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Fees & Refund Policy

 

SALVAGE WORLD AUCTIONS FEES AND REFUND POLICY

This Fees and Refund Policy (the “Policy”) is an addendum to the Salvage World Auctions 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 Salvage World Auctions.

Salvage World Auctions 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 Salvage World Auctions are subject to this Policy.

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FEES, DEPOSITS, UPGRADES & REFUNDS

           A.         Initial Deposit.   In order to participate in worldwide auctions as a bidding customer, you must first fund an initial deposit into your Salvage World Auctions account. Your initial deposit must be at least five hundred dollars ($500), consisting of a one hundred and fifty ($150) NON-REFUNDABLE two year registration fee which will be applied to a purchase; along with the standard fifty dollar($50) NON-REFUNDABLE  Virtual Bid Fee.  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 Salvage World Auctions, the registration fee will be applied against and thereby reduce your final purchase price.

            B.         Winning the In-House Auction.   You will be permitted to bid against other Salvage World Auctions 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 three thousand dollar ($1,000) or thirty three percent (33%) deposit whichever is greater before you can bid on a vehicle at their auction. 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 within 30 days.


                        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.

 

1) If your deposit has not been used in your account, you will be refunded the total deposit, less the NON REFUNDABLE registration and bidding fees. In the case you did NOT  place a bid, you will be refunded the deposit amount less a $150.00 registration fee ONLY. You will immediately be credited $350 dollars in the event you do not find what you like. Your $150.00 will remain in your account and can be used towards the purchase of any vehicle and will be discounted from your final invoice.

2). A refund for the purchase of a vehicle or a deposit, in the event of an auctioneer or broker default,  must be requested in writing via Postal Mail to Insurance Auctions inc., 1201 Orange Street, Suite 600 Wilmington, Delaware 19801, on any vehicle for it to be processed. Refunds will be processed accordingly via postal mail ONLY. Which is also clearly expressed in our Terms of Use in section 16. You can request a refund by email, at the same time billing will not issue the actual refund until they have recieved a notice in writing.

3). If you DO NOT REQUEST a refund for your deposit online,  or email: refunds@salvageworldauctions.com instead you decide to do a chargeback without giving our team a 24 to 48 hour window to get back to you, legal will have your account in collections and dispute the charge at the same time. We ask all of our customers to be patient, work with our team, respect our payment gateways and help us keep our charge back ratios down. If you feel you joined and made a mistake please do not be embarrassed call us and we will refund you immediately. Do not hide behind the computer and just charge back, this hurts our entire organization when these processing companies increase reserves, we then have to increase our prices on our fees, which we rather keep them as they are discounted making thousands of customers happy with their purchases.


Forms of Payment

Salvage World Auctions accepts the following methods of payment for your initial deposit: Paypal, 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 Salvage World 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.

1. If you submitted your registration fee via a wire transfer, there is a thirty five dollar ($35.00) outbound wire fee associated with the transaction and will be deducted from any funds held on your account by Salvage World Auctions. Checks will be issued for wire refunds and can take up to 30 business days for processing.

2. Cash or Check: If you submitted your deposit via cash or check, there is no fee associated with a refund. Check refunds can take up to 30 days from the date of request to be processed.

3.  Re-List Fees
In the event that we successfully acquire a vehicle for you and you default in your obligations for payment, in addition to all other penalties listed above in Section C, a re-list fee of ten0 thirty three percent (10%-33%) of which five hundred ($500) is the minimum relist fee for vehicles under five thousand ($5000) dollars. This will be charged to the customer depending on the insurance auction and company offer was placed with. Salvage World Auctions is required to pay the re-list fee itself upon your default. The re-list fee will be deducted from the Salvage World Auctions account or otherwise collected. Please note all Deposits are refundable except in the event your vehicle is relisted. Salvage World Auctions will charge a relist fee for any vehicle that has not been paid in a timely manner.

5. Acquisition & Miscellaneous Fees:

1. Wire Fees: All outbound wires incur a wire transaction fee of thirty five dollars ($35) and all inbound wires incur a wire transaction fee of ten dollars ($10).

2. DMV / Title Fees: Please note that there is flat eighty five dollars ($85) DMV / Title Fee associated with successful transactions.

3. Acquisition Fees: In the event that your bid offer was submitted at the insurance auction and you were deemed top bidder and awarded the vehicle, Salvage World Auctions will charge an Acquisition Fee based on the following information:

Current SALVAGE WORLD AUCTION Buyer's Fee Schedule:

From:

To:

Fee:

$500

$2,999

$299.00

$3,000

$8,999

$399.00

$9,000

$15,999

$499.00

$16,000

$49,999

$599.00

$50,000

$99,999

$699.00

$100,000

+

$999.00

 

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 maintain fruitful relationships we protect our unwary buyers!                                                                                                                                                                                                                         

 

           

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