At PSX we work hard to protect sellers from counterfeit payments and buyers from title fraud. We do that in a few ways.
Before finalizing the sale, we verify identities of both parties. We verify that the vehicle is registered in the seller's name, that the vehicle's ownership and accident history match our registration and inspection information, and that the seller has title in hand or, if there's a lien, that the lien can be cleared.
Once the buyer's payment clears, we notify the seller to transfer possession of the vehicle to the buyer and surrender the title to PSX.
We won't release funds to the seller until the buyer has confirmed possession of the vehicle. If the seller has a lien, we’ll pay off the remaining balance and send any positive equity to the seller.
We also verify the title is properly endorsed to avoid costly delays in processing. You should rest easy knowing the purchase or sale of your vehicle is done right.
Read more about how to protect yourself from scams and frauds when selling a car.