This article is very good reading for anyone selling a car that is considering using escrow to get paid. A buyer could get jammed up by a scammer using a fake-escrow service to steal your money. Or in this case “buyers remorse” declined the sellers car. Car was returned on an open carrier and suffered damage in transit back to it’s owner.
Escrow was originally intended for expensive items like jewelry or watches etc. 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 Barrett 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 “buyer’s 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.