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Anyone use an escrow service to sell a car out of state? #2990467
11/30/21 11:51 AM
11/30/21 11:51 AM
Joined: Aug 2003
Posts: 12,589
Sacramento, CA
cal_gecko Offline OP
I Live Here
cal_gecko  Offline OP
I Live Here

Joined: Aug 2003
Posts: 12,589
Sacramento, CA
I'm working with a buyer who's interested in my Dart - he lives out of state - so in order to provide us both with some protection, we're using escrow.com - he sent me the confirmation link this morning to 'agree' to the terms of the purchase - showing our agreed upon purchase price, but one thing that stood out to me, is that it appears as if he put a "3 day inspection period" in the terms.. is that normal? I was expecting that funds would be released to me once it's loaded on the transport vehicle and I hand over the title and keys to them.

Again - buyer is out of state, and is buying the vehicle based on the description I've posted along with photos/videos I've sent him. I'm not particularly comfortable with him being able to have the vehicle for 3 days before funds are released to me - but this is my first time using a service like this - so I'm not sure what standard practice is.

Thanks!

Re: Anyone use an escrow service to sell a car out of state? [Re: cal_gecko] #2990485
11/30/21 12:39 PM
11/30/21 12:39 PM
Joined: Apr 2006
Posts: 4,130
West Plains, MO
DrCharles Offline
master
DrCharles  Offline
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Joined: Apr 2006
Posts: 4,130
West Plains, MO
For some reason, I read the thread title as "anyone use an escort service to sell a car..." whistling

Only cars I ever bought out of state: 1) the guy drove it to St. Louis from Chicago, I looked it over and drove it, we did the paperwork (cashier's check) and he flew back. 2) I drove to Minneapolis for the '72 Dart rolling shell, and towed it home on a U-Haul dolly.


Re: Anyone use an escrow service to sell a car out of state? [Re: cal_gecko] #2990519
11/30/21 01:56 PM
11/30/21 01:56 PM
Joined: Apr 2006
Posts: 1,492
North East USA
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BIGGERED Offline
Reasonable Title
BIGGERED  Offline
Reasonable Title
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Joined: Apr 2006
Posts: 1,492
North East USA
Originally Posted by cal_gecko
I'm working with a buyer who's interested in my Dart - he lives out of state - so in order to provide us both with some protection, we're using escrow.com - he sent me the confirmation link this morning to 'agree' to the terms of the purchase - showing our agreed upon purchase price, but one thing that stood out to me, is that it appears as if he put a "3 day inspection period" in the terms.. is that normal? I was expecting that funds would be released to me once it's loaded on the transport vehicle and I hand over the title and keys to them.

Again - buyer is out of state, and is buying the vehicle based on the description I've posted along with photos/videos I've sent him. I'm not particularly comfortable with him being able to have the vehicle for 3 days before funds are released to me - but this is my first time using a service like this - so I'm not sure what standard practice is.

Thanks!


The ultimate protection for him is to fly out and look it over. I am assuming he is bearing the cost of the escrow?
In the event he doesn't like it who bears to cost to return it?

Re: Anyone use an escrow service to sell a car out of state? [Re: BIGGERED] #2990525
11/30/21 02:16 PM
11/30/21 02:16 PM
Joined: Aug 2003
Posts: 12,589
Sacramento, CA
cal_gecko Offline OP
I Live Here
cal_gecko  Offline OP
I Live Here

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Posts: 12,589
Sacramento, CA
yes, he's covering the cost of escrow ($200) .. I do like the idea of adding verbiage to the terms that he is responsible for paying return transportation in the event he doesn't want to keep the car, as well as giving me some time to inspect it upon return to ensure everything is ok with it if/when it comes back to me. I'm still not crazy about 3 days though.. is that normal?

Re: Anyone use an escrow service to sell a car out of state? [Re: cal_gecko] #2990598
11/30/21 05:50 PM
11/30/21 05:50 PM
Joined: Feb 2003
Posts: 9,638
Someplace you aren't
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SomeCarGuy Offline
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SomeCarGuy  Offline
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Someplace you aren't
I looked at using escrow.com last year. I was going to pay for it. What sank the deal was the seller didn’t have the car in his name. No escrow company will get involved with that, and I’m certain auction houses won’t either.

My understanding was the terms are what the two parties set them as. I was willing for funds to be released once the car was picked up by my carrier.

I wouldn’t go for this deal. Three days is waaaaay to long to be in limbo, parts can disappear, wreck, blown engine, etc. anything could happen and he can send it back.

At most id allow an inspection on the truck, he’ll have to pay for them to sit there, if that would even be allowed, plus the return freight immediately so you aren’t stuck with the bill. You should consider some nonrefundable money for all this mess, enough for your time and you need to find out what a return would cost in case he balks at paying it to the company as it’s leaving to come back.

I had high confidence in what I was buying. I spoke to the original owner of the car, knew it from when he sold it. Ended up talking to a local that had viewed the car and was aware of the one specific issue he found that I already knew about so I was ok with what I was getting. So I was willing to release funds once the car was rolling. Doesn’t sound like you are in a deal like that so tread lightly.


I want my fair share
Re: Anyone use an escrow service to sell a car out of state? [Re: cal_gecko] #2990622
11/30/21 06:49 PM
11/30/21 06:49 PM
Joined: Jan 2003
Posts: 29,381
Hamtramck, PA
Alaskan_TA Offline
Fluffy Balladeer
Alaskan_TA  Offline
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Joined: Jan 2003
Posts: 29,381
Hamtramck, PA
The buyers version sounds like a scam.

I sold a car to Virginia when I was still in Alaska.

I had asked my credit union about it ahead of time, so I would know how to proceed when it sold.

I set up an escrow account with my CU when a serious buyer contacted me & had then sent a deposit.

I sent him the routing number for my escrow account.

He wired the money.

Once received, I waited 10 days for any financial hiccups. (The buyer knew this was the way it would be, agreed to before sale.)

No issues, so 10 days later I transferred it to my regular account. I then closed the escrow account and shipped the car. Signed title was mailed to him via USPS Express.

All of that was recommended by my CU.


General rule of thumb - no money in hand - NO sale.

Re: Anyone use an escrow service to sell a car out of state? [Re: Alaskan_TA] #2990625
11/30/21 07:06 PM
11/30/21 07:06 PM
Joined: Oct 2005
Posts: 4,731
WI
Dcuda69 Offline
master
Dcuda69  Offline
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Posts: 4,731
WI
How long will the vehicle be on the transporter? 3 days from the time he receives the car or 3 days from the time the transporter picks it up?

Re: Anyone use an escrow service to sell a car out of state? [Re: Dcuda69] #2990628
11/30/21 07:25 PM
11/30/21 07:25 PM
Joined: Sep 2005
Posts: 1,960
USA
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Suregrip391 Offline
top fuel
Suregrip391  Offline
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Posts: 1,960
USA
I would never consider this. Ba careful. Cash or wire then you get the car. Sold as is. Where is. Come and inspect it in person preferred.

Re: Anyone use an escrow service to sell a car out of state? [Re: Suregrip391] #2990636
11/30/21 07:42 PM
11/30/21 07:42 PM
Joined: Aug 2019
Posts: 7,377
Super Spudsville
Mr PotatoHead Offline
Half Baked
Mr PotatoHead  Offline
Half Baked

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Super Spudsville
NO NO NO.......Buyer pays before shipping or buyer flies out or buyer pays for inspection, then payment, then release.

Never Never let your car go before full payment.

Did I mention NEVER!


STOP POTATO HATE!
Re: Anyone use an escrow service to sell a car out of state? [Re: Mr PotatoHead] #2990647
11/30/21 08:06 PM
11/30/21 08:06 PM
Joined: Nov 2005
Posts: 15,107
85086
moparpollack Offline
Lil Herman
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Lil Herman

Joined: Nov 2005
Posts: 15,107
85086
Cash and carry.... If the buyer has reservations then they need to get off their butt and look at the car in person. Anything else is letting them have an excuse to screw you.


56 Plaza 63 D100 step side 67 Coronet, 68 Roadrunner, 69 Super Bees, 69 Coronet 500 convertible, 70 Roadrunner Post, 79 D150 360, and a severe case of Mopar a,d,d
Re: Anyone use an escrow service to sell a car out of state? [Re: moparpollack] #2990655
11/30/21 08:27 PM
11/30/21 08:27 PM
Joined: Mar 2004
Posts: 231
Ct
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gts1 Offline
enthusiast
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Joined: Mar 2004
Posts: 231
Ct
I sold a turbo dodge a few years ago. Buyer was out of state and wanted to use escrow.com. I agreed to it without the 3 day inspection period. Funds were released upon delivery. He paid for the service. Deal went off without a hitch. I would not agree to the inspection period.

Re: Anyone use an escrow service to sell a car out of state? [Re: gts1] #2990713
11/30/21 10:17 PM
11/30/21 10:17 PM
Joined: May 2003
Posts: 6,381
Downtown Roebuck Ont
Twostick Offline
Still wishing...
Twostick  Offline
Still wishing...

Joined: May 2003
Posts: 6,381
Downtown Roebuck Ont
Lots of fraud in the escrow biz. More so by sellers but not impossible for a seller to be scammed.

I don't know anything about escrow.com but the fact it is a dot com wouldn't give me a warm fuzzy feeling.

I would be looking at a local escrow company/lawyer to hold the funds under the condition they are irrevocably released as soon as the car is in the custody of his transporter, either at their office or they attend at point of loading. No arguing the car was shipped, no arguing you got paid.

Kevin

Re: Anyone use an escrow service to sell a car out of state? [Re: cal_gecko] #2990717
11/30/21 10:29 PM
11/30/21 10:29 PM
Joined: May 2007
Posts: 656
Northern California
lilcuda Offline
mopar
lilcuda  Offline
mopar

Joined: May 2007
Posts: 656
Northern California

Run away!


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They are not interchangeable.






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