| 1. How to buy a Repo™ ? |
| 2. Can I buy a unit at RepoDepo® ? |
We are open to the general public. Anyone can buy a unit at RepoDepo®. |
| 3. Where do the units come from ? |
BANK REPO™s! All units listed are being offered for sale on account of the seller and will be sold under the rights and remedies available to the seller such as a secured creditor, insurer, governmental agencies or trustees with respect to a default, recovery, forfeiture, seizure or liquidation, and pursuant to the appropriate act such as the P.P.S.A., Bankruptcy Act, Proceeds of Crime Act, Insurance Act, Mortgage Act or other relevant legislation. |
| 4. What kind of warranty does RepoDepo® offer ? |
| RepoDepo® does not offer any warranty whatsoever. All units are sold by the vendor as is where is, with no warranty given or implied. Some units may have factory warranty available - it is your responsibility to verify this information. |
| 5. Can I have my mechanic check over the unit to see what condition it is in ? |
Yes, your mechanic can inspect the unit. The mechanic is not permitted to dismantle parts and the vehicle must be inspected on the premises. Please see a customer service representative to make an appointment to have your mechanic inspect the unit you have bid on. Cannot move the vehicle for the mechanic. |
| 6. Can I buy a unit that is not in sale ? |
| Units that have not passed the sale date can be bid on but bids cannot be approved until after the sale date. |
| 7. How do I make an offer on a unit at RepoDepo® physical location ? |
| A drivers license, phone number and amount of bid are to be provided to a salesperson. The highest bidder will be contacted as soon as the unit is available for sale and if the vendor authorizes the sale. Alternatively you can place online bid enquiries through the web site www.repodepo.ca™ |
| 8. What are the prices of the units at RepoDepo® ? |
| Pricing is based on industry price guides such as RED, BLUE, BLACK book values, third party appraisals and comparisons to like product on the market. The price found on the information sheet is only a bench mark price similar to the price the Ministry of Transportation uses as a guideline to assess Retail Sales Tax payable. |
| 9. How do I know if my bid is too high or too low ? |
| The bid you make is entirely up to you, but if you expect to get the vehicle don't bid $1. You should use market guides like the Auto Trader and the newspaper to see what similar units are selling for on the open market. - SILENT AUCTION! |
| 10. How will I know if my bid is accepted ? |
| RepoDepo® will only contact the highest bidder, once the vehicle sale date has passed. Subject to the vendor's sales process requirements, a deposit representing 10% of the bid may be required in order to present the offer to the vendor for authorization. |
| 11. How do I know if the unit has any liens on it ? |
| All units have liens from the creditor. We give a lien release after the unit is sold. |
| 12. How do I pay for a unit ? |
| All units must be paid for by Interac, money order, bank draft or by certified cheque. Cash and personal cheques are not accepted. |
| 13. Are taxes payable on the purchase of a unit from vendors at RepoDepo® ? |
| Depending upon which Province the unit is purchased in, applicable GST, HST or PST taxes will be applied.
In places where GST is applicable, it will be payable to the vendor on the purchase of a unit secured by a creditor, and not charged if the sale is a private sale. Where PST is applicable, it will be paid directly to the Ministry of Transportation at the time of transferring the unit into your name. |
| 14. Can you finance the purchase of the unit for me? |
| No. We do not offer financing at RepoDepo®. We recommend that you obtain your financing from a lender of your choice. |
| 15. Once I pay for a unit, how do I remove it from RepoDepo® ? |
| All units are sold as is, where is. Removal of the unit from the lot will be your sole responsibility. |
| 16. Why can't I buy a security from RepoDepo® today ? |
Reasons why you may not be able to buy a security right away:
a. Conflict of interest.
b. The legal waiting period on a security has not passed.
c. An extension of the legal waiting period.
d. Awaiting legal documents.
e. A deposit has been placed on the security.
f. There are outstanding liens on the security. (Security can be sold but ownership cannot be transferred)
g. You are barred from bidding, because you have placed too many frivolous bids.
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| 17. Why didn't I receive my password yet ? |
| Our system will usually send the password to the e-mail address that you have provided immediately after the sign up procedure has been completed. Depending on network traffic and your location it may take anywhere from a few minutes to 48hrs for you to receive that e-mail. Some users mainly AOL™ subscribers have reported longer waiting periods or never receiving their passwords. The reason for this problem is that AOL™ has extremely stringent technical requirements for e-mails to be allowed through their servers. We are aware of this issue and are actively working with AOL™ to find a solution around it. In the meantime if you are a AOL™ member and are experiencing difficulties receiving e-mails from RepoDepo®, we recommend that you sign up for one of the many free, web based e-mail service providers such as Hotmail™ or Yahoo™ mail, and use that to sign up for MyRepo™ accounts. |