1. Bidders should be at least 18 years of age or older who can form legally binding contracts under applicable law.
2. Bids can be placed by clicking on the email link on the Repos For Sale page or contacting Credit Union attorneys at 504.831.4200.
3. Bids must be at or higher than the minimum bid price.
4. The winning bidder is obligated to complete the purchase of the vehicle.
5. The winning bidder must contact the credit union within 3 business days. If the winning bidder does not contact the credit union within the specified time frame, the credit union reserves the right to offer the item to the the 2nd highest bidder at their bid price or relist the item in the auction.
6. The items listed on the Repos For Sale page do not come with an express or implied warranty. In some instances a warranty can be purchased.
7. The bidder must submit the bid prior to the submission deadline to be considered.

Repossessed Collateral will be advertised on the Credit Union website for a period of 2 weeks prior to the date of bid submission deadline. Any interested member, employee, board member or supervisory committee member may submit a sealed bid to our Credit Union attorney by the appropriate date. The CU attorney will then open the bids and, after discussion with the CEO, make a decision on who is awarded the repossessed collateral. (If the CEO is involved in making a bid, then the decision would go to the Treasurer of the CU Board of Directors.)

If there is a tie bid, then those parties would be notified of the tie and asked to submit another bid.

Our CU attorney, their staff and immediate family members are not allowed to participate in this program.

The Credit Union will have the right to accept any bid it deems the best and can reject all bids. The Credit Union can also require cash bids, bids with Credit Union financing or a combination. The Credit Union attorney and the CEO will have the authority to decide which is better for the Credit Union. The Credit Union may also decide to publish a minimum bid and or terms of financing.

In the event the Credit Union does not receive any bids, any bids greater than the Credit Union minimum bid or any acceptable bids, the Credit Union, after consultation with the Credit Union's attorney, may schedule another auction with the same or different minimum bid, list real property with a Real Estate Agent, negotiate with interested parties, or determine the best path forward for the Credit Union.

In the event a high bidder withdraws its bid or does not complete the purchase, the Credit Union will schedule another sale period unless the next highest bidder is very close to the highest bidder. Decisions will be determined by the Credit Union CEO.