehicles sold for business or commercial use. In order to exercise this option you must inform I15 Auctions Inc, DBA Bid Fast and Last Auctions, at the time of purchase on that specific auction day. The cost for purchasing this cancellation option is as follows: Purchase Price Cost of Option Restocking Fee $0-$5,000: $75- $100; $5,000-10,000, $150-$200; $10,001- 30,000, $250-$300, $30,001- 40,000 $400-$500. The amount is non-refundable and the purchaser will also be charged an additional 25% restocking fee. The vehicle must be returned in the same condition and the mileage must not exceed the (250) permitted miles otherwise the option is void. Funds must be certifiable prior to the processing or release of DMV documents. Documents will be prepared to be effective only in the jurisdiction in which the auction is being conducted. If for any reason, I15 Auctions Inc, DBA Bid Fast and Last Auctions, is unable to make available or deliver any purchase or clear title to the same, or documentation required in respect of any purchase, whether before or after delivery, I15 Auctions Inc, DBA Bid Fast and Last Auctions, sole liability shall be the return of monies paid in respect of such purchase upon its return by purchaser. Any such purchase shall be returned or surrendered upon demand by the Auctioneer. Some vehicles may be sold pursuant to vehicle code 24007.5, subsection (a) paragraph (2) and may only be available to licensed motor vehicle dealers and dismantlers. 23. Diesel vehicles (over 14,400 GVW) or off-road diesel equipment / vehicles when operated in California may be subject to the State of California Air Resource Board (CARB) in-use off-road diesel vehicle regulation or accelerated turnover requirements to reduce emissions or air pollutants and may not be operated or registered in the State of California without being retro-fitted. This vehicle/equipment may or may not be identified by I15 Auctions Inc, DBA Bid Fast and Last Auctions,. It is the buyer's sole responsibility to determine if diesel engines or equipment with diesel engines can be permitted or registered in the State of California. For more information contact the (CARB) www.arb.ca.gov/msprog/ordiesel/ordiesel.html Buyers purchasing Out-of-State vehicles must be registered as an out-of-state buyer with I15 Auctions Inc, DBA Bid Fast and Last Auctions, prior to bidding. Buyers are hereby notified that a VIN Stop has been filed with California DMV prohibiting the vehicle/equipment from being registered in California. Purchaser will be required to sign an ARB Out-of-State Verification Form acknowledging their intent to move the vehicle/equipment out of California, and an Out-of-State Sales Agreement indicating that the buyer will inform future buyers that the vehicle cannot be registered and operated in California unless compliant with Section 2022.1(b). Out-of-state vehicle buyers will receive 7 days of free storage and will be subject to $25 per day storage for every day after.