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Buying classic with escrow service?

Posted By: SomeCarGuy

Buying classic with escrow service? - 12/09/20 05:29 PM

I’m not able to go this time and get the car like always before. I’m comfortable with what I’ve seen and talking with previous owner before this one.

Classic car carriers won’t handle cashier check or title, that was plan after several conversations with the seller as to what we’d do.

I see some escrow services that hold the title and money until the car arrives. Then seller gets the cash and I get the title. It’s insignificant amount that I would pay. Makes me uneasy to have another group involved and invite them to mess something up. Reviews mention troubles, but do seem to all be with an overseas buyer or seller. That’s not the case here, but still...

Anybody have experience with such?
Posted By: TJP

Re: Buying classic with escrow service? - 12/10/20 12:47 AM

Where is the car located ?
Posted By: SomeCarGuy

Re: Buying classic with escrow service? - 12/10/20 02:42 AM

Ends up it doesn’t matter. Seller doesn’t have it in his name, so escrow won’t touch it. Would like to know for future reference if anybody has had success with these services.
Posted By: gtx6970

Re: Buying classic with escrow service? - 12/10/20 03:19 AM

The cynical side of me would never let me do this escrow thing.
Just to much opportunity for something to go wrong or maybe even get shafted I think. Someone else may have a different opinion. so this is just mine

Luckily I know enough people around the country I could have someone take a look at it for me ,
Then I would fly in a make the deal myself.

Luckily I didnt have to do this on the car I just got. Ive known the seller for almost 35 years and the car itself for over 20 so I was lucky
Posted By: TJP

Re: Buying classic with escrow service? - 12/11/20 01:16 AM

There is one that was started locally called PAY SAFE. I know the guy that started it but he has since sold it and moved on. He was very well established and trustworthy. Don't know much else about it.

Looks like they were acquired by New company LINK
Posted By: SomeCarGuy

Re: Buying classic with escrow service? - 12/11/20 03:51 PM

Thanks I’ll file that away in case I have a need again or if this guy accepts that taxes are just something that are a part of life and if he wants the car gone that’s the game. Hard to set a market leading price on a car if you don’t come in correct.
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