If I bid for a car and don't win, what happens to my deposit?

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  • Last Post 08/26/2015 10:43 AM EST
John M Posted 07/28/2015 06:08 PM EST

Most of the auto auction websites require to place a minimum deposit, so you can take part in a live auto auctions. If your bid is not successful, you'll be able to use the same deposit amount towards the next bid to try to win another car. Usually you are sent a letter with auction results and in case your bid is not the highest or someone outbids you are offered to bid for another vehicle. Thus, you can look at the inventory available on the website and find a car you'd like to possess. As a rule, your deposit will remain intact till your successful purchase is confirmed. So you can try to bid for a car unlimited number of times before you win a vehicle on a Live Bidding auto auction.

 

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1 Comments
Paagrant Posted 08/26/2015 10:43 AM EST

I'd like to suggest that you read the Terms and Conditions of the car auction website carefully before you place a deposit. There are some companies, which ask to place a deposit for providing their services, and in case you don't win a vehicle, the company may charge a service fee. Pay your attention, when a car auction website requires to place some small amount of money, less than $400, as a minimum deposit. Make sure, that the company is reliable enough and officially registered in order to avoid fraudster's traps.

 

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