At CARCHEX, we offer an online escrow program through Escrow.com. This is an escrow service that is good to use when you are purchasing or selling a car. It protects both parties involved in the transaction. You will have to pay some fees if you use this service, but you will avoid any potential problems that may occur.
When you use an escrow service, you are charged an escrow fee that is determined by the selling price of the car. If you are purchasing a car for $25,000, then you might pay a percentage of that price of approximately $215. You may also incur additional charges when funds are disbursed at the end of the transaction. This charge depends on the method of payment used, whether it be a check, transfer or ACH credit.