Purchasing a vehicle is an extremely intricate process often filled with an enormous amount of trust on the behalf of both parties involved; the vendor and the purchaser. The purchaser trusts that the vendor has given an accurate description of the history of the vehicle and listed all of its features accurately including any faults and service requirements. The vendor also trusts that the purchaser will complete the financial transaction when they say they will.
Unfortunately, financial transactions cannot be verified by trust alone which is why enlisting the services of Escrow.com when carrying out a vehicle purchase will ensure that your vehicle sale or purchase is completed successfully and securely.
Once a vehicle has been chosen the purchaser will register with Escrow.com, who will list the terms and conditions that both parties must agree to. These terms will relate to the make, model and condition of the vehicle and the agreed price. These terms will ensure that the item being bought is exactly what the purchaser has seen and committed to purchase.
Terms of vehicle escrow will also include a complimentary cooling off period. If any issues arise that were not disclosed prior to the sale within this period, then the vendor will not receive their funds.
Once both parties have agreed to the terms as set by Escrow.com, the buyer will deposit money for the vehicle into a safe and secure online account, which has been set up by Escrow.com. Escrow.com will confirm that the money is available for release to the vehicle seller once they have upheld their side of the contractual obligations, which includes providing the car to the purchaser.
The purchaser of the vehicle will confirm that they have received the car and, within an agreed timeframe, confirm that everything is in working order and goods have been received as described. Once the purchaser has confirmed this, Escrow.com will release the funds to the vendor and the transaction will be finalized.
When buying and selling a vehicle, enlisting the services of Escrow.com provides immeasurable benefits to both the purchaser and the seller. The purchaser has security that the vehicle that they have viewed online or taken for a short test drive will be delivered in the condition they believe it to be in, this will also avoid the purchaser paying above the recommended retail price for the vehicle.
Escrow.com will benefit the existing owner of the vehicle as they will be guaranteed to receive the cost of the vehicle that has been promised to them. Often in the vehicle selling industry, people will make a verbal commitment but not follow this through which can lead to having to re-list the vehicle. The services provided by Escrow.com avoid this completely as funds have already been deposited and are reliant on the purchaser being satisfied with the vehicle.
Escrow.com also provide the services of a third party agent who will resolve any conflicts that arise in the sale process. Vehicle escrow is essential for a smooth vehicle sale to take place, it eliminates the need to put trust in strangers which could lead to financial losses during the process and guarantees that all parties will be provided with the service they agreed to.
Visit www.escrow.com today to find out how we can make your vehicle purchase as safe and secure as possible.