Security Deposit
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Do I need a security deposit before I bid on, make an offer or buy a car?
Yes. In order to bid on, make an offer or buy a car on our site you will need to make a security deposit.
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How much does the security deposit need to be?
The deposit must be 10% of the amount you wish spend on the car, with a minimum deposit amount of $600.
The deposit gives you Buying Power. Let’s explain Buying Power. If you wish to buy a car for $8,000 you will need to make a deposit of $800. However, if you wish to buy a car for $3,000, the deposit amount must be $600 because $600 is the minimum security deposit amount.
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Why do I need to have a security deposit?
The security deposit acts as assurance that you will complete the purchase of the vehicle if you are the winner of the auction, if your offer is accepted or if you used the Buy Now option.
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Can I lose my security deposit?
Your security deposit will be forfeited if you do not complete the purchase where you are the highest bidder at auction, make an offer that is accepted by the seller, use the Buy Now option on the vehicle or have any unpaid balance on your account. As such, it is important to bid carefully and only commit to purchases you intend to complete.
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How do I make a security deposit?
In order to make a deposit, you need to click the “Add Funds” button at the top left of the webpage. From there you follow the instructions to complete the deposit.
You can make a security deposit using one of two methods: i) through your credit card or ii) bank wire transfer. We do not accept payments through PayPal.
Generally, for credit card deposits, the maximum amount that we will accept is $2,500. If you require more buying power and need to make a larger deposit, please contact our Auction Specialists at 1-800-680-8010 or by email at [email protected] to discuss options.
If you do not have a credit card and wish to make a deposit by way of a wire transfer, please contact our Auction Specialist (phone: 1-800-680-8010 or email: [email protected]) for wiring information.
Domestic clients will be required to add $35 to their deposit if being paid by bank wire due to fees charged by the banks. International clients will be required to add $40 to their bank wire deposit for the same reason.
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What types of Credit Cards do you accept for the security deposit?
We accept Visa, Mastercard, American Express, Discover, JCB and Diners Club cards.
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Why is my security deposit in pending status?
If your security deposit did not pass our initial fraud checks, it will be placed in a “pending” status. You will receive a notification indicating that your security deposit is pending approval.
In such case, we will ask for two things: i) a copy of a government issued ID which must match the name and the billing address on the credit card and ii) a copy of the credit card you used for the deposit (showing the full card including your name but covering all the digits on the credit card other than the last four digits of the card).
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Will my security deposit be applied to the purchase of the car?
The choice is yours! If this is the only car you want to buy at the time you win the car you can use your security deposit against the purchase price of that vehicle.
If you are looking to buy another car, you can keep your security deposit on your account and use it towards the purchase of the next car. You will need to pay for the first car you won in full before using the deposit towards the next car.
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Can I increase or decrease my security deposit?
Yes, in certain circumstances and certain amounts. Let us explain:
Increase – If you want to increase your buying power, you can do so by increasing your security deposit amount. We will accept increases in increments of $100 per increase up to a maximum security deposit of $2,500.
Decrease – You can decrease your security deposit by requesting a refund so long as you do not have any outstanding (open and highest) bids, purchases, offers or unpaid balances on your account. Just remember, that we cannot decrease your deposit below the $600 minimum.
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Is the security deposit refundable?
Yes. If you do not have any outstanding (open and highest) bids, purchases, offers or unpaid balances on your account, you can request a refund of your security deposit at any time.
If your security deposit was made by wire transfer, there will be a fee for the refund in an amount of $40 for international customers and $35 for domestic (US) customers. This is due to additional bank fees for wire refunds.
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How do I request to get the security deposit back?
It’s very easy. Please email us at [email protected] us with your request for a deposit refund. Within 1 business day (but usually on the same business day) of receiving your refund request we will initiate the refund from our end so long as you don’t have any outstanding balances, offers, bids or purchases on your account. See below FAQ pages regarding timing to get the deposit back.
If you are sending an email with a deposit refund request, we would be very grateful if you would provide a reason for your deposit refund request so that we know what we can do to improve our service and/or products.
PLEASE NOTE – If you request for a refund of your security deposit is received one (1) year after your original deposit was made, we are only able to refund your deposit via check or bank wire. As above, we will process the request within 1 business day but it if a check is requested, it may take a few extra days for you to receive the check.
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How long does it take to get my security deposit refunded?
Credit Cards – We initiate refunds within 1 business day from the day the refund is requested. For a refund to show on your credit card it can take between 5 to 15 days after we have initiated the refund (depending on your financial institution). This is wholly dependent on your bank and not Auto Auction Mall as we initiate the refund within 1 business day of the request.
Wire – We initiate refunds within 1 business day from the day the refund is requested. When refunding wires, we cannot give an accurate estimate as some wire transfers (especially domestic ones) could be back in your bank quickly while others take longer.
Check – We write the check within 1 business day from the day the refund is requested. We then mail you the check. Unfortunately, we cannot give an accurate estimate as this depends on the post office and their timelines to deliver your check.
