Toyota Financial Services/Lexus Financial Services
Auction Vehicle Repurchase Guarantee for ADESA Auctions
REPURCHASE GUARANTEE
Toyota Financial Services/Lexus Financial Services agrees to repurchase Eligible Vehicles described herein, in
the event that Dealer has made its best efforts to sell Eligible Vehicles to the public at reasonable prices for at least
60 days. The Repurchase Price shall be 100% of the amount paid by the Dealer to purchase the vehicle at auction,
not including any fees.
REQUIREMENTS AND CONDITIONS
1.
Eligible Vehicles are all vehicles purchased on Dealer Direct at Market Based Price and/or all vehicles
purchased in the Dealer Direct Online Auctions.
2.
Ineligible Vehicles are all vehicles purchased on Dealer Direct at Residual or Payoff.
3.
All Eligible Vehicles are subject to NAAA arbitration rules.
4.
The Eligible Vehicles must be arbitrated in Dealer Direct using the ‘Guaranteed Buyback’ Dispute Type no
sooner than 61 days after original purchase date of the vehicle and no later than 67 days after the original
purchase date of the vehicle.
5.
Administrative fees, costs of transport of the vehicle, or any other fees or expenses incurred by the Dealer shall
not be reimbursable and shall not be considered a part of any repurchase price.
6.
Eligible Vehicles for repurchase must not have suffered any mechanical or physical damage, including but not
limited to frame or water damage at any time prior to the return of the vehicle. The vehicle must not have been
sold, leased or rented to any other party and shall not have mileage increases greater than 500 miles from
original auction purchase.
7.
Eligible vehicles must have all applicable Recall repair(s) completed prior to the vehicle arbitration in Dealer
Direct.
8.
Eligible vehicle must be present and available on purchasing Dealers lot.
9.
Upon BuyBack approval, Dealer Direct shall provide the purchase refund to Dealer in no more than three (3)
business days following receipt of a clear vehicle title from the purchasing dealer.
10. This agreement shall be canceled and any obligations by the original purchase auction to Dealer shall be made
immediately null and void in case of fraud, misrepresentation, tampering, or other material breach on the part of
the Dealer.
11. If there is a valid lien or floorplan on the vehicle due to financing of all or part of the Dealer's original auction
purchase, the Dealer is responsible for satisfying the obligation to the lien-holder and for providing clear title to
Dealer Direct.
12. This agreement shall not be assignable by the Dealer.
REPURCHASE PROCEDURES
1.
2.
4.
5.
6.
Dealer must create a new arbitration in Dealer Direct using the ‘Guaranteed Buyback’ dispute type. The
arbitration can be created no sooner than 61 days after original purchase date of the vehicle and no later than 67
days after the original purchase date of the vehicle.
Upon receipt of the Guaranteed Buyback claim, the Dealer Direct Manager will verify that the vehicle qualifies
for the Guaranteed Buyback program based on the purchase date, order a reinspection of the vehicle, and
provide the dealer with detailed repurchase guidelines.
AutoVIN will reinspect the vehicle.
If vehicle is eligible for repurchase, the Dealer Direct manager will approve the vehicle as a Guaranteed
Buyback vehicle.
Upon approval notification, dealer must return a clear title to Dealer Direct with three business days.