Escrow service question

1941 - 1945, Willys MB & Ford GPW jeeps, NO EBAY, Craigslist or COMMERCIAL SALES.
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ScottCo
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Escrow service question

Post by ScottCo » Sun Jul 25, 2021 10:49 pm

Has anyone used an escrow service they would recommend for an out of state jeep purchase?

Or would anyone recommend a different workflow for facilitating a transfer of funds and title between 2 parties?

I’m located in Texas but open to any reputable third party financial intermediary.


Dawgman
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Re: Escrow service question

Post by Dawgman » Mon Jul 26, 2021 3:59 am

Drive there-
Give him the cash or cashiers check after
Inspecting the vehichle and make sure it’s right-
Buyer and seller sign the transfer section on the back of the title -
If need be, notarized bill of sale
Load it on the trailer-
Tow it home.
That’s the way most people do it.
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051743GPW
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Re: Escrow service question

Post by 051743GPW » Mon Jul 26, 2021 4:46 am

Strange that a seller would allow an escro service, I wouldn’t. First inspect vehicle personally, then bill of sale, signed title with matching vin. Cash, or cashiers check that can be confirmed. There’s too much misinformation about these vehicles without a legitimate inspection. Basically, everything dawgman said.
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DDTrustee
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Re: Escrow service question

Post by DDTrustee » Mon Jul 26, 2021 6:44 am

Hmmmm?! there is one potential hickey in this scenario - unless you know or someone else that you know is familiar with the seller be cautious and transfer the vehicle in the seller's state contemporaneously with handing over the cash. I have personally seen a clean title signed and delivered for cash where the real title had a lien upon it. I represented that buyer in a lawsuit on that matter. Additionally, I know of an instance where a seller signed and delivered an apparently clear title where the vehicle had already been sold and titled to a third party prior to that transactions; I was the victim in that case; out the money and the vehicle and perp was a druggie and judgment-proof. DUPLICATE TITLES CAN BE OBTAINED AND USED NEFARIOUSLY.
I'm not trying to rain on this parade but the lib world with no real punishment for financial crimes is a suspect place to do business....unless you know the seller or your buyer.
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051743GPW
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Re: Escrow service question

Post by 051743GPW » Mon Jul 26, 2021 7:52 am

All good points, meet at the DMV with the vehicle, and do the transfer there, with cash.
WANTED GPW A Intake Manifold
WANTED block close to GPW 113262 5/43 with 6015 casting
WTT MB 247392 block 120342 , crank, caps, rods.
1943 GPW 113262 051743 USMC see restoration here!

ScottCo
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Re: Escrow service question

Post by ScottCo » Mon Jul 26, 2021 9:54 pm

Thanks for input gentlemen.

DDTrustee makes some valid points well worth considering. The hurdle I'm facing is purchasing a vehicle out of state from a stranger. Anything I have purchased in the past for significant value always had a third party intermediary in the middle providing some form of protection.

What would you guys think if I was buying a jeep from you and sent a short simple contract which stated sale price pending inspection and clear title transfer then forwarded it using Docusign for the seller to sign online.

For any reader of this post that is not familiar with Docusign, it is a website used for contract executions that has been accepted as legally binding. I've used it numerous times previously and seems to be widely accepted and easy to use. https://go.docusign.com/trial/us-goog-t ... wMQAvD_BwE

With an executed contract and bill of sale, thinking I could transfer title and if any issue arose such as did for DDTrustee, I would have two documents to help in the recovery of funds. Any thoughts?

DDTrustee, were you able to recover funds in either of your two cases?

ScottCo
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Re: Escrow service question

Post by ScottCo » Mon Jul 26, 2021 10:21 pm

Any issues with signing a title in one state and taking the title to a different state for the registration and transfer all at one time?

Or perhaps it needs to be transferred in the current state of registration between owners and then once new title is received, transfer it to new state?

sjalbert
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Re: Escrow service question

Post by sjalbert » Tue Jul 27, 2021 4:09 am

It depends on the relationship between the states. If I recall correctly, many years ago (about 2008) Texas accepted an Oklahoma title with a notarized signature for my Jeep.
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YLG80
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Re: Escrow service question

Post by YLG80 » Tue Jul 27, 2021 6:17 am

ScottCo wrote:
Mon Jul 26, 2021 9:54 pm
Thanks for input gentlemen.

DDTrustee makes some valid points well worth considering. The hurdle I'm facing is purchasing a vehicle out of state from a stranger. Anything I have purchased in the past for significant value always had a third party intermediary in the middle providing some form of protection.
Hi Scott,
You are right, this is exactly what a Belgian guy that I know is doing.
He is living in Florida and is coordinating the purchasing of classic/military vehicles everywhere in the USA with European buyers.
Also with Canadian buyers, if I’m not wrong.
He is using video through Internet during the vehicle inspection with both parties present in real time.
Then he is himself the third party intermediary to conclude the transaction.
Yves
Ford GPW 1943 - Louisville - DoD 12-7-43
serial 164794


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