Auctions allow you to purchase vehicles at quality prices. Any time you place the highest bid in an auction, money must change hands. One extremely important thing to know when bidding at an auto auction is the preferred method of payment. I say “preferred” method because an auction may allow all forms of payment; however, you must be very aware of how you finalize your purchase. Imagine going to your landlord’s place of business and paying your rent with cash. Granted, you’ve done the ethical thing in paying the rent, but cash alone provides may be no record of payment without a receipt. Now, think about visiting a car auction and paying for a shiny new car with cash. Some places may allow cash as a valid form of payment, but it is not wise. When finalizing a deal at any auction, it is preferable to use a cashier’s check or a money order for final purchasing. This way, you have full proof with a signature to validate your purchase, and this can be used in a court of law in the event of a lost or disputed title. Believe it or not, not everyone is ethical or has your best interest at heart. You should protect yourself by using the above methods other than cash.
Some auctions may take credit or debit cards. Depending on your bank’s daily withdrawal/purchase limit, you may be able to complete the transaction with your card. If you plan on using debit or credit at an auction, be sure to verify the limit first with your bank. Nothing is worse than hearing the words, “Sir, you card has been declined.” Trust me; it’s happened to anyone! In any event, the most acceptable method of payment is the one with which you feel most comfortable. Be sure you’re ready and know the rules before you step foot on the auction grounds.