Can I Use My Deposit to Pay for A Car At the Car Auction?

Applies to: All Auctions and auction brokers.

In short, the answer is no. All auctions, like Copart and IAA. As well as auction brokers like Autobidmaster.com, Abetterbid.com, and selenaauto.com all require a deposit on file to bid. However, when it comes time to pay for the purchase of the vehicle at auction, the deposit cannot be used to pay your balance.

However, after all payments have cleared and the car has been transported out , you can request your deposit to be refunded. If you paid with a debit or credit card, it will be back in your account very quickly. You can then replace the deposit if need be later to bid again.

Warning: In some cases, withdrawing your deposit can cancel your membership to the auciton. For example, Copart will downgrade your membership if you take your deposit back.