If you're worried about making direct payment via any of our existing safe payment methods, you can always use any of the UK Financial Conduct Authority (FCA) regulated Escrow companies. This company will notify us of your payment to them but will not release it to us until we ship the car and you confirm receipt of the vehicle to them.
No Payment, No Shipment - If your car price requires some down payment.
A. WHAT IS AN ESCROW?
Purchasing and selling used cars is not without risk - fraudulent sales, payment disputes, counterfeit documents, and hidden vehicle defects are all real issues.
An escrow payment for a car is a secure, neutral transaction where a third-party service holds the buyer's funds until the seller has completed their part, such as transferring the vehicle title and ensuring the car meets conditions.
This protects both parties: the buyer doesn't pay until the car is verified, and the seller doesn't release the car until payment is confirmed. This is especially useful for private-party sales or online transactions where the buyer and seller may not know or trust each other.
B. HOW ESCROW WORK FOR CAR PAYMENT
Find a service:
Use a legitimate escrow company to facilitate the transaction.
Start the transaction:
Both the buyer and seller open an escrow account with the chosen service.
Buyer sends funds:
The buyer sends the full payment to the escrow service, which holds the money securely.
Seller sends car:
The seller then delivers the car and all necessary documents to the buyer.
Buyer confirms receipt:
The buyer inspects the vehicle and confirms that everything is satisfactory.
Escrow releases funds:
Once the buyer confirms the vehicle is as described and all conditions are met, the escrow service releases the funds to the seller.
C. BENEFITS OF USING ESCROW
Payment safety:
The buyer's money is held safely, and the seller is assured they will get paid once the transaction is complete.
Fraud & Scam Prevention:
- Legitimate services help protect against common scams in online car sales.
- Buyers risk paying for a car that is never delivered.
- Sellers risk handing over a car and not receiving full payment.
- Fake cashier’s cheques, bounced payments, and online scams are common.
Title transfer protection:
- Escrow services ensure that the title and other documentation are handled correctly.
- Sellers attempt to sell cars they don't own legally, resulting in legal issues for the buyer.
- Delayed title transfers may result in confusion and ownership conflict.
Concealed Defects & Misrepresentation
- Purchasers typically find mechanical defects or altered odometers after acquiring the vehicle.
- Some sellers omit information regarding prior accidents, damage, or pending loans.
Online Marketplace Risks
- Most transactions occur through online forums, making it more likely that fraud will occur.
- No assurance that the other party is real or will finish the transaction honestly.
Secure remote transactions:
It's a safe way to buy or sell a car from a different location.
Buyer's inspection period:
The arrangement can include a period for the buyer to inspect the vehicle before the final payment is released.
Exposes Lying Buyers:
With escrow buyers have no excuse of not trusting seller's existing payment methods.
D. SOME UK FCA REGULATED ESCROW COMPANIES
We don't choose for you. You can choose any regulated provider and let us know:
- Zedra
- Transpact
- Shieldpay
E. PAYING GLOSTAR MOTORS WITH ESCROW
Paying with escrow an only be used when making full payment for the car and not going by the installment repayment option. Please take note that, it's the buyer who takes care of any applicable escrow charges and not us (the seller).
Previous instances where prospective buyers hide behind send the car before payment (when actually they don't even have the required money to make payment when the car arrives), will not occur anymore:
It's either you opt for instalment repayment plans via any of our existing direct payment methods or you opt for the full car payment via escrow.
F. ESCROW RECIPIENT DETAILS
Payment to us via escrow can be sent to us, depending on the third-party escrow payment provide you would use:
Address:
DCANS Capital Limited,
10-16 Tiller Road,
London.
E14 8PX.
Email:
This email address is being protected from spambots. You need JavaScript enabled to view it.
Contact Person:
Isaac Kenneth Osei
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