Payment Policy

The buyer pays the amount due by NEFT, RTGS or IMPS to UKKI's bank account shown on the deal's payment step, using the car's registration number as the payment remark. Never pay for a car on UKKI to the seller, to a dealership's own account or to anybody else, and never pay in cash. UKKI will never ask you by phone or message to pay into a different account.

The amount due may be made up of the buyer's own transfer, a loan disbursed by a lender directly to UKKI, and the proceeds of the buyer's own car sold through UKKI as a trade-in. The deal shows each part and what the buyer must transfer. The buyer's transfer is accepted once any loan on the deal has been approved for an amount that, with the other parts, covers the price.

UKKI matches each transfer against its bank statement and confirms it on the deal. A payment counts as received only once UKKI has confirmed it. If a transfer is short, cannot be matched or arrives after the deal is cancelled, UKKI will contact the payer and return it if it cannot be applied.

From confirmation until payout or refund, the money is held by UKKI and is not available to either party. UKKI does not pay interest on money it holds.

The seller is paid the agreed price less UKKI's seller fee, GST on that fee, any tax deducted at source, and any loan on the car that UKKI pays off to the seller's lender, as shown in the deal's breakdown. Payment is made by bank transfer to the seller's verified bank account once the car has been handed over as the deal sets out, after approval by two separate members of UKKI's finance team. Where a holdback applies, the part held back is paid once the holdback period ends without a dispute.

UKKI's fees, the GST on them and any extras the buyer chose are shown on the deal before either party is asked to proceed. A promotional code reduces UKKI's own fees only.

Tax collected at source on the sale of a car above the threshold set by law, and tax deducted at source on the seller's payout where it applies, are charged as the law requires and shown in the breakdown. UKKI issues invoices for its fees and makes tax certificates available once they are issued by the tax authorities.

When a deal is cancelled after the buyer's payment has been received, UKKI refunds the amount due under the agreements. A buyer's own transfer is refunded to the buyer's verified bank account; a loan disbursal is returned to the lender that paid it; a dealership is refunded to its registered payout account. Any cancellation charge and any fee the agreements say is not refundable is kept back, and the refund preview shows both before a cancellation is confirmed. Refunds are approved by two separate members of UKKI's finance team and are paid by bank transfer, normally within 14 days of the cancellation.

UKKI does not hold a buyer's payment for longer than is needed to complete or unwind the deal. If a deal cannot proceed, UKKI will either complete the payout or refund the money.

If money is paid to UKKI in error, tell us through Help as soon as possible and we will return it to its source once we have verified the payment. UKKI may hold a payout or refund while it investigates suspected fraud, or where the law or an authority requires.