buying a cobra escrow account

[otto]

Hi, has anyone used an escrow company to purchase a used cobra , found paysafe escrow company in a google search.
thank you inadvance Bob Peckham

[Grubby]

Why not just go view the car in person. If you like it and strike a deal, get the title signed and pay the owner.

John

[Bartruff1]

I can see having a escrow account for a build....but for a existing car with a clear title and a agreed price ???

[twobjshelbys]

Originally Posted by Bartruff1

I can see having a escrow account for a build....but for a existing car with a clear title and a agreed price ???

I used a third party (in my case, a licensed auto dealer) to handle my Cobra Sale and Ford GT purchase. He handled it all for a fee of about $500 on each vehicle. If you don't know (and thus don't necessarily trust) the buyer the third party can hold the title (I signed the title to the title to him). When he sent a copy of the endorsed title to the seller the seller wired the funds to his account. Then he FedEx'd the title to the buyer and wire transferred the money to me. If you can handle the transaction in person then you can meet at a bank, have a bank officer take title and keys and wait for a wire transfer to complete and then give keys and title to buyer.

[otto]

thank you for the reply's

[Bartruff1]

I should add that when I buy from a individual I do use the "meet at bank"....I do not involve the bank in the transaction but it is a safe and neutral environment...then it is a cash deal in exchange for the clear title, the car and the keys.


When you are dealing with someone you don't know and exchanging a sizable amount of cash, it is prudent to take some precautions …..

[t walgamuth]

Exactly.