Published: 03/24/2014
If you’re a Basic Member and plan to bid more than $1,000, you need to have a deposit on file. This deposit must be 10% of the total amount you plan to bid.
Here are 7 things to know about deposits:
1. When you put down a Buying Power deposit, your credit card will be charged, whether or not you won the vehicle you bid on.
2. Deposit refunds are not automatic. You must request the refund within Account Information or by contacting Member Services.
3. Credit card payments will be refunded back to the original card account. It is very important for you to contact Member Services if the card you used for your deposit is now closed. Notifying us of this change will assist us in processing your refund in a timely manner. A check will be issued to you instead.
4. Debit card payments made at Copart locations cannot be refunded back to the card account. Instead, they must be issued via system check.
5. Refund transactions submitted each night are processed by our bank the next business day. The cutoff time is about 11:15 p.m. It might take an additional 1 to 3 days for the refund to transfer from our bank to your bank and get applied to your account.
6. When you win a vehicle, an amount equaling 10% of the sale price will be automatically transferred from your deposit to the payment of the vehicle. For example, if the sale price is $1,500, then $150 of your deposit funds will be moved and applied to your purchase.
7. In case of relists, deposit funds that had been applied to the vehicle prior to the relist will be then applied to the relist invoice automatically by the system. If an open relist invoice has not been paid timely, the system will automatically take any available deposits to offset the invoice.
Save time by upgrading your membership and making a one-time, fully refundable deposit! Learn More