People have been asking us to develop a system that completes their Internet buying experience and we believe we have. The marketplace for the sale of used cars this year will be close to 50 million units and approximately a third of these will be sold online. One of the limitations of purchasing a vehicle over the Internet is verifying the condition of the vehicle prior to arranging for payment or transport. You have to know that we DO NOT accept any vehicles to be shipped using our company without a thorough technical and legal inspection of the specific vehicle. We have certified dealers inspectors that will perform the inspection. The inspectors will also check the relevant paperwork meaning that the car will only be accepted to be shipped after the inspection results will show that the car has not been stolen, it is not damaged, it has no outstanding finance, lien or debt, it is ready to be registered in the country of destination. Both the seller and the buyer will be notified regarding the inspection results. If the vehicle has been accepted to be shipped, then you can be 100% sure that the vehicle is in great condition and the paperwork is in order and ready to be registered in your country. The Inspection report provides a comprehensive review of a vehicle's interior and exterior and is a valuable tool in making a buying decision.
Vehicle Escrow in 5 simple steps
1- The Buyer and Seller agree to terms.
After registering at Transmith Group, both parties agree to the terms of the transaction, which includes a description of the vehicle, sale price, number of days for the Buyer's inspection of the vehicle, and any shipping information. Additional services including title collection and lien holder payoff may be selected at this time.
2- The Buyer pays Transmith Group.
The Buyer submits a payment by selecting wire transfer. Check or money order are also available on amounts $2000 and under. Transmith Group verifies the payment. Processing time varies by payment method.
3- The Seller ships the vehicle to the Buyer.
Upon payment verification, the Seller is authorized to ship the vehicle and submit tracking information. Transmith Group verifies that the Buyer receives the vehicle.
4- The Buyer inspects and accepts the vehicle.
The Buyer has a set number of days to inspect the vehicle and the option to accept or reject the vehicle.
What if the Buyer doesn't accept the vehicle?
The Buyer has the Inspection Period (a length of time agreed to by both parties) to accept the items. If dissatisfied, the Buyer must return the item to the Seller. Once the Seller has received the item and confirmed that they are in satisfactory condition, Transmith Group will release the funds back to the Buyer.
5- The Seller is paid by Transmith Group.
Transmith Group pays the Seller by check, ACH or wire transfer. The transaction is complete.
The benefits of Vehicle Escrow
Both Buyers and Sellers benefit from using Transmith Group as a neutral third party to monitor and transact the exchange of payment and vehicle.
Peace of mind for vehicle Sellers
The Buyer sends the agreed upon payment to Transmith Group. After verifying funds, we alert the Seller to send the vehicle to the Buyer. Protected from fraudulent checks and money order scams, the Seller has peace of mind knowing funds are behind the Transmith Group shield.
Confidence for vehicle Buyers
We do not release the money to the Seller until the vehicle has been received and accepted by the Buyer. This provides online car buyers the opportunity to inspect the vehicle before sellers are paid.
