The insurance auto auctions held at Salvagebid give car enthusiasts a simple and convenient way to buy all types of vehicles at easily affordable prices. That said, if you’re planning to purchase a car through Salvagebid, understanding the payment process is essential. In this article, we will explore the key aspects of paying for a car at the American auto auctions held at Salvagebid. Read on.
Time Limit to Make the Payment
Once you win a vehicle at our salvage auto auction, you must submit the payment within a specific timeframe. According to our policy, payment for won vehicles must be made by 5 pm Pacific Standard Time on the following business day from the sale. However, Starter, Premium, and VIP members are granted an additional business day to complete their transactions.
It’s important to note that a business day refers to weekdays (Monday-Friday) that are not federal holidays. International members are given two business days to ensure payment is received into the account. Late payment fees are applied if payment is received after the designated deadline.
Accepted Currency and Forms of Payment
Salvagebid exclusively accepts payments in US dollars, through bank wire transfers only. Once the auction closes, you will receive an email with an invoice and payment instructions. The invoice will include the necessary information for making a payment. If needed, you can also contact your financial institution for specific instructions on how to initiate a wire transfer.
Components of the Fees
Salvagebid.com applies a fee structure based on different membership levels. The fee percentages and minimum amounts vary as follows:
- Guest members: 10% of the purchase price with a minimum fee of $299 (whichever is greater).
- Starter members: 9% of the purchase price with a minimum fee of $299.
- Premium members: 6% of the purchase price with a minimum fee of $250.
- VIP members: 4% of the purchase price with a minimum fee of $200.
Salvagebid charges a $119 documentation fee that covers the cost of ownership document transfer and mailing.
NOTE: The exact fee for each vehicle can be determined using the fee calculator located at the bottom of the auction box for that specific vehicle.
Other Applicable Auction Fees
Apart from Salvagebid’s fees, each auction conducted on the platform may have additional fees specific to that particular auction. The details of these fees can also be calculated using the fee calculator provided for each vehicle. It’s important to review and understand the fee structure associated with the specific auction you are participating in to avoid any surprises during the payment process.
Making a Wire Transfer
When you win an auction, Salvagebid will send a notification to the email address associated with your account. The email will contain an invoice and wire transfer instructions for making the payment. To initiate a wire transfer, you should have the following information on hand:
- Government-issued photo ID
- Bank name for Salvagebid
- Account number for Salvagebid
- ABA routing number (for domestic customers) or SWIFT code (for international buyers)
NOTE: International customers may have to pay additional processing fees imposed by intermediary banks during the wire transfer process.
Wrap Up
Buying a car through Salvagebid’s insurance auto auctions could be a breeze, provided you know how to proceed with the transaction and are aware of its finer lines. That said, if you need any help in buying salvage insurance cars through our auctions, our support team will be happy to help. So, what are you waiting for? Register with us today and start bidding in our insurance auto auctions. If you have any questions, simply call: +1 (360) 347-1300 or email at: support@salvagebid.com.