Before you can bid on or buy any vehicles with A Better Bid you must first place a 100% refundable security deposit. The deposit is required in order to ensure a smooth purchasing process.
How to place a deposit?
You can click here to go to the security deposit page or by following either one of these two steps:
- Clicking on the “add deposit” at the top of the website or;
- Click on “My Account” then click on “Bidding Limit”
How much is the deposit?
The security deposit must be 10% of your maximum planned bid. So if you plan to bid up to $10,000 for a vehicle, you should place a $1,000 security deposit. The minimum required deposit is $400, and it will allow you to bid on one vehicle at a time and place a bid up to $4,000. If you would like to bid higher than $4000 or on several vehicles simultaneously, move the slider left and right on the security deposit page. The system will show you the deposit amount necessary.
You can place a security deposit with a credit/debit card or wire transfer. If using the bank wire transfer option, you must wait until your payment clears before we can apply it to your account.
How to get the security deposit back?
The deposit is 100% refundable and can be refunded at any time provided you have no outstanding balances. To request a refund simply go to the request refund page as shown in the image below.
Once you are on the refund page, click on the appropriate “Request Refund.”
How long do refunds take?
If you received an email that A Better Bid™ has processed your refund, rest assured that we did. A Better Bid™ processes refund requests within 5–7 business days and issues a refund to the same payment form as you initially used to make the deposit.
What happens with my deposit if I don’t win the vehicle?
If you do not win a vehicle, your deposit will remain in your account. You may choose to use this deposit on another vehicle or request a refund at any time.
Can I use the deposit to pay for my vehicle?
No. Security deposits may not be applied to the cost of the vehicle, shipping, or any other fees. If you win, you may request a refund for your security deposit only after receiving the vehicle and all transactions have been cleared.