What if a machine is on finance?
A machine on finance belongs to the funder until it is settled. It can only be sold with their agreement, and the settlement figure is usually paid from the proceeds. Tell us before we catalogue so we can contact them. If the settlement is higher than the likely hammer price, you need to know before the sale, because you would have to fund the shortfall.
This question comes up in
Machinery and engineering auctions
CNC machines, lathes, mills, presses and workshop equipment catalogued with the detail the engineering trade asks for.
Related questions
Read more
- How a commercial asset auction works
A stage by stage account of an online timed auction for business assets. It covers the asset schedule, cataloguing, viewing days, how bidding closes, buyer's premium and VAT, collection and how you get paid.
- Preparing machinery and equipment for sale
What to do before viewing day. Keep the machines that can be run safely available to demonstrate, isolate the rest, clean but do not repaint, find the tooling and manuals, and sort out access for removal.
- How used machinery is valued
Buyers pay for what a machine will do for them, less what it costs to get it out and running. This guide explains how make, hours, tooling, demand and removal cost feed a guide price, and why that price is not book value.
Other questions
- Do I need to be there on collection day? Retirement auctions
- Do we have to sell everything that is not moving? Relocation sales
- Who moves the plant after the sale? Plant and construction
- What if a buyer approaches me directly? Private treaty
Britannia Auctions