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Browse the commonly asked questions below. If you are a registered member and need assistance, please login to your account to access the 24-Hour Support Desk. Escrow for Cars: EscrowforCars.com

 

About Escrow for Cars

Registration
What is Escrow for Cars?
Why should I use Escrow for Cars?
Why Use A Licensed Escrow Company?
When to use Escrow for Cars?
What does escrow cost?
What payment types are accepted?
What is the Refund Policy?
Is registration required?
How do I register?
What if I lose my login?
 
New Transactions For Buyers and Sellers
How do I start a new escrow transaction?
Who can start a transaction?
Who pays the fees?
What happens next?
How long does the process take?
What is the Status page?
When does the Buyer submit payment?
When will the Buyer receive the item?
When will the Seller receive payment?
 

 

[Top] What is Escrow for Cars?
Escrow for Cars is the premier online escrow service on the internet. Escrow for Cars enables two parties to engage in a sale without risk. Any time money exchanges hands for a buy-sell transaction, funds can be escrowed. Whether it's an online purchase or sale of such valuable items as classic cars, antiques, art, jewelry and watches or a home improvement project, users can safely place money in an online escrow account. Since the funds are held in escrow, neither party has complete control without cooperation of the other. This condition contributes to both parties to participate in good faith. The funds are disbursed only when all parties to the escrow agree that their terms have been met.

[Top] Why should I use Escrow for Cars?
Whether you are the buyer, seller, you want the assurance that no funds will change hands until ALL of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds while they are in the possession of the escrow holder, and to disburse funds when all provisions of the escrow have been complied with.

Escrow for Cars protects both the Buyer and Seller in a sale, because payment is not released until the item has been received. The entire process is secure and essential to anyone who regularly participates in online trade such as eBay users.

[Top] Why Use A Licensed Escrow Company?
For doing business with California businesses or consumers, Licensed escrow companies are regulated by the California Department of Corporations and are subject to the provisions of the Escrow Law (Division 6 of the California financial code(FC)) and the Escrow Regulations (title 10, Chapter 3, Subchapter 9 of the California code of Regulation (CCR)). Included in these regulations are the requirements to; 1. Safeguard trust accounts by carrying up to $5 million in fidelity bonding issued by the non-profit Escrow Agents Fidelity Corporation. 2. Are required to have an onsite manager with a minimum of five years responsible escrow service. 3. Are subject to unannounced regulatory comprehensive audits. 4. Are required to have fingerprint and background checks done by the Department of Justice on all employees. Your best security comes from using an independent escrow company who�s sole business is escrow.

Title companies are licensed by the California Department of Insurance. They provide escrow services under an exemption from the escrow law. Title company escrow services are performed as an add-on service to their core business and are not regulated.

Real estate brokers are licensed by the California Department of Real Estate and are able to process escrows on transactions wherein they are the agent of record for the buyer or seller. Real estate brokers provide escrow services under an exemption from the escrow law. Escrow services are performed as an add-on service to their core business and are not regulated.

Attorneys in California can also provide escrow services for their clients under an exemption from the escrow law. However, they may not advertise escrow service as a sideline business.
 
[Top] When to use Escrow for Cars?
Consider using an online escrow for any item worth over $500. You should use an online escrow whenever you want the confidence that the transaction will be completed according to buyer and seller instructions. In addition, you should weigh the cost of the service against the value of the item, and your own peace of mind. The math alone speaks for this since the fee is a small percentage of the total cost. For less expensive items, the cost of the service may not be worth the expense.

Cars, Boats, Motorcycles: Consider using an escrow service whenever your purchase a online a car, boat, or motorcycle. Not only do you want to circumvent fraud, but you also want to ensure that the vehicle is in fact as described.

Domain Name Transfers: No domain name should be transferred without an escrow service. Before releasing payment to the seller, an online escrow service will verify that the domain registrant information now reflects the buyer. If the registrant information does not do that, the service should ask the buyer to confirm control of the domain before releasing money to seller. If such transfer does not take place, the buyer can request the transaction to be cancelled and his money returned from the escrow company.

Art and Jewelry: From the standpoint of being high-ticket items, no art or jewelry should be sold online without the safety net of a licensed online escrow service.

Short Term Projects and Services: No one feels comfortable giving hundreds or thousands of dollars `upfront` to a service provider. It can be an unsettling experience leaving you with an uneasy feeling. With our Escrow Services, you won't have to worry about never seeing the contractor or your money again. Your money is safely deposited into a Trust Escrow account with Bank of America. Bank of America is one of the top 10 commercial banks in the United States, so you know your money is secure. Whenever a service is purchased online, there is always the question of whether or not the service performed met the buyer�s expectations or requirements. An escrow service can hold all funds in abeyance until both parties have agreed that the service has been performed satisfactorily.

Used Equipment: Used equipment normally never come with intact manufacturer warranties, and may or may not meet seller expectation or requirements. In such instances, for the sake of both buyer and seller, an escrow service should hold all funds until the equipment has been inspected and accepted by buyer.

The bottom line�and one of those very valuable, though intangible, products a good escrow service provides�is peace of mind. Using a trusted third-party service, you do not have to worry about fraud, about missing pieces to the equipment purchased, or that there might be something wrong with the automobile title.

[Top] What does escrow cost?
Escrow fees are based on a percentage of the escrowed amount and paid at the time of the funds deposit. Please view the Escrow for Cars fee schedule here.
 
[Top] What is the Refund Policy?
Escrow for Cars cannot refund escrow fees, disbursement fees or other bank charges. Credit Card, wire transfer, ACH or other Banking fees paid to any financial institution outside of Escrow for Cars  cannot be refunded. If you have questions on our refund policy, please login to your account to access the 24-Hour Support Desk.

 
[Top] What payment types are accepted?
Escrow for Cars only accepts PayPal payments from the Buyer. Sellers, however, have several choices for receiving payment. See the fees page for details.
[Top] Is registration required?
Registration is required to participate in an escrow transaction. If a party in a transaction isn't registered, he will have the opportunity to sign up during the first stage of the escrow process.
 
[Top] How do I register?
Click here to register. Registration is quick, easy, and free!
 
[Top] What if I lose my login?
Click here to have your username and password sent to your email address.
 
[Top] How do I start a new escrow transaction?
Simply login to your account and follow the instructions from the home page. You will need the name, email, and address of the other party in your transaction.
 
[Top] Who can start a transaction?
Either the Seller or Buyer may start a transaction.
 
[Top] Who pays the fees?
The Buyer submits the fee along with the payment.

[Top] What happens next?
After submitting a new transaction, both parties will receive a confirmation email with further instructions and access to their Status page.
 
[Top] How long does the process take?
After Escrow for Cars has received payment from the Buyer, the Seller has a maximum of 10 business days to ship the item or payment will be refunded to the Buyer less processing fees. 
[Top] What is the Status Page?
You can monitor your transaction on your own private Status page. The Status page displays both parties information, the item, total due, transfer status, and Buyer/Seller instructions.
 
[Top] When does the Buyer submit payment?
The Buyer submits payment once he receive access to the Status page. From the Status page you will find the total amount due and payment instructions.
 
[Top] When will the Buyer receive the item?
The Seller has 3 business days to confirm transaction.
 
[Top] When will the Seller receive payment?
Once the Buyer has confirmed that the item has been received, payment will be submitted within 72 hours.


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