The status of your account depends on particular auto auction website's Terms and Conditions. Every company is different and sometimes you can return your deposit asking for refund. In such cases the company may charge some amount for returning. Other company may ask to place a small deposit, but it will be non-refundable as a payment for using its website services. In most cases, your deposit can stay on account with a car auction company as long as you wish, till the time you make the successful purchase.
For how long can my deposit stay on account with Auto Auction website?
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- Last Post 08/26/2015 11:52 AM EST
As for my experience, the money can be in your profile till you decide to use it to purchase or ask for refund. Be sure, a car auction company sales representative will help you to find a car according to your specifications as soon as your account is credited with a deposit.
Try to do business with auto auction companies, that provide security to your deposit until you finally make a purchase or request for refund.
Reliable auto auction companies always keep your money, until you win or purchase a car with them, or refund it on your request. What is more, they also offer different options of how you can deposit your account. In most cases you can use your credit or debit card such as Visa, MasterCard or Discover. You can also do it by bank wire transfer, but it takes more time and cars are usually sold very quickly. Thus, auction company may ask you to place a deposit in advance through Skrill, PayPal or any other fast payment systems. Once you buy a used car on such an auto auction website your deposit will cover a part of your total price.