DEFINITIONS
Definitions
REGISTRATION
How do I cancel my membership?
AUCTIONS
How long do live auctions usually last?
Can I list something of mine that I want to sell in an auction?
Does Kyrano.com use bidding robots to bid against members?
When I win an auction on a product, why is the check made out to the dealer, or jointly to the dealer and me, instead of to me?
Why can’t I bid in an auction on which bidding has already started?
Do I have to pay income tax on the amount of discount I win in an auction?
I won a small discount in a car auction but I could not arrange financing for the rest of the car payment. Can I get my winnings in cash?
Can I apply the discount I won in a credit card auction to a debit card?
My son is going to college and has a credit card. If I win a tuition or credit card auction, can I apply the discount won to his tuition or credit card?
PRODUCTS
How do you set the price of the products? Does bidding start at the listed price?
Do I have to buy the product from the dealer listed in the product description?
I can’t find the exact product I want in the list of products but I find many similar products that are not exactly what I want.
Can I bid on a product without first seeing it in a store where I can buy it?
If I win an auction and then find that the product is not as advertised or the dealer does not have it can I get my winnings in cash?
How does Kyrano calculate payments for winners of installment debt auctions?
My installment debt requires semi-monthly payments. If I win an auction will Kyrano make these payments?
If I win a $2,000 discount on my homeowner's insurance policy on which the premium is only $1,800, do I get the difference in cash?
BIDDING TOKENS
Can I sell my silver tokens to another bidder if I no longer want to use them?
How can I estimate the number of tokens I need to keep from running out in the middle of an auction?
ENROLLMENT
Why do I have to enroll in an auction? Why can’t I just start bidding?
How long does the enrollment period of an auction usually last?
What is the advantage of enrolling early?
What is the difference between a tentative auction, an active auction, and a live auction?
BIDDING
Can I bid on a financial auction listed as “Under $10,000” although my obligation is more than $10,000?
I want to bid on a product whose price is shown as $400, but I found a dealer with the same product at a lower cost.
Why don’t you show “Buy It Now” prices like some other auction sites?
I won an auction on a product I planned to buy but when I visit the dealer can I decide to buy a different product?
Can the discount on a product be as high as the entire product price?

Active auction – The portion of an auction enrollment period during which the discount accumulates and members can no longer withdraw from the auction.

Auction – An activity during which a group of buyers interested in a product compete with one another in bidding for the product by offering a new price they are willing to pay. In most auctions bidders offer a higher price than the previous bid. In Kyrano auctions, bidders offer to pay a lower price than that of the previous bidder.

Auction Refund Coupon – A document members can print at the end of an auction providing for reimbursement of the bidding tokens used by non-winners in auctions for a product that is sponsored by the merchant selling the product.

Bid – A fee, expressed in bidding tokens that bidders offer to acquire a product in an auction.

Bidding Tokens – Instruments used for bidding in auctions. Each bidding token has a monetary value of $0.10 (ten cents). Members buy Gold bidding tokens and use them to pay enrollment and bidding fees. Silver tokens are awarded to members as prizes, in exchange for points, or bought in auctions at a discount. Gold and silver tokens are used in auctions at their face value, regardless of the amount at which they are acquired by members. Bronze tokens are credited to non-winner members’ accounts at the end of refundable auctions in exchange for gold tokens used in enrollment and bidding. Bronze tokens can be used only for bidding.

Discount – The amount in dollars the bidders in a Kyrano.com auction can win to enable them to buy the product for less than the normal price.

Enrollment Period –A period of time during which members decide if they wish to participate in an auction. By enrolling in the auction, members commit to buy the auctioned product if they win the auction.

Instant Winner Discount – the discount a bidder can win in an auction if it becomes available while the bidder’s timer is counting down toward zero. By selecting the Instant Winner Discount, the bidder ends the auction and is declared the winner. The Instant Winner Discount is initially considerably less than the normal auction discount but increases as the auction proceeds and can reach as much as 95 percent of the normal auction discount. The difference between the normal discount and the instant winner discount is the penalty the bidder accepts for the privilege of ending the auction to become the winner.

Kyrano Game – A simple game available to members during the last hour of the enrollment period and during bidding whereby members may win bidding tokens. There is no cost to members for playing the game and no obligation to play.

Live Auction – an auction on which bidding has started with only enrolled bidders allowed to participate.

Points – Awarded to members each time they use gold bidding tokens to pay enrollment or bidding fees. Members accumulate points and can convert them to silver bidding tokens.

Product – The subject of an auction on which members bid for a discount. It may be a physical product such as a computer or a boat, a service such as a vacation cruise or insurance policy, or a financial product such as repayment of a member’s debt or payment of college tuition.

Tentative Auction – Early part of the auction enrollment period during which members can cancel their enrollment and during which the auction may be canceled for lack of sufficient bidders.

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How do I cancel my membership?
Use the contact link at the bottom of the home page to send a cancellation request.

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How long do live auctions usually last?
Unlike most on-line auctions in which bidding can take place over a number of days, a live auction at Kyrano.com may last from a few minutes up to two or three hours. Bidding tends to be fast and with the discount increasing with each bid, it can reach up to 90 percent of the product price in a fairly short time. Moreover, a bidder may stop the auction if the Instant Winner privilege becomes available before another member places a bid.

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Can I list something of mine that I want to sell in an auction?
No. Kyrano auctions are for products sold by local and national merchants.

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Does Kyrano.com use bidding robots to bid against members?
No. Unlike other auction sites in which the product price increases with each bid, it is not possible for Kyrano.com to bid in auctions. Such bidding would be detrimental to the company because the discount on the product increases with each bid. The company would be hurting itself by bidding. Bidding against its own members by an auction site is an unethical practice and Kyrano.com operations are always honest and ethical. Members can, however, request a bidding robot to bid on the member’s behalf if the member is unable to be present during an auction. Such bidding robots are designed to bid in a manner that is most efficient and beneficial according to the criteria established for them by the member.

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When I win an auction on a product, why is the check made out to the dealer, or jointly to the dealer and me, instead of to me? After all, it’s my money if I’m the winner.
The check is not made out to you because there would be no assurance that you would use the money to buy the product. When you enroll in an auction, you make a commitment, which is a contract, to buy the product from the dealer you selected, or the dealer who listed the product. If the check were made out to you, you would be winning money instead of a discount on a product, and that would constitute on-line gambling, which is illegal. Kyrano.com is not a gambling site.

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Why can’t I bid in an auction on which bidding has already started?
Only enrolled bidders can bid in an auction. By enrolling, members contribute to creating the discount on the product. It would be unfair to the enrolled bidders to add more competition to the bidding by adding bidders who did not contribute toward the original discount. But if you are interested in the product of a live auction, nothing prevents you from enrolling in a new auction for the same product.

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Do I have to pay income tax on the amount of discount I win in an auction?
Kyrano.com and its owner Kyrano Corporation cannot provide you with tax advice. You should consult with a professional tax advisor on this issue.

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I won a small discount in a car auction but I could not arrange financing for the rest of the car payment. Can I get my winnings in cash?
Kyrano cannot make cash payments to winners of product auctions. You are responsible for ensuring that you can buy the product on which you bid before you enroll in the auction. Enrolling in the auction constitutes a commitment to buy the product. If the sale for the product does not take place within the designated time period, you must forfeit your winnings and you cannot recover the bidding tokens used in the auction. Your only other alternative is to request converting your winning into bronze bidding tokens.

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Can I apply the discount I won in a credit card auction to a debit card?
No. Submitting a debit card for payment of your discount results in forfeiture of the discount and cancellation of your Kyrano membership.

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My son is going to college and has a credit card. If I win a tuition or credit card auction, can I apply the discount won to his tuition or credit card?
Yes, you can specify a person other than yourself as the beneficiary of the discount you win in any financial auction.

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How do you set the price of the products? Does bidding start at the listed price?
Product prices are approximate, often representing the manufacturer's suggested price for the product. You may find the product offered by merchants at a lower price. The price we list is a guide to enable you to decide if you wish to bid on the product. Bidding always starts at a discount from the listed price. When you win an auction, you win a discount and you apply that discount to whatever price your dealer charges for the product.

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Do I have to buy the product from the dealer listed in the product description?
For most products, you can use any dealer that sells it. When you win an auction you are asked to specify from which dealer you want to buy the product. But some products may be available only from a single dealer. For example, a home may be listed by a realtor, a bank, or the home owner and you cannot buy it from anyone else. Similarly a used car dealer that lists a specific automobile on which you bid is the only dealer who can sell that product.

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I can’t find the exact product I want in the list of products but I find many similar products that are not exactly what I want.
You can suggest adding the specific product you want in our list if you know where it is available. If the product is considered appropriate and suitable, Kyrano.com will add it to the list and will notify you so that you can bid on it.

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Can I bid on a product without first seeing it in a store where I can buy it?
You can, but in many cases it is not advisable. Enrolling in an auction is a commitment, in effect a contract, to buy the product if you win the auction. If you decide not to buy the product, you forfeit the discount you won and you cannot get a refund of the bidding tokens you used in the auction.

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If I win an auction and then find that the product is not as advertised or the dealer does not have it can I get my winnings in cash?
No. It is not legal for Kyrano.com to pay cash to bidders because it would make us a gambling site. If the product is not available or as advertised and we can verify that is the case, your only recourse is to have your bidding tokens and enrollment fee refunded. Kyrano.com has no other obligation.

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How does Kyrano calculate payments for winners of installment debt auctions?
Kyrano divides the discount won into equal monthly payments that are not smaller than the monthly payment required on the debt. If these monthly payments are larger than the amount required by the debt, the difference repays part of the debt principal, thus reducing future interest cost for the winner.

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My installment debt requires semi-monthly payments. If I win an auction will Kyrano make these payments?
Currently Kyrano can make only monthly payments on installment debt. You may be able to arrange with your creditor to accept monthly payments, but you should make such arrangements before enrolling in an installment debt auction.

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If I win a $2,000 discount on my homeowner's insurance policy on which the premium is only $1,800, do I get the difference in cash?
Kyrano cannot pay more than the balance of the financial obligation on which you bid. Therefore you should not enroll in an auction for an amount that is greater than the price range of your obligation.

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Can I sell my silver tokens to another bidder if I no longer want to use them?
We have no arrangements for members to sell tokens to one another.

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How can I estimate the number of tokens I need to keep from running out in the middle of an auction?
The number of tokens a bidder uses in an auction can vary and depends on how frequently you like to bid and how much you want to invest in winning an auction. A rough guide is to have in your account five to ten times the number of tokens required for enrolling in the auction. You can always return extra gold tokens, so it is a good idea to have a buffer in your account.

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Why do I have to enroll in an auction? Why can’t I just start bidding?
Each auction has an enrollment period during which the initial discount on the auction accumulates. The auction can only take place when there are enough bidders to make the auction fair to everyone. To be fair, the auction should not have too few bidders nor too many. If not enough bidders enroll, the auction is canceled and your enrollment fee is refunded to you. Kyrano also prevents too many bidders from enrolling so that you are not at a disadvantage when bidding starts. During the enrollment period members have the opportunity to decide which of the available products to be auctioned they want to bid on. Many auctions, such as those held by governments to sell property, require enrollment by bidders during a period preceding the start of bidding.

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How long does the enrollment period of an auction usually last?
The enrollment period may last from one to ten days, depending on the product to be auctioned. If the maximum number of bidders enroll in a short time, the enrollment period may be shortened and the auction started within 24-30 hours. If the enrollment period is short and not enough bidders enroll, the enrollment period may be extended for one or two more days. Once you enroll, there is nothing for you to do until you are notified when the auction will start.

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What is the advantage of enrolling early?
There are several advantages. First by enrolling early, you may be awarded double the number of points normally given to bidders. Second, if the auction is very popular you ensure that you can participate in it before the enrollment period is closed. Finally, people who enroll during the tentative auction period can determine by their vote the auction start time that is most convenient.

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What is the difference between a tentative auction, an active auction, and a live auction?
The first member who joins an auction by enrolling starts the enrollment period for that auction and the auction is Tentative. During the Tentative period, members who change their mind can cancel their enrollment and get their fee refunded. The auction is Tentative until a minimum required number of members are enrolled. During this period members can see what the approximate amount of the discount will be when the auction becomes Active. If the auction does not become active by the time the enrollment period ends, the auction is canceled and all fees are refunded to enrolled members.

The auction becomes Active when the minimum number of members required to hold the auction enrolls. Your enrollment fee is no longer refundable and the discount accumulated for the auction is displayed. Members who enroll during the Active period can see exactly how their enrollment fee contributes to the discount.

When the enrollment period ends for an active auction, bidding starts and the auction is Live. A Live auction does not accept any new members.

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Can I bid on a financial auction listed as “Under $10,000” although my obligation is more than $10,000?
Yes. You can bid on any financial auction regardless of the amount of your actual obligation, but bidding on the auction closest to your actual obligation is most efficient. A smaller auction will provide a smaller discount on your debt because it has a lower enrollment and bidding fee. A bigger auction may provide a larger discount but it may cost more. In any case, if you are the successful bidder the amount you win will be paid directly to your creditor.

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I want to bid on a product whose price is shown as $400, but I found a dealer with the same product at a lower cost.
All prices listed on Kyrano.com are approximate and are only a guide to help you decide if you wish to bid on the item. Auction winners get a discount on the item’s price and apply the discount to the item at whatever supplier they choose. If the supplier’s price is lower, the winner gets a bigger bargain.

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Why don’t you show “Buy It Now” prices like some other auction sites?
We don’t have “Buy It Now” prices because Kyrano.com does not carry products in inventory that we sell. Our auctions are for discounts on products that members buy from local dealers. We don’t have any control over the prices dealers charge for their products.

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I won an auction on a product I planned to buy but when I visit the dealer can I decide to buy a different product?
In many cases you can. For example you win an auction on a 24-foot boat, but now you can afford the 28-foot model sold by the same dealer. But in the case of some unique items, it may not be possible. For example, you won an auction on a $120,000 home listed by realtor X, but now you wish to apply the amount won to a $122,000 home listed by realtor Y. When you selected the product on which to bid, you made a commitment, which constitutes a contract, to buy that product from the seller if you win the auction. The seller of the product can hold you to that commitment.

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Can the discount on a product be as high as the entire product price?
No. On products in the lower price ranges, the discount may reach as high as 90 to 95 percent of the product price. For high value products, such as homes, college tuition, and large debts, bidding usually ends before the discount approaches 50 or 60 percent of the price.