Settlement Guide

Settlement Guide

Welcome to Settlement

Congratulations! You've reached the settlement phase - the final step in your vehicle transaction. Whether you've accepted an offer, had your offer accepted, or clicked Buy Now, you're now moving into the secure process where money changes hands and ownership transfers.

This guide will walk you through every step of settlement, from confirming the details to completing the handover. AutoSettle makes this process secure, transparent, and straightforward for both buyers and sellers.

What Is Settlement?

Settlement is the formal process of completing your vehicle transaction. It's where:
  1. Both parties confirm the exact terms of the sale
  2. The buyer secures funds in their AutoSettle Wallet
  3. Registration transfer information is collected and prepared
  4. Handover details are arranged
  5. The vehicle and keys change hands
  6. Payment transfers instantly and securely
You have 14 days to complete the settlement process, which gives buyers plenty of time to arrange finance and both parties time to coordinate handover. If you need additional time, communicate this through the Settlement Room chat with the other party.

The Settlement Room

Once you enter settlement, you'll be working in the Settlement Room. This is the same space as the Deal Room you've been using, but now you're focused purely on completing the transaction:

  1. The same AI-moderated chat is available for communication
  2. Buying and selling tools are no longer visible—you're committed to this transaction
  3. All communication and actions are focused on completing settlement
  4. Progress tracking shows both parties where they are in the process
The Settlement Room keeps everything organised and ensures both parties can see progress towards handover.

Settlement Steps for Sellers

As a seller, here's what you'll do during settlement:


Step 1: Confirm the Settlement Terms
You'll review and confirm the settlement table, which includes:
  1. Vehicle details (make, model, year, VIN, registration)
  2. Agreed purchase price
  3. AutoSettle fees ($34.95 for you, $34.95 for the buyer)
  4. Any deposits previously paid (deducted from final amount)
  5. Any other material considerations
Check everything carefully. Once you confirm these terms, you're committing to sell the vehicle to this buyer at this price. Both parties must confirm before moving forward.

Step 2: Wait for Buyer to Load Funds
After both parties confirm the settlement terms, the buyer needs to deposit the full purchase amount into their AutoSettle Wallet. Here's what you need to know:
  1. You can see the buyer's progress as they deposit funds
  2.  You cannot access these funds yet - they're held securely until handover
  3.  Buyers can deposit in multiple transactions if their bank has transfer limits
  4. The buyer has up to 14 days to complete this step
What if the buyer needs more time? If they need additional days to arrange finance or gather funds, they should communicate this with you through the Settlement Room chat. You can agree to extend the timeframe if needed.

You cannot arrange a handover time until all funds are in the buyer's wallet. This protects you by ensuring the buyer has the money before you commit to a handover appointment.

Step 3: Agree on Handover Details
Once the buyer's funds are fully deposited, you can coordinate the handover. This works similarly to test drive scheduling:
  1. One party proposes a date, time, and location
  2. The other party accepts or suggests alternatives
  3. Negotiate back and forth until both parties agree
Recommended handover locations:
  1. Bank branches (during business hours)
  2. Police station car parks
  3. Motor registry/service centres
  4. Public car parks at shopping centres
  5. Any well-populated, well-lit public space
Choose a location that's convenient for both parties and provides a safe, public environment for the handover.

Step 4: Complete Registration Transfer Details
AutoSettle needs to prepare the registration transfer and vehicle disposal forms for your state. Here's how this works:
  1. AutoSettle already has most information from earlier in the transaction
  2. We pre-populate the required forms automatically
  3. You'll be guided through any additional fields we need
  4. Each state has different forms - AutoSettle handles the correct format for your registration
Once all information is complete, AutoSettle generates electronic versions of the transfer and disposal forms ready for submission to your state regulator after handover.

Step 5: Sign the Electronic Registration Form
You'll electronically sign the registration transfer form through AutoSettle. This is a secure, legally valid digital signature that confirms you're transferring ownership of the vehicle.

Step 6: Handover
The big moment! Here's what happens at handover (covered in detail in the Handover section below).

After handover is complete, the buyer's funds transfer instantly to your AutoSettle Wallet, and you can withdraw them immediately or leave them for future use.

Settlement Steps for Buyers

As a buyer, here's what you'll do during settlement:

Step 1: Confirm the Settlement Terms
You'll review and confirm the settlement table, which includes:
  1.  Vehicle details (make, model, year, VIN, registration)
  2. Agreed purchase price
  3. AutoSettle fees ($34.95 for you, $34.95 for the seller)
  4. Any deposits you've already paid (deducted from final amount)
  5. Any other material considerations
Check everything carefully. Once you confirm these terms, you're committing to purchase this vehicle at this price. Both parties must confirm before moving forward.

Step 2: Load Funds into Your AutoSettle Wallet
After confirming the settlement terms, you'll be prompted to deposit the full purchase amount into your AutoSettle Wallet. Here's what you need to know:

Payment Methods
  1. PayTo
  2. Debit card
  3. Credit card
  4. PayID 
Depositing in Multiple Transactions
You can deposit funds in one lump sum or multiple amounts. This flexibility helps if:
  1. Your bank has daily transfer limits
  2. You're using funds from multiple bank accounts
  3. You're combining your own savings with finance from a lender
  4. You're using different payment methods (e.g., part card, part PayID)
Important Details
  1. The seller can see your progress as you deposit funds
  2. Your funds stay in your wallet until you confirm satisfaction at handover
  3. You have up to 14 days to complete this step
  4. If you need more time (e.g., waiting for finance approval), communicate with the seller through the Settlement Room chat
You must deposit ALL funds before you can arrange a handover time. This ensures the seller knows the money is secure before committing to meet.

Step 3: Agree on Handover Details
Once your funds are fully deposited, you can coordinate the handover with the seller. Work together to find a mutually convenient date, time, and location. See the seller's Step 3 above for recommended handover locations.

Step 4: Complete Registration Transfer Details
AutoSettle will guide you through providing any additional information needed for the registration transfer forms. Most information is already collected, so you'll just need to fill in specific fields required by your state regulator.

Step 5: Sign the Electronic Registration Form
You'll electronically sign the registration transfer form through AutoSettle. This confirms you're accepting ownership of the vehicle.

Step 6: Handover
The big moment! Here's what happens at handover (covered in detail in the Handover section below).
 

The Handover Process

Handover is where the vehicle and money change hands. AutoSettle makes this secure with built-in verification steps.

At the Handover Location

Both buyer and seller meet at the agreed location, date, and time. Both parties open AutoSettle on their mobile phones to complete the handover process.

Step 1: Buyer Scans the VIN
The buyer is prompted to scan the vehicle's VIN number using their phone camera. This critical security step ensures:
  1. You're receiving the exact vehicle that was listed and verified
  2. The seller hasn't substituted a different vehicle
  3. The VIN matches AutoSettle's records
What happens during VIN scanning:
  1. If the VIN matches: Both parties are notified that verification is successful and you can proceed
  2. If the VIN doesn't match: Both parties are alerted, and the buyer is advised NOT to accept the vehicle and to walk away from the transaction
This VIN verification is a powerful anti-fraud protection that prevents vehicle switching scams.

Step 2: Buyer Scans the Odometer
The buyer is also prompted to scan the vehicle's odometer using their phone camera. This verifies the current mileage and creates a final record of the vehicle's condition at handover.

Step 3: Final Vehicle Inspection
Before confirming the transaction, the buyer should:
  1. Walk around the vehicle and check its condition
  2. Verify it matches what they saw at the test drive
  3.  Check for any new damage since the test drive
  4. Confirm all features and accessories are present
You only accept the vehicle in its current state at handover. If the condition has changed significantly since the test drive (damage from hail, accident, etc.), you have the right to discontinue the transaction and walk away.

Step 4: Buyer Confirms Satisfaction
If the buyer is satisfied with the vehicle, they press the 'Release funds to Seller' button in the AutoSettle handover process. This single action:
  1. Instantly transfers funds from the buyer's AutoSettle Wallet to the seller's AutoSettle Wallet
  2. Completes the transaction
  3. Triggers documentation generation
The seller can see the funds in their AutoSettle Wallet immediately. There's no waiting, no clearing period - the money is available right away.

Step 5: Seller Provides the Vehicle
Once payment has transferred, the seller provides the buyer with:
  1. All vehicle keys (including spares)
  2. Physical copies of any paperwork
  3. Owner's manual and service books
  4. Any accessories or extras included in the sale
The buyer can now drive away in their vehicle, and the seller has been paid in full. Transaction complete!

What If Issues Are Found at Handover?

Sometimes circumstances change between the test drive and handover. AutoSettle protects buyers in these situations.

Buyer's Right to Discontinue

You can walk away from the transaction at handover if:
  1. The VIN doesn't match AutoSettle's records
  2. The vehicle has sustained damage since the test drive (hail, accident, vandalism, etc.)
  3. The condition is significantly different from what you saw during inspection
  4. Features or accessories promised in the listing are missing
  5. You're not satisfied with the vehicle's current state
What happens if you discontinue:
  1. All funds in your wallet are immediately refunded
  2. Refunds go back to the original payment sources (card, PayID, etc.)
  3. The transaction is cancelled
  4. Both parties are notified
You're protected until the moment you press 'Confirm.' Your money stays in your wallet until you're completely satisfied with the vehicle.

After Settlement: Documentation

Once handover is complete, AutoSettle generates comprehensive documentation for both parties.

What You'll Receive

Transaction / Settlement Receipt

A detailed receipt including:
  1. Purchase price paid
  2. Vehicle registration and VIN details
  3. Complete vehicle description
  4. Date and time of transaction
  5. Both parties' details

Registration and Disposal Forms

Electronic versions of the forms required for your state, ready to submit to your regulator. These are pre-filled and signed, making the administrative side simple.

Complete Transaction Record

Access to all transaction documentation including:
  1. All photos from the vehicle profile
  2. Uploaded documents (service history, warranties, invoices, etc.)
  3. Registration and VIN verification records
  4. PPSR report
  5. Chat history
  6. All other transaction records

 Accessing Your Documents

All documentation and images are available in the 'View Images and Documents' section of the vehicle in your AutoSettle Wallet account. You can:
  1. View all documents online
  2. Download individual documents
  3. Download everything as one complete file
  4. Store records locally for your permanent records
Keep these records safe - they're important for insurance, future sales, warranty claims, and registration purposes.

Your Next Steps

For Sellers:

  1. Confirm the settlement terms carefully
  2. Wait for buyer to deposit all funds (you can monitor progress)
  3. Agree on handover location and time
  4. Complete registration transfer information
  5. Sign the electronic forms
  6. Meet at the handover location with vehicle and all keys/paperwork
  7. Complete the handover process
  8. Access your funds immediately in your AutoSettle Wallet
  9. Contact your insurance company the same day to notify them you've sold the vehicle

For Buyers:

  1. Confirm the settlement terms carefully
  2. Deposit all funds into your AutoSettle Wallet
  3. Agree on handover location and time
  4. Complete registration transfer information
  5. Sign the electronic forms
  6. Meet at the handover location
  7. Scan VIN and odometer through AutoSettle
  8. Inspect the vehicle one final time
  9. Press 'Confirm' when satisfied
  10. Receive keys and paperwork
  11. Contact your insurance company the same day to add the vehicle to your policy

Info
Related guides to help you:
Handover Guide - detailed checklist for the handover meeting

Post-Purchase Guide (buyers) - what to do after taking ownership

Post-Sale Guide (sellers) - finalising the sale and accessing funds

Settlement is the culmination of your vehicle transaction. With AutoSettle's secure process, built-in verification, and instant payment transfer, you can complete your sale or purchase with complete confidence.



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