This Fees and Refund Policy (the “Policy”) is an addendum to the Eliteautoauctions.com Site User Agreement (the “Agreement”) and is incorporated by reference into the Agreement by mutual consent. Buyer agrees to be bound to the terms and conditions of the Agreement and the Policy in all transactions with Eliteautoauctions.com.
Eliteautoauctions.com provides its customers with the ability to buy vehicles from dealer only auctions as long as the customer has made a required deposit into their account at the time when the customer wishes to begin bidding on vehicles at auction. All deposits into the customer’s account at Eliteautoauctions.com are subject to this Policy.
A. Initial Deposit. In order to participate in worldwide auctions as a bidding customer, you must first fund an initial deposit into your Eliteautoauctions.com account. Your initial deposit must be at least five hundred dollars ($500) or 10% whichever is greater. A minimum of five hundred dollars ($500) is required on-account payment to secure all bids (“Security Deposit”). However, when you purchase your first vehicle through Eliteautoauctions.com, the deposit will be applied against your final purchase price.
B. Winning the In-House Auction. You will be permitted to bid against other Eliteautoauctions.com customers during the in-house bidding process for your selected vehicle. At the close of in-house bidding, you will be advised if you are the in-house high bidder. If you are the high bidder, we will be representing you at the live auction, and you should consult with one of our expert representatives who will be participating at the auction on your behalf. You can discuss strategy with your representative and consider increasing your account deposit to allow for increased bidding at the actual auction against bidders all over the world. As the winning in-house bidder, your security deposit for the auction itself must be at least five hundred dollars ($500.00) or ten percent (10%) of your total bid amounts, whichever is greater. Certain insurance companies and auctions may require a one thousand dollars ($1,000) or thirty three percent (33%) deposit whichever is greater before you can bid on a vehicle at their auction. These insurance company stock numbers beging with the letters "i" and "m" on Elite Auto Auctions. We will advise you if the vehicle you have selected requires a higher deposit for bidding. You may be required to increase your Security Deposit before the auction opens based on your final authorized bid amount.
C. Winning the Auction. If your bid wins the auction, you must transfer the balance of your payment obligations for the vehicle into your account within twenty-four (24) hours. If you default on that obligation, late fees will increase your obligation at a rate of fifty dollars ($50) per day. If you remain in default for more than three days, you will forfeit all rights to the vehicle, your account will be closed, all balances in your account applied to your obligations, and the vehicle we have paid for on your behalf will be re-listed for sale at another auction. In such event, you will be charged a re-list fee equal to your required deposits, and you will remain liable for all other fees and costs incurred by your default.
D. Refunds If your bid/offer is not the winning bid/offer at the insurance auction, and as a result you are not awarded the vehicle, your deposit will remain in your account and will be available for new bids. If you decide to request a refund, your deposit will be returned to you IMMEDIATELY minus a 3 percent administrative fee.
Click here to reqest a By clicking for a refund, you agree to the charges and refund limitations described above and agree they are reasonable and appropriate.
Elite Auto Auctions
5956 Sherry Lane Suite 20th Floor Dallas, Texas 75225
Elite Auto Auctions accepts the following methods of payment for your initial deposit: Any Major Credit Card and Wire Transfer. Final payment for vehicles won at auction may only be paid by the following methods: wire transfer, bank check, or cash. Once Elite Auto Auctions has cleared your payment, your account will be updated to include the deposited funds. If you are not awarded any bid vehicle, your deposit will be applied towards your future auction bids unless a refund is requested.
ALL SALES ARE ON AN “AS IS” BASIS, WITH ALL WARRANTIES EXCLUDED BY AGREEMENT HEREIN. REFUND REQUESTS OR DAMAGE CLAIMS BASED ON BREACH OF WARRANTY ARE EXCLUDED FROM CONSIDERATION BASED ON THE “AS-IS” AGREEMENT SALE. We encourage all of our buyers to spend 2 minutes and take a look at all vehicle images closely. Many unscrupulous salvage dealers replace parts on vehicles, make them look as if they have light damage, in order to resell for a high return at the insurance auctions. In the event this situation does arise, our team will research for prior photos and damages reports, at the same time, Our administration reserves the right to refuse any vehicles which we deem is unsuitable for delivery or could possibly cause loss of revenue and or potential litigation. In order to protect our unwary buyers!