By introducing an optional safer payment escrow system at the Buyers discretion, we are decreasing the risk of buying online by ensuring cleared funds are only forwarded to the vendor after  receipt of the vehicle is completed – giving buyers more confidence to bid. TheCollectorGarage is delivering a more effective and more efficient marketplace for all buyers and sellers

 

 

WHAT IS ESCROW & WHY IS IT SAFER?

An escrow is an agreement in which a third party to the Buyer and Vendor (in this case, www.TheCollectorGarage.com), oversees payments between two transacting parties and only releases the funds involved only when both parties have completed their commitments:

1. for the seller that is delivering the Lot and
2. for the Buyer, that is delivering the cleared funds.

www.thecollectorgarage.com’s escrow account is operated by Commonwealth Bank, who are approved as an electronic money institution by the Australian Prudential Regulatory Authority.

 

BUY AND SELL IN OUR AUCTIONS WITH PEACE OF MIND

BUYER PROTECTION

In the unlikely event of the Lot not being presented, your funds held in our escrow account will be returned to you.

SELLER PROTECTION

Escrow means we ensure the buyer has the funds and the funds are cleared before you arrange collection – avoids and last minute negotiations and ensures validated buyer.

ID VERIFIED SELLERS

Escrow means all our sellers have to be verified via Banking details.

 

HOW IT WORKS – the escrow facility is used at Buyer discretion – they can alternatively agree to settle with seller directly.

01

VENDORS PROVIDE BANK DETAILS

Sellers provide bank details of where the sale funds should be sent – this process also confirms identity and requires a commitment to www.TheCollectorGarage.com Terms and Conditions.

02

BUYER TRANSFERS FUNDS

Once the auction ends, the winning buyer arranges an Electronic Funds Transfer to the www.thecollectorGarage.com escrow account, where it's held until both parties confirm transfer.

03

BUYER & SELLER ORGANISE COLLECTION

www.TheCollectorGarage.com confirms cleared funds in the escrow account to both buyer and seller, who then organise collection / delivery. Cleared funds effects the change in title.

04

THE VEHICLE IS TRANSFERRED

Collection of vehicle takes place with the handover of relevant paperwork.

05

AGREE TRANSFER OF FUNDS

Once transfer confirmed, TheCollectorGarage then release the funds from secure escrow into the Vendors nominated account.