A security deposit, or a deposit reserve or vehicle purchase deposit, is collected in advance via credit card or wire transfer to guarantee that the bidder will complete their vehicle purchase.

This auction purchase guarantee ensures secure bidding and adherence to the deposit policy. Security deposits on a credit card are typically not charged and removed from your account but are instead simply a 'pending authorization,' placing the funds on reserve.

A security deposit may be forfeited if you win the auction and do not complete the purchase or have an outstanding balance. In such cases, the pending status will be removed, and your account can be charged up to the full security deposit amount.

The security deposit must be a minimum of $600 or 10% of your intended maximum bid (if over $6,000), whichever is greater.This deposit requirement is a bid guarantee and part of the auction deposit policy. Suppose you would like to bid on multiple vehicles.

In that case, you will need a separate security deposit of $600 or 10% of your intended maximum bid (if over $6,000), whichever one is greater, for each vehicle. These deposit guidelines ensure that each bid is backed by a sufficient vehicle auction deposit, facilitating secure participation in live online auctions.

No, your security deposit cannot be used to pay for the vehicle. According to the deposit policy, the security deposit is held until the car is paid in full and picked up from the auction facility.

At that time, you can request a refund or use the deposit on another auction. This approach ensures the vehicle payment is made separately, adhering to the auction deposit guidelines.

You may pay your security deposit with a credit card or debit card, and your security deposit will immediately be applied to your Salvagebid account. These car auction deposit options are part of the accepted payment forms in auto auction transactions.

You may also pay by bank wire transfer; in this case, we will wait until the payment posts to our account before applying the deposit to your Salvagebid account. Our auction payment guidelines outline these security deposit payment methods, ensuring proper payment processing and submission.

You can increase your security deposit at any time by adding your deposit on the listing page of any vehicle. To increase your security deposit, you will go to 'My Auction Center' and select 'Bidding Limit.' You will enter the bidding limit that you need; this will show you the amount of your security deposit. You will then click the 'Increase My Bidding Limit' button and choose to place the deposit with a major credit or debit card or through a wire transfer.

You can also set the deposit directly on the vehicle listing page. You will enter your bid amount and click 'Bid Now.' From here, you can use a major credit or debit card or bank wire transfer to increase your bidding limit to the amount needed for the bid you entered.

This process allows you to manage your auction account effectively, ensuring that your bidding limit aligns with your intentions on the online auction platform.

Yes. You can request a refund anytime if you have not purchased a vehicle. If you win an auction and decide not to go through with the car purchase, your security deposit will not be refunded. This vehicle auction refund policy is part of our auction deposit policy, ensuring that all participants adhere to the auction purchase terms.

A deposit on your account is typically listed as a 'pending authorization' on your credit or debit card. When it is refunded, Salvagebid simply cancels this pending transaction. You will not see a new transaction for this amount. This may take up to 2-3 business days to update your bank statement. If the security deposit was processed as a charge and is eligible for a refund, we will process the refund right away, and you will see the refund posted within 2-3 business days.

This deposit refund timeline is part of our refund policy, detailing the refund process steps and eligibility within the auction deposit refund framework.

Yes. As your security deposit is a 'pending authorization,' the bank only allows us to place this hold for 30 days. At the end of this period, your security deposit will expire automatically. You will need to set a new deposit at this time.

We reserve the right to process the pending authorization as a charge and may do so if there are any outstanding bids or purchases at the end of these 30 days. This aspect of the auction deposit policy is outlined in our auction terms, ensuring proper auction deposit management and compliance with auction purchase requirements.