When you are going to buy a used car from any online auction company in the USA or Canada, you might be requested to place a minimum deposit in advance as an assurance that you will pay for your purchase. Usually the minimum deposit amount starts from $300-$400 till 10% of the car price. Some auto auction websites may collect smaller deposit amount, but please find out if the company you want to do business with is reliable enough, so you can trust them. Besides, it's important to check the company's refund policy for you to be sure that your deposit will not be forfeited.
The reliable auto auction websites usually provide their clients with the option to refund the deposit you place to your account. As a rule you can activate this option from your personal profile or send your request about a deposit refunding to the company's email box. Please, be aware when this service becomes available for you after your account is credited with the deposit. Moreover, request the company if there are some charges applicable in such cases. The auto auction companies usually charge some amount or percent from your deposit depending on how you made a payment. The company charges may be higher if you use bank wire transfer than when you settle payments with your credit or debit card. Besides, some companies settle a time limit for a security deposit, so awareness of the website’s Terms and Condition will help you to avoid any payment misunderstanding.
