An escrow is an agreement in which a third party controls payments between two transacting parties and only releases the funds involved when certain conditions of a given contract are met.
In our case, this is when both a buyer and seller have confirmed the vehicle has been transferred.
Escrow works by placing money in the control of an independent and licensed third party in order to protect both the buyer and seller in a transaction. As a neutral third party, they protect the assets of the buyer and seller until both parties have met their obligations for the agreement - in our case confirmation of vehicle transfer.
Car & Classic's escrow account is operated by Mangopay, who are approved as an electronic money institution by the Financial Sector Regulator (CSSF).
In the unlikely event of a no-show, your funds held in our secure escrow account will be returned to you.
Escrow means we ensure the buyer has the funds before you arrange collection - no last minute haggling.
Real people selling great classics! Escrow means all our sellers have to be verified with photo ID and identity checks.
Sellers set up an account and provide bank details of where the sale funds should be sent.
Once the auction ends, the buyer sends a bank transfer to Car & Classic's secure escrow account, where it's held until both parties confirm transfer.
Car & Classic confirm money in secure escrow account to both buyer and seller, who then organise collection / delivery.
Collection of vehicle takes place with the handover of relevent paperwork.
Buyer and seller confirm vehicle handover independently of each other. Car & Classic then release the funds from secure escrow into sellers account.