Within 1 Week of the Auction Close Date
Submit payment for VF to K-BID through Bill & Pay by the date indicated on the checklist. Since VF are not invoiced, affiliates will enter the VF amount they are paying in the "Additional Payment" box in Bill & Pay. The Payment Notes must contain the Auction # and Lot #s for the vehicles the payment covers. Failure to pay the VF by the date indicated on the checklist for each titled asset, will result in a late penalty per lot and an ACH pull from your bank account for all VF listed on invoices, except for invoices processed as NO SHOW or No Sale -- it's important to know this includes the VF for titled assets listed on OPEN invoices (unless the affiliate has notified the Title Department). Below is an example of how an affiliate submits VF through their Bill & Pay portal.
What if the bidder and affiliate have made another arrangement for pickup & payment?
Send an email to email@example.com identifying the Auction # and the status of open invoices with t/r assets. It is assumed all invoiced vehicle fees have been collected unless the Title Department is specifically notified the VF need to be adjusted or there is a delay in receiving the VF payment from the bidder for some reason. The email should include the following information for every t/r asset listed on an open invoice:
- the Invoice number
- winning bidder number
- lot number
- reason for invoice payment delay
- expected date of invoice payment
If this email isn't received prior to the due date listed on the invoice, the affiliate will be charged the late penalty fee on all lots that are involved.