e-bay purchases and escrow services | FerrariChat
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e-bay purchases and escrow services

Discussion in 'Ferrari Discussion (not model specific)' started by dbdreams, Jan 6, 2005.

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  1. dbdreams

    dbdreams Karting

    Nov 6, 2003
    217
    Hayden, Alabama, USA
    Full Name:
    David W. Burnett, Jr.
    #1 dbdreams, Jan 6, 2005
    I was just wondering if anyone here who bought their car on e-bay may have used an escrow service and if so which one? How the service went and is it something you would recommend?
     
  2. dbdreams

    dbdreams Karting

    Nov 6, 2003
    217
    Hayden, Alabama, USA
    Full Name:
    David W. Burnett, Jr.
    #2 dbdreams, Jan 8, 2005
    What I am really wanting to know is what escrow service may have been used when buying a big ticket item on e-bay. I am trying to find a reputable escrow service.
     
  3. Jdubbya

    Jdubbya The $10 Trillion Man
    Silver Subscribed

    Dec 28, 2003
    43,674
    Hell's waiting room
    Full Name:
    John
    #3 Jdubbya, Jan 8, 2005
    I bought mine on E-bay but didn't use an escrow service. I just sent a deposit as a good faith gesture. Then I had the car and the sellers checked out before sending any more money. All went pretty smooth. Remember, if the seller is on the up and up they have just as much to loose with phony buyers! I would be wary of using an escrow service as I have heard there are several of them that are phony too.
     
  4. Tomf-1

    Tomf-1 F1 Rookie

    Jan 17, 2004
    4,528
    Leawood KS/ South FL
    Full Name:
    Thomas
    #4 Tomf-1, Jan 8, 2005
    david,

    no need to pay hi dollar to some unknown company to acquire this service.

    if you do biz w/ big banks that have operation in the city where you purchased the car, set it up with them. they will do it for free.

    at the seller's consent, the mechanic is quite simple. instruct your bank to issue a certified check. when everything is all good and ready to go, have seller take the short drive and make the hand off in exchange for title.

    this is how i do it.....quite frequently.
     
  5. Cincy Ken

    Cincy Ken Karting

    Jan 24, 2004
    219
    Cincinnati
    #5 Cincy Ken, Jan 8, 2005
    I have used an escrow service, and I have purchased a vehicle on eBay, but these were two unrelated transactions. My eBay purchase was consumated in person, after a PPI, so no escrow service was needed. My Ferrari was purchased via Ferrari Market Letter, and, being 2000 miles away, an escrow service was needed (even though I saw, test drove, and PPIed the vehcile beforehand).

    Both the seller and I spent a fair amount of time researching this, as online escrow services seem like a great opportunity for fraud. That is, you give them your bank account numbers, wire them funds, etc., etc. So, I did a fair amount of due diligence ahead of time. Ultimately, I settled on a service called www.escrow.com, which I believe is one of the leaders in this type of service. I don't recall the particulars, but I believe the charge was just under 1% of the purchase price. They have a pretty streamlined process to protect both buyer and seller, wherein the contract is documented online, and includes a return policy if you're unsatisfied with the goods not being as represented.

    Anyway, I considered hiring an attorney, but decided this suited my needs for a more modest price.
     

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