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In the realm of automotive transactions, many buyers encounter challenges when sellers fail to uphold the terms of their sales contracts, either partially or entirely, especially post-payment, creating a significant and costly headache for buyers outside the United States.
An escrow service is a well-defined process where a buyer places funds under the control of a trusted third party. This third party ensures the availability of funds for payment to the seller once specified conditions, such as a car inspection or test drive, have been met.
The process is straightforward. The buyer deposits funds into the LIONS AUTOMOTIVE escrow account. Upon the seller’s completion of the sale, and buyer’s approval of the purchase following car inspection, the escrow service disburses payment to the seller. LIONS AUTOMOTIVE handles fund management, verifies ownership, conducts lien research, prepares closing statements, obtains transfer documents, and administers loan payoffs.
Protection against bad checks, non-sufficient funds, scams, and fraud.
Particularly beneficial for high-value transactions involving expensive or exotic vehicles.
Enhanced security for both parties, minimizing the likelihood of disputes.
Ensures funds are delivered to the seller only after the Bill of Sale is signed and delivered.
Allows buyers to inspect a car or order an inspection before finalizing payment.
Grants the right to a refund or re-negotiation of the sales price if the inspection is unsatisfactory.
Alleviates concerns when buying from unknown sellers.
Eliminates the need to disclose personal information to unfamiliar parties.
The implementation of escrow significantly reduces the likelihood of disputes between buyers and sellers. In the event of an unfavorable scenario, the seller may flee with your funds, necessitating the engagement of legal services to pursue fund recovery. However, this course of action entails additional time and financial commitments. Furthermore, there exists the possibility that post-purchase, discrepancies may surface between the chassis/VIN number on the vehicle and the corresponding title. Such mismatches render the vehicle ineligible for export and shipment, posing unforeseen challenges.
For buyers seeking LIONS AUTOMOTIVE assistance with out-of-website car purchases, escrow services are available with fees ranging from $500.00 to $1,000. The exact amount is case-specific, considering factors such as bank payoffs, private sellers, dealers, etc.
For further information or to obtain a quote for car escrow services, please contact the LIONS AUTOMOTIVE Team. Your peace of mind and the security of your transaction are our top priorities.
