ESCROW DEFINITION
What exactly is "Escrow"? An escrow agreement is a financial and legal agreement that protects both buyers and sellers in a transaction. An independent third party holds money for a fee until everyone in the transaction meets their obligations. The Seller will get the funds from an escrow payment only when the Buyer has received and accepted the vehicle that is part of the transaction. Buying or selling a vehicle can be dangerous even in the best of conditions. SMT Vehicle Logistics makes the transaction simple and secure by protecting both parties involved. SMT Vehicle Logistics cuts down the risk of fraud by acting as a trusted third party that receives, retains, and disburses funds only when both the Buyer and Seller are satisfied.
How SMT Vehicle Logistics Escrow Works?
A transaction is initiated by either the Buyer or the Seller. All parties agree to the conditions of the transaction when the escrow transaction is initiated through SMT Vehicle Logistics. The Buyer makes the payment to our safe Escrow Account using an accepted payment method, we authenticate the payment, and the Seller gets notified that funds are "In Escrow."
The Seller has permission to ship the vehicle and submit necessary tracking information upon payment verification. If the car is with SMT Vehicle Logistics, a confirmation of delivery will be provided within 24 hours of the shipping process commencing. SMT Vehicle Logistics verifies that the car has been delivered to the Buyer.
Buyer has 7 days to check out the vehicle and accept or reject it (7 Day Money Back Guarantee). The Buyer may take the vehicle to a dealership or another facility for a thorough inspection. The Buyer has a predetermined limit for using the car during this period, as well as temporary insurance that is only valid for 7 days.
A) If the Buyer accepts the car, he is authorised to sign the paperwork and register the vehicle under his name. SMT Vehicle Logistics transfers funds to the Seller. B) If the Buyer declines the car, SMT Vehicle Logistics will reimburse the full amount within 24 hours and the vehicle is returned on the Seller's expense.
BUYER AND SELLER PROTECTION
Escrow Agreement - All transactions are insured up to £ 75,000 (with an extra £300,000 coverage available if needed). We protect you as a Buyer by guaranteeing that you receive the vehicle you were promised. Each Buyer is granted a 7 Day Money Back Guarantee period during which they can test-drive and inspect the vehicle. We won't make any payments to the Seller until you have accepted the vehicle. As a Seller, you will be paid after you deliver the agreed vehicle. As a result, you will be protected from any fraudulent claims issued by the Buyer.
