INFORMATION ON BANK REPOSSESSIONS
What’s a bank repossessions ?
When we see the terms “bank repossessions”, it means that properties have been seized for reasons of non-payment. These properties are mostly resold in an auction or tender by financial institutions or bankruptcy trustees. The latter will resell in order to recover the sums of money due.
Buying a bank repossession: Is it Worth the Cost or Not??
Of course, cars sold in bank repossessions and without legal guarantees are often sold under their market value. The buyer realizes a big potential saving when buying.
BEFORE SUBMITTING A BID
Who is open to tender?
Individuals, businesses and merchants; in short, everyone!
Why is there a starting bet?
In order to receive reasonable offers, a starting bid is entered based on the valuation made by our staff.
Can I withdraw a submitted submission?
You can cancel your submission before the deadline by accessing your account. Use the delete option represented by the trash to the right of your offer to proceed with the withdrawal. No telephone requests will be accepted.
I have already bid on an asset, can I modify a bid?
Yes, within your account, you can edit your submission using the pencil icon to the right of your offer.
When can I inspect the vehicle?
All vehicles are available for inspection on Mondays from 10am to 12pm and from 1pm to 4pm. The place of visit is entered in the record of each asset.
Please note: our staff is not authorized to inspect for you. If you choose to bet without having done your own inspection, be aware that sales are final and all properties are sold as is. Bidders who do not pay their contract of sale will be banned and their file will be given to our legal department.
Can I test drive before purchase?
It is not possible to test drive for safety reasons. Bidders must rely solely on their visual examination. However, the vehicle can be started, but must remain stationary.
Is there a guarantee from the seller on the assets?
No, everything is sold as is. The bidder must carefully inspect the lots before bidding. It is recommended to inspect assets on site. The Entrepex description sheet and damage report is provided to you only as an indication and it is the responsibility of the bidder to ensure the accuracy of the information.
Is the manufacturer’s warranty balance or extended warranty transferable to the assets?
It is your responsibility to validate with the serial number of the asset at a dealer or manufacturer.
Do you offer financing?
Currently, no funding is available.
Communicate with your bank to validate your transaction limits and you ensure the availability of all funds.
What are the taxes?
*The SAAQ collects the QST based on the higher of the sale price and the estimated value of the vehicle.
The tables above are for your information only. The taxes applied may vary depending on your entity and several other factors.
Golf karts, electric bikes, trailers and any other type of asset will be subject to both taxes applicable at the time of conclusion of the sales contract.
AWAITINGS RESULTS
Quand puis-je consulter le résultat des appels d’offres?
From the time and the due date of the tender, in the menu of our website, on the homepage or in your account, you will be able to view the results of the last tender.
AFTER ACCEPTANCE OF MY SUBMISSION BY THE SELLER
I looked at the results and my bid is highest on an asset. What are the next steps?
Once the seller has accepted your submission, our team will contact you to validate your personal information. Afterwards, you will receive a sales contract by email where you can sign it electronically. Payment and retrieval details will also be attached to the email.
What payment methods are allowed?
Debit (Interac), bank transfer (with transfer confirmation) and Interac transfer ( Question / Answer ).
What are the non-authorized payment methods?
Bank drafts, credit cards, cash and business or covered cheques are not accepted, no exceptions allowed.
Can I cancel a purchase?
No, all sales are final. Bidders who do not meet their obligations will be banned and prosecuted. It is important to carefully check and inspect the assets, and make sure you have the funds available to complete your purchase.
AFTER PAYMENT OF MY PURCHASE
How long do I have to pay and pick up my purchases?
Following the acceptance of the seller, you will receive by email a purchase contract. Your purchase must be paid and picked up within 72 business hours of receipt of the purchase contract. If you do not take possession within the prescribed time, you will be charged a storage fee of $20/day.
When can I pick up my purchase?
You can pick up your purchase at any time during business hours.
Do you have equipment to load on site?
We have the equipment to load your vehicle/equipment. Our staff will be happy to assist you. When handling with heavy machinery, additional charges may apply.
Please note that Entrepex disclaims all responsibility for the handling of assets and that a waiver must be signed before loading your purchase. If you hire a third party to collect your purchase, a signed power of attorney must be sent to us.
Is it possible to have my vehicle delivered/transferred?
Transfer between Entrepex branches: Yes, to find out our pricing, contact the tendering department.
NB: Your invoice must be paid before the transport request.
Delivery to your business/home: No, in any case, your assets must be collected from one of our branches.
Do you offer a transit if you want to leave directly with the vehicle?
Since these are bank takeovers sold by banking institutions and/or bankruptcy trustees, no traffic transit can be provided.
Can I come to your branch to leave with my purchase?
If you are an individual, you will have to register the vehicle at an SAAQ service point to take the road or schedule a towing service if necessary.
Where is the nearest SAAQ to register my vehicle?
For our Boisbriand site, the SAAQ is located at: 100, boulevard Ducharme, Sainte-Thérèse (QC) J7E 3G7
For our Lévis site, the SAAQ is located at: 2600, boulevard Laurier, Québec (QC) G1V 4T3