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- First the Buyer sends deposit to Seller,and confirms that they have done so in the OAA system.
- Second, the Buyer & Seller agree to the number of days for inspection (usually 1 to 3 days), and how shipping costs will be paid if vehicle is rejected.**
The Buyer also pays the Escrow fee, which is $50 or 0.5% of the balance owing whichever is higher(i.e. winning bid amount minus the deposit) on any vehicle over $25,000.00.
- Third, the Buyer then pays the OAA Escrow for the vehicle.*** OAA Escrow verifies the payment is the exact amount required for that vehicle by Item ID # and notifies the Seller that payment has been received.
- Fourth, the Seller either ships the vehicle to be inspected or has the vehicle inspected on site. If the vehicle is inspected on site, the Seller once the inspection report is done, scans and attaches the inspection report to the vehicle “bid” page on the OAA site.
- Fifth, the Buyer has a set number of days to inspect the vehicle and/or reject the vehicle.The Buyer notifies the Seller of their decision to accept or reject the vehicle through the bid page email to the Seller and the OAA Escrow system by Item#.
- Sixth, if the vehicle is accepted, the OAA Escrow pays the seller by a check.**** If the vehicle is rejected, the vehicle is shipped back to the Seller. The transaction is complete.
*For vehicles with a value over $25,000 in these 3 US states, we recommend Escrow.com
** If the Buyer rejects the vehicle it is the Seller’s responsibility to ship the vehicle back to their lot unless there is a signed agreement indicating the buyer’s responsibility to do so and that agreement is uploaded on the OAA site. OAA will not refund the buyer’s escrow funds unless the vehicle is returned to seller in its original condition.
***OAA Escrow only accepts PayPal, certified checks, bank drafts or money orders for payment into the escrow account.
****Processing Times: Certified checks, bank drafts and money orders take up to 10 business days to process. OAA Escrow does not accept international checks, money orders, or any other currency other than USD or CND dollars.
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