Security Deposits.
1. Security Deposit for Basic Members. Upon registering as a Basic Member, no security deposit will be collected. A Basic Member may bid on one vehicle at a time up to a maximum bid of $1,000 without payment of a security deposit. Notwithstanding the above described Basic Member bidding privileges, Copart reserves the right to require a security deposit be paid before a Basic Member may bid on a vehicle.
A security deposit of 10% of the maximum amount that a Basic Member wishes to bid shall be required for bids over $1,000. For instance, if a Basic Member wishes to bid up to $3,000 for a vehicle, a security deposit of $300 must be paid prior to bidding.
The Basic Member security deposit shall automatically apply to the purchase price and fees due if a Basic Member is the winning bidder on a vehicle.
A Basic Member may request a refund of any unapplied security deposit online by visiting the Account Information page of Copart's websites. All refunds are subject to confirmation that the security deposit is not applicable to any open bids or unpaid charges. All refunds shall be credited to the credit card used to submit the deposit. In the event the credit card is not valid the refund shall be made by check and mailed to the Member at the Member's address on file with Copart within 30 days of receipt of written request and verification of amount due.
2. Security Deposit for Premier Members. Copart will collect a $400 security deposit from all Premier Member applicants. Copart will return the Premier Member security deposit upon the Member's request if all invoices and charges have been paid in full; however, the Member's account will then be downgraded to Basic Membership. In the event a Premier Member fails to pay any invoice and the debt is past due, Copart will use the Premier Member's security deposit to satisfy the debt.
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