Pat Goss' Tips & Expert Advice

Inspections and Escrow

One of the main reasons for utilizing an escrow service when buying a car is the time it affords the buyer to get a full inspection done on the vehicle. When purchasing a car over the Internet or through a classified ad, one of the main concerns of buyers is that they are purchasing a so-called lemon and will be stuck with the car even after it breaks down. By having a full inspection conducted, the buyer can be sure that the car is the good deal it appears to be. This process also protects sellers. A seller might release the car to a potential buyer in order for the buyer to get an inspection, and in worst-case scenarios the potential buyer never returns with the car, and without ever having paid a dime. The car escrow service makes these scenarios impossible, however, because the money is not released to the buyer until after the money is sitting in an escrow account, and the money is not released to the seller until the buyer is satisfied with the inspection results. You can use CARCHEX.com to find a reliable inspection for a car you are considering buying, and you can use Escrow.com as a means to hold the purchase money until the sale is finalized.