It is not unheard of these days to purchase a car online or through various auction sites. You can find great deals over the Internet, but you are taking a risk when you don’t know the seller and may even live in different states. To protect yourself, it might be a good idea to use a title and/or escrow service. These types of companies mediate the transaction by holding the title until funds are deposited into an escrow account. These funds will not be transferred to the seller until the buyer has had a chance to get a vehicle inspection and is satisfied with the results. In the meantime, the seller can be assured that the money is available while the buyer has time to get the vehicle inspected. It is always wise to use a third party such as an escrow service to handle the transaction so that nothing goes awry.
Published in by CARCHEX on November 13, 2014