Anyone know of an auto-sale escrow?

[QuarkCharmer]

I'm trying to sell a car that I still owe on, and cannot afford to payoff the title until I am payed. In any case, a few people came to check out the car and I went with the most desirable deal to me. The guy wants to pay cash though, and is hesitant (which I can understand entirely) to pay me so I can pay the bank. I suggested we get a contract notarized and so on. Anyway, long story short, I need an easy and safe escrow service that people have done business with before. Is this something my bank would do? The car is financed under a bank that is not in my state so we can't just go there together to take care of the matter.

Thanks!

 

[Astronuc]

One should probably check with the bank.

Alternatively, the purchaser could simply assume the loan/note on the car. One would have to check with the note/lien holder.

 

[QuarkCharmer]

I called Honda (through which it is financed) and they wouldn't recommend nor do they offer any such service. I'll have to ask them about the buyer assuming the loan though. All over the internet I see good reviews for escrow.com but I am hesitant to listen to any advice on the internet about such matters. Anyone used them for domain-name transfers or anything?

 

[ShalomShlomo]

Try www.Transpact.com, a better secure online escrow service.

They are significantly lower cost than escrow.com, and they allow you to bespoke the conditions for the transaction, which in your case sounds necessary.

They are authorised by the UK Government's FSA agency, and you can (and should) check the FSA online register to check that Transpact.com is legitimate and safe (type 'FSA register' into your favorite search engine - make sure you search under 'Payment Services firm').

 

[Evo]

I called Honda (through which it is financed) and they wouldn't recommend nor do they offer any such service. I'll have to ask them about the buyer assuming the loan though. All over the internet I see good reviews for escrow.com but I am hesitant to listen to any advice on the internet about such matters. Anyone used them for domain-name transfers or anything?

CapitalOne recommends them.

If you owe more on your loan than you can readily pay prior to a sale, it’s possible to close the loan and transfer ownership at the same time. For instance, Escrow.com (siy.cars.com/escrow) can facilitate payment to the lien holder during a normal escrow transaction.

http://www.capitalone.com/auto-financing/help-center/auto-selling-guide/selling-your-car-if-you-still-owe-money-on-it/

 

[Steve_W]

if you are in the US escrow.com is the only company that legally provides this service. They will payoff the lien and send any proceeds to you.

 

[kg83]

Escrow.com is the safest way for both buyer and seller. They offer a lien payoff service or a title transfer service. They will collect the funds before you hand your car over and once the buyer accepts the vehicle they will pay of the lien and send the remaining balance to you. Here is a link to the vehicle section of their website so you can check it out.

https://www.escrow.com/solutions/vehicle/index.asp