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Fees & Refund Policy

 
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Fees & Refund Policy

SALVAGE WORLD FEES AND REFUND POLICY

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

Salvage World provides its customers with the ability to buy vehicles from dealer only auctions as long as the customer has made a required deposit into his/her account at that time when he/she wishes to begin bidding on vehicles at auction.All deposits into the customer’s account at Salvage World are subject to this Policy and this Policy can only be modified by a writing signed by the party to be charged.

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 account. Your initial deposit must be at least six hundred and fifty dollars ($650.00) dollars, consisting of a $150.00 non-refundable two year membership fee which will be applied to a purchase; and a minimum $500.00 fully refundable on-account payment to secure your bids (“Security Deposit”). However, when you purchase your first vehicle through Salvage World, the membership 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 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 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 and purchase processes for you. 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 $500.00 or ten (10%) percent of your total bid amounts, whichever is greater. Certain insurance companies and auctions may require a $3,000.00 or thirty three (33%) percent 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 $50.00 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.  

1) If your deposit has not been used in your account, you will be refunded the total deposit. In the case you made a bid, you will be refunded the deposit amount minus a $40.00 bidding fee (service charge).

2). A refund must be also request in writing via Postal Mail to 300 Delaware Avenue, Suite 210 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.


                        To request a refund click here.  By clicking for a refund, you agree to the charges and refund limitations described above and agree they are reasonable and appropriate.


Forms of Payment

Salvage World accepts the following methods of payment for your initial deposit: Paypal, Google Checkout, 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 has cleared your payment, your Salvage World account will be updated to include the deposited funds. If you are not awarded any bided vehicle, your deposit will be applied towards your future auction bids unless a refund is requested.

1. If you submitted your membership 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 account by Salvage World. Checks will be issued for wire refunds and can take up to 30for 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 10%-33% of which $500 is the minimum relist fee for vehicles under $5000 dollars. This will be charged to the customer depending on the insurance auction and company offer was placed with. Salvage World is required to pay the re-list fee itself upon your default. The re-list fee will be deducted from the Salvage World Customer’s account or otherwise collected. 

5. Acquisition & Miscellaneous Fees:

1. Wire Fees: All outbound wires incur a wire transaction fee of thirty five dollars ($35.00) and all inbound wires incur a wire transaction fee of ten dollars ($10.00).

2. DMV / Title Fees: Please note that there is flat eighty five dollars (85.00) 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 will charge an Acquisition Fee based on the following information:

Current SALVAGEWORLD 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


The Acquisition Fee will be charged on your final invoice along with all other fees.
Please note all Fees are nonrefundable.

ALL SALES ARE ON AN “AS IS” BASIS, WITH ALL WARRANTIES, EXPRESS OR IMPLIED, EXCLUDED BY AGREEMENT HEREIN. REFUND REQUESTS OR DAMAGE CLAIMS BASED ON BREACH OF WARRANTY ARE EXCLUDED FROM CONSIDERATION BASED ON THE “AS-IS” AGREEMENT OF THE SALE.

 
 
 
 
 
 
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