Once the buyer and seller have signed up and confirmed their contact information (including identity verification), transactions can often be completed in less than an hour.
During our normal business hours, we usually complete vehicle verification within 15-30 minutes after a buyer and seller accept a price. We send docs for e-signing immediately after the buyer submits payment and approve transfer within ten minutes of all parties signing their docs.
Your dashboard will always have information on your next steps or anything that we're waiting on from the buyer or seller.
What can cause delays?
If the seller has a loan, we'll need to contact their lender and confirm the payoff amount before the buyer can submit payment. Depending on the lender and their business hours, this can delay a transaction.
If the sale price is greater than $50k, the buyer will be required to pay with a wire transfer. Wires can only be sent Monday-Friday, typically before 4pm ET.
We're able to verify most ACH payments immediately, but some banks don't support instant verification. In those cases, it will take up to one business day to verify the buyer's payment. Major banks like Chase, Wells Fargo, and Bank of America tend to be faster than smaller credit unions.
If a vehicle has multiple owners and both will need to sign paperwork, we'll require the second owner to sign up and complete their account. Some transactions also require additional documentation, like powers of attorney, authorization to sell on behalf of a business, or notarized lien releases. We will make sure these documents are in order before approving a transaction.
If the buyer is financing, we will need to wait for their lender to approve and fund the loan.