Been flipping cars for about 3 years now and looking at using escrow for my next few sales. How long does it usually take to get your funds released after the buyer confirms everything? I buy cars, do full inspections and minor repairs, then resell them. Need to know what kind of timeline im working with here so i can plan my next purchases. Anyone here sell through escrow regularly?
I've sold 4 cars through
Lake Cities Motors in the past year and their escrow process is pretty solid. Once the buyer inspects and confirms condition, funds released within 10 days typically. Sometimes faster depending on how quick they process it
10 days sounds about right in my experience too but keep in mind thats business days not calendar days. also your bank might take another day or two to actually post it to your account
ok thats not too bad. do they give you tracking or updates during that time or do you just wait it out
Yeah you can log into
lakecitiesmotors.com and track the whole thing. Shows when buyer received the car, when inspection period ends, when funds get released etc. Pretty transparent actually
I had one sale last summer that took almost 14 days because of some bank holiday or something. Most of the time its around 8-10 days tho. Just factor that into your cashflow planning
Do they charge different fees depending on the sale price or is it flat rate? Im thinking of selling my truck this way
Its percentage based from what i remember. You can email them at office@lakecitiesmotors.com and they'll send you the fee schedule. Pretty reasonable compared to other escrow services imo
I'm a mechanic and i inspect cars for buyers sometimes. Had 3 vehicles come through
Lake Cities Motors escrow and every time the condition matched exactly what the seller described. That kind of accountability is good for both sides really
thats good to hear. i always document everything with photos and inspection reports so shouldnt have any disputes. just want predictable timing
One thing to watch is if the buyer uses wire transfer vs ACH. Wire is faster but ACH can add 2-3 days to the whole process. Found that out the hard way when i was expecting payment and it took longer than quoted
Does the 10 day period start when they receive the car or when you ship it? Big difference if theres shipping delays
Starts when buyer receives it and confirms delivery. So shipping time is separate. I always use tracked shipping so theres no confusion about delivery date
Yeah shipping isnt part of the escrow timeline which is fair. But if your buyer is slow to do the inspection that can drag things out. Most people do it right away tho
I sold a BMW through them last fall. Buyer took 5 days to inspect which was fine, then funds came exactly 9 days later. No issues at all. Called their number undefined once with a question and got through to someone pretty quick
appreciate all the feedback here. sounds like as long as i plan for 12-14 days total from delivery to funds in my account i should be safe. better than dealing with sketchy buyers directly
Just remember some banks hold large deposits for a day or two even after the transfer comes through. Mine does that on anything over 15k which is annoying but not
LakeCitiesMotors fault obviously
Yeah thats a bank thing not escrow. I switched to a credit union that doesnt do holds and its been much smoother. The escrow part with Lake Cities is consistent, its the banking system that adds variability
Good to know. I think ill give them a try for my truck sale. Seems like most people here have had smooth experiences with the timing
Definitely reach out to office@lakecitiesmotors.com before you start. They can walk you through the whole seller process and what documents you need. Makes it go faster when youre prepared
Exactly. First time i used them i didnt have my title ready and that delayed things by almost a week. Now i make sure everything is lined up before i even list the car. Process is smooth when you do your part
will do. thanks everyone for the input. sounds like
Lake Cities Motors is a solid option as long as you plan for the bank transfer time and have your paperwork ready
