Terms of Website Use
Acceptance of Terms
This RepoZoom.com™ website (the "Website") is owned and operated by
Zoom Online Auctions, Inc. ("Zoom Online Auctions"), PO Box 2047, Conway,
Arkansas 72033. Your use of the Website and all information, products and services
on the Website (collectively, the "Services") are subject to and governed
by the terms and conditions set forth below and the terms and conditions incorporated
herein by reference (collectively, the "User Agreement"), which constitute
a binding legal obligation between you and Zoom Online Auctions. The content on
the Website includes but is not limited to: text, graphics, logos, audio and video
clips, software server information, and anything else hosted on or delivered through
this Website. All rights to our contents, services and server information are reserved
and are the sole property of Zoom Online Auctions. If you have any questions or
comments about the User Agreement, : contact us.
BY CHECKING THE BOX BY "I HAVE READ AND AGREE TO THE USER AGREEMENT" DURING THE
REGISTRATION PROCESS (OR BY OTHERWISE ACCEPTING THE USER AGREEMENT THROUGH YOUR
ACTIONS), YOU ACKNOWLEDGE THAT YOU HAVE READ AND AGREE TO THE USER AGREEMENT. IF
YOU DO NOT AGREE WITH THE USER AGREEMENT, YOU ARE NOT AUTHORIZED TO USE THE SERVICES
OR TO CONTINUE TO ACCESS THE WEBSITE FOR ANY PURPOSE.
Definitions
The following terms are defined for use in this agreement, and their meaning in
this agreement is limited to the given definition.
- You, Bidder, Your, Buyer and User: These terms refer to you.
- Zoom Online Auctions, Website, the Site, We, Us, the Company and Our: These
terms all refer to Zoom Online Auctions, Inc.
- Asset Owner: The lending institution (i.e. bank or credit union) that owns the assets listed in the auctions on RepoZoom.com.
Zoom Online Auctions provides Services to the lending institution to remarket the assets but does not own the assets listed in the auctions.
- Winning Bidder: A bidder who has the highest bid when an auction ends and
whose bid is equal to or more than the Reserve price
- Reserve: The minimum amount set by the lending institution that the lending institution is willing to sell an
asset for
- Settlement Fee: The total amount owed by the winning bidder. The settlement fee is a combination of all fees due to the Asset Owner and the Transaction Fee for Services due to Zoom Online Auctions.
- Transaction Fee: Payment owed by winning bidder to Zoom Online Auctions
for Services related to the preparation, execution and settlement of the auction
- Renege Fee: Payment owed by winning bidder to Zoom Online Auctions for
failure to provide payment and execution of a settlement process associated with
an auction.
- Dynamic Auction Closing: A feature that allows an auction to continue until
all of the bids for the auction are captured as determined by system checks at pre-determined
time intervals. Bidding will continue until no new bids are made during the pre-determined
time interval. The pre-determined time interval is 2 minutes.
- Abandoned Property: Any asset purchased and paid for by a Winning Bidder
that is not claimed (i.e. not removed from the lending institution or the lending institution's designated storage facility) within 30 calendar days after close of the auction
- Buyer’s Guide: Document reflecting the warranty coverage, if any, provided
as part of your final settlement. Items from all auctions won on RepoZoom.com are
"As Is" with no warranty from Zoom Online Auctions.
- Notification of Damage: Document reflecting the disclosure of any known
damage at the time of asset transfer from the lending institution or the lending institution's designated representatives to
the winning bidder or his designated agent (i.e. transport company, etc.)
Amendments to this User Agreement
Zoom Online Auctions reserves the right to amend this Agreement at any time. All
modifications and amendments will be posted on the RepoZoom.com website, and you
are responsible for regularly reviewing and understanding these modified or amended
terms and conditions. Unless otherwise specified by RepoZoom.com or by law, any
modifications or amendments shall be effective immediately upon posting to this
site. IN THE EVENT THAT YOU DO NOT AGREE TO ANY CHANGE, YOU MAY REFUSE SUCH CHANGE
BY DISCONTINUING ALL ACCESS TO THE WEBSITE AND USE OF THE SERVICES IN ANY MANNER
FOR ANY PURPOSE. IF YOU CONTINUE TO ACCESS THE WEBSITE OR USE THE SERVICES IN ANY
MANNER FOR ANY PURPOSE AFTER SUCH CHANGE BECOMES EFFECTIVE, SUCH ACCESS AND/OR USE
CONSTITUTES YOUR ACCEPTANCE OF THE MODIFIED USER AGREEMENT.
Modification, Termination and Availability of Services
Zoom Online Auctions reserves the right, in our sole discretion, at any time to
modify or discontinue, temporarily or permanently, the Website (or any part thereof)
and/or to add, delete or modify some or all of the Services, with or without notice.
Any new or changed features or Services that Zoom Online Auctions puts on the Website
will be subject to the terms and conditions of the User Agreement. You agree that
Zoom Online Auctions shall not be liable to you or to any third party for any modification,
suspension or discontinuance of the Website and/or any Services.
Zoom Online Auctions does not guarantee that the Website and Service will be available
at all times. You agree that Zoom Online Auctions shall not be liable to you for
any damages arising from interruption of Website and Service availability.
Due to the regulations surrounding repossessed assets sold on the RepoZoom.com website,
the lending institution may cancel any auction at any time up until the point of completion
of the auction.
Eligibility and Authorized Use
Use of the Website is limited to persons who may lawfully enter into and form contracts
under applicable law. The Services offered on the Website are available only to
entities and to individuals who accept the User Agreement and who can form legally
binding contracts under applicable law. Without limiting the foregoing, the Services
are not available to minors. You must be 18 years of age or older in order to participate
in the bidding process. When you sign up, you will select a user name and a password
so that you can access your account at the Website. You agree that you will keep
this information confidential. You agree to log off of the Website at the end of
each session to prevent fraud on your account by third parties. YOU ARE SOLEY RESPONSIBLE
FOR ACTIVITIES REGARDING YOUR ACCOUNT AND PASSWORD (INCLUDING ACTIVITIES BY THIRD
PARTIES USING YOUR USER NAME AND PASSWORD OR USING A LOGIN SESSION YOU COMMENCED).
If you think there has been unauthorized use of your account or password, you agree
to immediately notify Zoom Online Auctions and cooperate to resolve the issue. You
understand that if you do not follow the terms of this paragraph, Zoom Online Auctions
may suspend or terminate your use of the Website. You understand that Zoom Online
Auctions is not responsible in any way, and will not be liable to you or to any
third person, if you do not comply with the terms of this paragraph. Notwithstanding
the foregoing or any other provision of this Agreement, Zoom Online Auctions reserves
the right to refuse any bid for any reason in its sole discretion.
Registration
In order to place a bid on the RepoZoom.com site, Zoom Online Auctions requires
prospective bidders to complete the buyer registration form and purchase a Bidder’s
Pass for a fee of $9.95. Zoom Online Auctions will require your credit card information
to complete an authorized transaction as payment for the Bidder's Pass but will
promptly destroy all credit card information upon completion of the credit card
transaction. Zoom Online Auctions will not retain your credit card information for
any other purpose. The Bidder's Pass is an annual pass that is valid for a twelve
(12) month period and entitles the user to unlimited bidding on our site.
You agree that all information supplied by you or members of your household in using
the Website, including without limitation your name, email address, street address,
telephone number, and credit card number is true and accurate. You will promptly
update all information to keep it true, accurate, current and complete at all times.
You agree to pay all penalties, damages, losses, attorney's fees, and expenses incurred
by Zoom Online Auctions in the event you do not provide accurate information.
Dealers using RepoZoom.com may be eligible for additional benefits from Zoom Online
Auctions. In order to receive any dealer benefits, the dealer must provide to Zoom
Online Auctions a copy of their Dealer License outlining their dealer name,
dealer number and a valid date. Zoom Online Auctions will not extend dealer benefits
without valid proof of dealership.
Unacceptable Uses for the Site
You agree that the while using the Website and Services, you will not:
- Engage in fraudulent, deceptive or intentionally disruptive or malicious activity
of any kind.
- Engage in activities that will potentially compromise the site including but not
limited to, hacking, distribution of malicious software, activities designed to
overload and crash the Website.
- Access the Services through any other application other than the software provided
on the Website.
Privacy Policy
When you register to become a user of RepoZoom.com, you provide us with information
about you. Repozoom.com's primary goal in collecting information is to facilitate
the sale of an item listed on the RepoZoom.com website. To learn more about how
Zoom Online Auctions collects and uses the personal information you provide during
registration, please see the Privacy Policy
for this Website, which is incorporated herein by reference.
Fees of Services
RepoZoom.com reserves the right to charge various fees to buyers for the use of
any and all services of RepoZoom.com, including, but not limited to, transaction
fees based on completed transactions using RepoZoom.com. RepoZoom.com further reserves
the right to impose or change any and all fees from time to time. Buyers are responsible
for all Settlement Fees including any charges, duties, taxes, transportation fees and assessments arising out
of their use of RepoZoom.com.
Transaction Fees
Zoom Online Auctions will invoice the winning bidder a transaction fee based upon the winning auction amount for Services related to the preparation, execution and settlement of the auction.
The transaction fee is tier based using the following fee schedule:
Winning Auction Amount
(Owed to Asset Owner) |
Winning Bidder's Transaction Fee
(Owed to Zoom Online Auctions for Services) |
| Less than $1,499 | $99.00 |
| $1,500 - $2,499 | $149.00 |
| $2,500 - $4,999 | $199.00 |
| $5,000 - $7,499 | $249.00 |
| $7,500 - $9,999 | $299.00 |
| $10,000+ | $349.00 |
Transport & Storage Fees
It is the winning bidder's responsibility to arrange for transport of their purchased assets.
Further, Zoom Online Auctions has the right to charge storage fees at a rate of
$25 per day for items that are not recovered by the winning bidder within five (5)
business days after the settlement transaction is completed. Zoom Online Auctions
shall notify the winning bidder by email of any pending storage fees and their need
to recover said purchased assets from Zoom Online Auctions. Any purchased asset
paid for and determined to be abandoned by Zoom Online Auctions shall be treated
as "Abandoned Property" as defined in Section 2 of this Agreement and Zoom Online
Auctions will initiate the proper legal process to sell the items to recover fees
associated with the storage of the purchased asset.
Financing of Purchases
Prior to placing a bid on the RepoZoom.com site, you agree that you have available
funds or that prior to the close of any auction in which you become a bidder that
you can secure all necessary financing required to complete a purchase resulting
from being notified that you are the winning bidder for an auction(s) on this site.
Your inability to secure financing for an auction in which you are the winning bidder
will not relieve you of your financial obligations to the Asset Owner or to Zoom Online Auctions to complete
the transaction(s) for the winning auction(s). Zoom Online Auctions strongly encourages
all users who are considering lender financing for funding payment of an auction
to complete the pre-qualification process for financing with that lender prior to
placing a bid on RepoZoom.com.
Dynamic Auction Closing
All auctions on RepoZoom.com have a Dynamic Auction Closing. This means that RepoZoom.com
will extend any and all auction closing times by 2 minutes if a bid is placed within
2 minutes of the scheduled auction end time. The process of extending the auction
closing time beyond its originally scheduled close time by 2 minute increments for
each new bid will continue until a 2 minute time period with no new bid has occurred,
at which time the auction will officially close and the high bidder will be determined.
Terms of Sale
If you are the winning bidder (defined as having the highest bid when an auction
ends and your bid is equal to or more than the Reserve price) and provided that
no provisions in Section 4 of this Agreement have caused the termination of an auction,
you are legally obligated to pay for and complete the transaction unless the transaction
is prohibited by law. If you are the winning bidder of more than one auction, you
are legally obligated to pay for and complete the transactions for all winning auctions
unless the transaction is prohibited by law.
Once an auction closes and you are deemed the winning bidder, RepoZoom.com will send an invoice to the email address associated
with your account. The invoice will outline the winning bid amount plus the Buyer Transaction Fee.
If you place the winning bid in an auction, your winning bid amount plus all additional
charges (Transaction Fee, tax, handling, fees, etc), will be assessed to you. You
must tender payment to Zoom Online Auctions within three (3) business days following
the close of the auction in which you placed the winning bid. Payment is required
to be made in the form of federal wire transfer of immediately available funds in US Dollars for
an amount equal to the full amount of the buyer's winning bid plus listed Transaction
Fee and any applicable sales tax and title transfer fees. No title shall pass to
the buyer until the total amount of the winning bid has been paid to and verified
by Zoom Online Auctions or the Asset Owner. If Zoom Online Auctions or the Asset Owner fails to receive the winning bidder's
payment within three (3) business days following the close of the auction in which
the buyer submitted the winning bid, the winning bid shall be deemed null and void
effective at 12:01 am Central Time on the following day. If the buyer defaults in
making timely payment or in any other respect whatsoever, Zoom Online Auctions shall
be held harmless against any and all related lawsuits and judgments arising there-from.
You are responsible for paying the entire amount due on your purchase, including
any applicable taxes, Transaction Fees and other charges.
Buyers who fail to pay for and complete the transaction for the auction(s) they
won agree to pay Zoom Online Auctions a Renege Fee of $1,000 or 15% of the sale
price, whichever is greater for each auction on which they renege. Buyers are also
responsible for any collection fees associated with collecting the Renege Fee including
attorney fees and court costs. Reneging buyers will have all bidding privileges
permanently revoked from RepoZoom.com and any other Zoom Online Auctions sites or
services.
Post-Auction Negotiation
If an auction closes without a winner (i.e. the Reserve was not met), with the Asset Owner's approval, Zoom Online
Auctions reserves the right to contact the highest bidder of the auction, inform
the highest bidder of the Reserve amount and potentially offer the highest bidder
the opportunity to purchase the asset at the Reserve amount. If you are the highest
bidder of an auction that did not result in you winning the asset and Zoom Online
Auctions contacts you with a post-auction offer to meet the Reserve price, you are
in no way obligated to accept the offer. However, should you chose to accept the
offer to match the Reserve price and purchase the asset, you will be held to the
same Terms of Sale, Fees of Service and all other purchase related terms outlined
within this Agreement as you would if you had won the asset during an auction where
the Reserve was met.
Flash Buy Option
RepoZoom.com may elect to provide a "Flash Buy" option on particular auctions. By
selecting the "Flash Buy" option, you acknowledge that you are ending the auction
early and agreeing to pay to Zoom Online Auctions the full amount indicated in the
"Flash Buy" option in addition to Transaction Fees, taxes, handling fees, etc. The
date you commit to the "Flash Buy" option will be deemed the close date of the auction.
All terms outlined in this Agreement that are tied to the close date (such as date
for receipt of payment, date for retrieving the asset, etc.) will be calculated
using the date you committed to the "Flash Buy".
Assessment of Condition of Goods
Zoom Online Auctions will provide visual photographs, video footage (when available)
and an assessment of the condition or other characteristics or properties of an
item listed on the Website. Any such assessment of the condition or other characteristics
or properties of an item represents Zoom Online Auctions' good faith opinion of
the condition or other characteristics or properties of the item, based upon a visual
inspection of the item and such other activities deemed appropriate by Zoom Online
Auction. This assessment is subjective in nature and Zoom Online Auctions' opinion
concerning the condition or other characteristics or properties of an item is not
a representation or warranty. Zoom Online Auctions reserves the right to change
its assessment of the condition or other characteristics or properties of any item
and/or update the contents of any listing at any time without notice.
Zoom Online Auctions will provide a Buyer's Guide and a Notification of Damage form
(if applicable) for all auction items sold on the RepoZoom.com site. Each document
must be signed by both parties as part of the auction settlement process.
Disclaimer of Warranty
YOUR USE OF THE WEBSITE AND THE SERVICES IS AT YOUR SOLE RISK. THE WEBSITE, THE
SERVICES AND ANY ITEMS PURCHASED AND OBTAINED THROUGH THE WEBSITE ARE PROVIDED ON
AN "AS IS" AND "AS AVAILABLE" BASIS. ZOOM ONLINE AUCTIONS DISCLAIMS ALL WARRANTIES
OF ANY KIND WHETHER EXPRESS OR IMPLIED. ALL IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT ARE SPECIFICALLY DISCLAIMED
UNLESS OTHERWISE STIPULATED BY LAW.
Limitation of Liability
ZOOM ONLINE AUCTIONS WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL,
CONSEQUENTIAL OR EXEMPLARY DAMAGES RESULTING FROM (A) THE USE OR THE INABILITY TO
USE THE WEBSITE OR SERVICES; (B) YOUR PURCHASE OF ANY ITEM THROUGH THE WEBSITE OR
SERVICES; (C) UNAUTHORIZED ACCESS TO THE WEBSITE OR SERVICES UNDER YOUR USER INFORMATION;
OR (D) ANY OTHER MATTER RELATING TO THE WEBSITE OR SERVICES.
IF ZOOM ONLINE AUCTIONS IS FOUND TO BE LIABLE, ZOOM ONLINE AUCTIONS LIABILITY TO
YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE IS LIMITED TO THE GREATER OF A) THE
TOTAL FEES YOU PAID TO ZOOM ONLINE AUCTIONS IN THE 12 MONTHS PRIOR TO THE ACTION
GIVING RISE TO THE LIABILITY OR B) $100.
Indemnity
You will indemnify and hold Zoom Online Auctions (and our officers, directors, agents,
subsidiaries, joint ventures, and employees) harmless from any claim or demand,
including reasonable legal fees, made by any third party due to or arising out of
your breach of this Agreement, or your violation of any law or the rights of a third
party.
No Agency
No agency, partnership, joint venture, employee-employer, or franchiser-franchisee
relationship is intended or created by this Agreement.
Links to Third Party Sites
The Website may contain links to other Web Sites ("Linked Sites"). The Linked Sites
are not under the control of Zoom Online Auctions and Zoom Online Auctions is not
responsible for the contents of any Linked Site, including without limitation any
link contained in a Linked Site, or any changes or updates to a Linked Site. Zoom
Online Auctions is providing these links to you only as a convenience, and the inclusion
of any link does not imply endorsement by Zoom Online Auctions of the site or any
association with its operators.
Compliance with Agreement and Laws
As a condition of your use of RepoZoom.com, you specifically agree that when you
use the Website or the Service in any way, you will comply at all times with this
Agreement and with all applicable federal, state and local laws, statutes, regulations,
and ordinances. You also will not take any action that harms or violates the rights
of any person or entity.
Governing Laws
The Site is governed by the federal laws of the United States of America and the
laws of the state of Arkansas. The parties agree that the laws of the state of Arkansas
which would be applied in a case arising in Arkansas between Arkansas residents
will apply to any dispute arising under this agreement.
