Re: Anyone use an escrow service to sell a car out of state?
[Re: cal_gecko]
#2990519
11/30/21 02:56 PM
11/30/21 02:56 PM
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Joined: Apr 2006
Posts: 1,497 North East USA
BIGGERED
Reasonable Title
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Reasonable Title
Joined: Apr 2006
Posts: 1,497
North East USA
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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?
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Re: Anyone use an escrow service to sell a car out of state?
[Re: cal_gecko]
#2990598
11/30/21 06:50 PM
11/30/21 06:50 PM
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Joined: Feb 2003
Posts: 10,198 Someplace you aren't
SomeCarGuy
I Live Here
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I Live Here
Joined: Feb 2003
Posts: 10,198
Someplace you aren't
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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
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Re: Anyone use an escrow service to sell a car out of state?
[Re: Suregrip391]
#2990636
11/30/21 08:42 PM
11/30/21 08:42 PM
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Joined: Aug 2019
Posts: 9,422 Super Spudsville
Mr PotatoHead
Half Baked
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Half Baked
Joined: Aug 2019
Posts: 9,422
Super Spudsville
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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!
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Re: Anyone use an escrow service to sell a car out of state?
[Re: Mr PotatoHead]
#2990647
11/30/21 09:06 PM
11/30/21 09:06 PM
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Joined: Nov 2005
Posts: 15,118 85086
moparpollack
Lil Herman
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Lil Herman
Joined: Nov 2005
Posts: 15,118
85086
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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
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