What happens to my deposit, once I make the successful purchase?

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  • Last Post 08/26/2015 11:40 AM EST
John M Posted 07/28/2015 06:07 PM EST

Depending on the company's policy your initial deposit may be the part of the full cost. Thus you'll need to cover the balance between deposit and the total amount. Some car auction websites may request to place a security deposit, that will be refunded to you after you make the full payment.

When your initial deposit is taken as a part of full payment, be aware in advance how much time you have to clear up the balance left and try to settle the full payment within this period. Some auction websites let you only three or five days for placing full amount, and then penalty fees are applied.

 

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Paagrant Posted 08/26/2015 10:47 AM EST

Your initial deposit is always a part of the payment for the car you buy, and so after successful purchase, you will be served with an invoice which you have to pay to add up to the money you already have placed. In case your money in your account is up to the total invoice amount, then you will have to sign on the invoice and send it to the company, so the money will be deducted from your account.



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Raphael Posted 08/26/2015 11:40 AM EST

Note, that auto auction websites consider your bids submitted to them as final. If an auction ends with you as a winner, you will be obligated to buy the car for sale. In the case you back out of the sale, your deposit may be forfeited. Kindly check Terms and Conditions before you will place a Bid.

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