Escrow.com is a trusted third-party financial transaction management service that offers you a secure way to pay for services with CarFax. Using Escrow to make the payment is quick and simple using its user-friendly interface. Once the money is transferred, Escrow.com will hold the payment securely for you until you’ve received a comprehensive report containing all the information you would need on the vehicle such as recall, accidents, thefts and ownership amongst others.
CarFax is a web based service that provides consumers with the history of any vehicle they want to purchase. Their aim is to empower prospective buyers with the information they need so they ‘know before they buy’. Being able to pay for CarFax reports through Escrow.com gives you an added level of security.
Carfax holds 15 billion records from more than 91000 sources and accident information from all 50 states in the US. Every used vehicle on their site has a detailed history that prospective buyers can take a look at before making a buying decision.
Here’s how it works when you use Escrow to pay for your vehicle history via CarFax:
- Buyer chooses a vehicle: The buyer browses through vehicles on sale on CarFax and requests a detailed history of the vehicle they are interested in purchasing. The buyer can then choose to go ahead with the purchase.
- Terms and Agreements: The buyer and seller agree to a given price and the terms of the transaction including the use of CarFax and Escrow services.
- Escrow.com is used to facilitate payment: The seller agrees to the shipment and use of CarFax to verify the information for the vehicle purchased.
- Deposit is made by the buyer: The buyer pays for the purchase into a non interest bearing account. Escrow.com verifies that the payment has been received.
- Funds are secure: Once the payment has been verified by Escrow.com, which can take a few days depending on payment method used, the seller is notified of the deposit and can go ahead with the formalities for transferring the bike into the buyer’s name and also make arrangements for the delivery.
- Merchandise is delivered: The seller then proceeds with delivery of the vehicle to the prearranged delivery address or pick up point.
- Release of funds: The buyer checks the bike to make sure that all is in order and informs Escrow, who will then release the funds to the seller.
Escrow.com is one of the most trusted secure transaction services online and aim to ensure that the interests of both the buyer as well as the seller are protected during the transaction.
Are you looking to buy or sell a vehicle and need to ensure the history of the vehicle? Visit Escrow.com today to see how they can make this transaction easier, faster and more reliable all parties involved.