An Example How Escrow Works
This post is regarding a recent eBay Motors transaction on a high dollar collector car. It is not that escrow.com is fraudulent, but a seller that uses this service for an expensive vehicle may not realize that the buyer pretty much holds all the cards. It is very good reading for anyone selling a car that is considering using escrow.
Escrow was originally intended for expensive items like jewelry or a Rolex watch, or other expensive items.
But a used car is an item that different people will no doubt have different opinions of it’s condition. A car is a part of a persons personality. What may look exceptional to you and i might not please it’s buyer, especially after a few weeks waiting for it to arrive.
At the big collector car auctions like Barret Jackson the impulse buying and awe factor is quick and easy. A buyers love at first sight is quickly bought and the transaction is quickly finalized before the buyer can suffer “buyers remorse”. It’s a done deal and it’s the buyers new baby whether he falls out of love at 2nd sight or not it’s his with no backing out!
Using escrow gives the buyer plenty of time to ask his friends their opinion etc. And to find some excuse to back out of the deal and return the car to the seller. This is a story of one of those kind of transactions gone bad.
eBay Motors Escrow Deal Gone Bad Posting
HERE is a Link to the original posting on the eBay Motors Discussion Board. I would suggest reading it. As of this web posting it has had 93 replies.
I see eBay is continuing to sanitize their forums. The link we published to this archived discussion thread has been pulled.
http://forums.ebay.com/db1/topic/Ebay-Motors/My-Car-Sale/510328799
That’s the eBay way of making you think it’s safe shopping on their website! Pull any possible negative posts like that one. If you can’t see or read about eBay Motors Raw Deals, There Must Not Be Any!
As for the post eBay / LiveWorld Pulled. It was simply good advice for anyone considering using escrow to manage a high dollar collector car transaction, and how the buyer pretty much holds all the cards.
In this deal a buyer had buyers remorse and refused the vehicle. It was damaged in route to being returned to the seller. Don’t know if the damages were ever settled or not.
Personally I would never use Escrow for a vehicle transaction. Also beware of Scammers using fake look alike Escrow Websites to steal your money!