Merlin fees

Captain Slow IRL

I was gonna take a spin up to merlin this weekend to see if I can bag a bargain for the oh. I was looking at their website, in particular their fees and payment page (here!)
Can someone tell me if I have this right, assuming I'm spending 10k on a car?

10,000
+500 (5%)
+180 (indemnity)
=10,680 out the door price

What's an indemnity fee anyway?

keefg

Captain Slow IRL wrote: »

What's an indemnity fee anyway?

An indemnity fee in banking terms is charged to cover insurance costs that the banks take out on the money they lend you.

In some other cases the term is used to describe the fee charged for any losses incurred.

Maybe this is something Merlin charge to cover some of their insurance overhead cost while they have a certain vehicle on their premises.

This is just my guess though, you would have to ask them to be certain and it would be interesting to hear what BS answer the sales rep give you

bf

The indemnity fee is basically insurance for a period (6 months I think) that will ensure that you get your money back if the car you buy is an insurance write off, stolen or still owned by a finance company & the vendor hadn't disclosed this to the auction company.

lifer_sean

Captain Slow IRL wrote: »

I was gonna take a spin up to merlin this weekend to see if I can bag a bargain for the oh. I was looking at their website, in particular their fees and payment page (here!)
Can someone tell me if I have this right, assuming I'm spending 10k on a car?

10,000
+500 (5%)
+180 (indemnity)
=10,680 out the door price

You forgot the VAT on the 5% = another 107.50

bf wrote: »

The indemnity fee is basically insurance for a period (6 months I think) that will ensure that you get your money back if the car you buy is an insurance write off, stolen or still owned by a finance company & the vendor hadn't disclosed this to the auction company.

+1
I think the period is 12 months.

Protects against "defects in title", ie if there was something legally wrong with the car when you bought it. In that sense buying from Merlin is safer than buying privately. However in terms of the actual condition of the car you have more opportunity to check out a private sale by driving the car etc.

biggus

Don't buy at your first auction. Go to a few to suss out the stock.
Also if you have the balls bid real low on something your vaguely interested and stop low
Then when you see something you want to really buy the auctioneer doesn't have you bidding against yourself(as a first time bidder) and the wall
if its the first time he sees you bidding he know your an amateur and push you to retail prices. More of a problem in lane 1 with norman than lane two with dave.
Also you can buy in comfort after auction afterwards if the yoke doesn't sell.

lifer_sean

biggus wrote: »

Don't buy at your first auction. Go to a few to suss out the stock.
More of a problem in lane 1 with norman than lane two with dave.

+1

Norman is a holy terror for this practice. He doesn't even try to hide the fact that he is making up bids. Much safer bidding in lane 2, but of course the mix of vehicles is different.

Good advice on going first time just to get the "feel" of the place.

bf

lifer_sean wrote: »

+1

Norman is a holy terror for this practice. He doesn't even try to hide the fact that he is making up bids. Much safer bidding in lane 2, but of course the mix of vehicles is different.

Good advice on going first time just to get the "feel" of the place.

The only problem is most of the better cars (non-private entries etc) tend to be in lane 1!

pipsqueak

I was in merlin in ashbourne year ago, In rolls a 99 suzuki swift. Norman goes " and here we have a nice suzuki swift if there is such a thing"! He can be funny now and again .

daRobot

lifer_sean wrote: »

+1

Norman is a holy terror for this practice. He doesn't even try to hide the fact that he is making up bids.

Would have thought that this practice would be totally illegal.

Thought this would be a variant of Shill bidding...No?

niceirishfella

biggus wrote: »

Don't buy at your first auction. Go to a few to suss out the stock.

Best advice here, go as a spectator first and keep your hands in your pockets!

meesa

biggus wrote: »

Also you can buy in comfort after auction afterwards if the yoke doesn't sell.

What do you mean by this Biggus? Can you approach someone after the car has gone through and not sold?

niceirishfella

meesa wrote: »

What do you mean by this Biggus? Can you approach someone after the car has gone through and not sold?

not personally, but through a merlin representative you can.:)

My understanding is that from February we'll all be able to bid from the comfort of our livin'rooms are they are going to stream their auctions live on the internet, and you can bid online for a car!:D

lifer_sean

niceirishfella wrote: »

My understanding is that from February we'll all be able to bid from the comfort of our livin'rooms are they are going to stream their auctions live on the internet, and you can bid online for a car!:D

Hadn't heard that.

Somehow I don't think I'd bid on a Merlin car from my living room without having been up to inspect it ... !

To say the quality of their stock is variable would be a major understatement !

I'll still be driving to Naas, even if it is 2 hours each way ...

niceirishfella

lifer_sean wrote: »

Hadn't heard that.

Somehow I don't think I'd bid on a Merlin car from my living room without having been up to inspect it ... !

To say the quality of their stock is variable would be a major understatement !

I'll still be driving to Naas, even if it is 2 hours each way ...

ahhhhhhh, come on sean, it'll be great. You can do it whilst watching Coronation Street!:D

lifer_sean

And miss those gourmet burgers that they serve ??? Couldn't miss that !!!