Across the globe for the vehicle’s buyers outside the US, cross-border payments may cause serious problems because of conflicts arising due to the seller not fulfilling sales contract obligations, partially or fully, particularly when the buyer has made the payment. Sorting out to settle such issues strictly in accordance with the contract when the money has already been paid, at times becomes cumbersome.
What do you understand by escrow service?
“Escrow” refers to a procedure established for sale and purchase between two parties involving a third party responsible for payment deposited in their custody by the buyer (as funds guarantee) only to be released to seller after all the specific conditions (like vehicle inspection and drive test) are satisfied.
Working of an escrow service
The process is pretty simple. Buyer only has to deposit the amount in Car Export USA’s escrow account. Car Export USA collect and disburse the funds, check out to verify ownership of the vehicle, carry out lien research, organize closing statements, acquire transfer documents, and manage loan payoff. Finally when the vehicle has been delivered to the buyer along with necessary documents (inspection reports etc.) and purchase is approved by the buyer, Escrow service releases the payments to the seller. Escrow service gives an opportunity to the buyer to authenticate that given car is exactly according to requirement.
What are the advantages of using an escrow service?
For the sellers:
- Escrow service provides the seller protection against any fraud or scams, and guards against bad checks or insufficient payments/funds.
- In the case of expensive vehicles and glamorous (sport) cars, escrow service is essential to both parties, to secure transfer of funds across the international borders, and beneficial to reduce the chances of any conflict arising out of the deal.
- The additional security layer is added over financial amount thereby reducing chances of the dispute to minimal.
For the purchasers/ buyers:
- Escrow service guarantee of funds delivery to the seller only after the buyer has submitted a signed bill of sale.
- Buyer may order inspection of the vehicle or inspect the car to satisfy before finalizing the release of payments.
- In case car inspection reports are unsatisfactory, the buyer has the option to exercise his right to claim a refund or re-negotiate price of that vehicle.
- Buyer may enjoy purchasing a car from the unknown seller because of Escrow service.
- You don’t need to share personal important information with unknown dealers.
What are the chances of dispute?
With the escrow service the chances of the dispute are too rare. The escrow process keeps both the parties away from indulging into any conflict. The flawless transactions through escrow services are becoming popular with each passing day.
What are charges for escrow services?
A fee of escrow service is really worth for the peaceful purchase and secure transaction of funds across international borders. The fee nonetheless, varies from case to case depending on several factors like the seller or dealer, the bank pays off etc. Nevertheless if you desire to buy a car with our assistance, we offer escrow service to a buyer for $500.00 to $1,000.
* No further escrow fees is applied to all available cars on our website.
Contact Car Export USA Team for any query regarding escrow service…