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What is an Escrow Service?
An escrow service reduces the potential risk of fraud by acting as a trusted third party that collects, holds, and disburses funds according to buyer and seller instructions. TraderOnline.com suggests you use a reputable escrow service to provide a secure way to buy or sell your vehicles. We urge you to use caution and common sense when dealing with all potential buyers or sellers.
If you decide to use an escrow service please make sure that it is a reputable service. Fraudsters sometimes create spoof escrow sites and encourage buyers to send money to them.
Remember these tips:
How does Escrow work?
Available to parties buying and selling vehicles in the United States, escrow.com protects both the buyer and the seller with a simple, 5-step trust process.
Step Trust Process for Escrow.com
1. Buyer and Seller Agree to Terms
Both parties agree to terms of the transaction, which includes a description of the vehicle, sale price, number of days for the Buyer's inspection of the vehicle, and any shipping information.
2. The Buyer Pays Escrow.com
The Buyer submits a payment, selecting check, money order, wire transfer, or credit card online. Escrow.com verifies the payment. Processing time varies by payment method.
3. The Seller Ships the Vehicle
Upon payment verification, the Seller is authorized to ship the vehicle and submit tracking information. Escrow.com verifies that the Buyer receives the vehicle.
4. Buyer Inspects and Accepts
The Buyer has a set number of days to inspect the vehicle and the option to accept or reject the vehicle. Upon acceptance, the process of transferring the title should begin.
5. The Seller is Paid by Escrow Service
The escrow service pays the Seller by check or wire transfer. The transaction is complete. For more information about pricing and other inquiries, please visit the escrow sites directly.