The fee for TurboBid Escrow is $249. If the vehicle has an outstanding loan, there is an additional $99 fee charged by TurboBid to handle the loan settlement during the sale.

Fees can be divided equally between parties or covered entirely by one. Our fee is due upon the completion of the transaction, and we do not impose any cancellation fees.

TurboBid employs advanced third-party identity verification technology to authenticate the identity of sellers. This process is followed by cross-referencing public records, seller-provided information, and records from the Ministry of Transportation to validate the seller’s ownership of the vehicle.

Our commitment to confidentiality is paramount: we do not share the seller’s personal information with the buyer, nor do we disclose the buyer’s personal details to the seller. However, upon the completion of a sale, the buyer will receive the current title document, which includes the seller’s name and address.

The Escrow process on TurboBid works by holding funds securely until both the buyer and seller fulfill their obligations in the transaction. This ensures that both parties are protected during the exchange of goods and payment.

TurboBid’s Escrow service accepts bank transfers and credit card payments. Please note that credit card payments are limited to a maximum of $2,000 per transaction.

Funds during the Escrow process on TurboBid are held by TurboBid’s designated Escrow service provider, ensuring impartiality and security for both parties.

Yes, there are fees associated with using Escrow on TurboBid. Typically, these fees are negotiated and agreed upon by the buyer and seller as part of the transaction terms.

In case of a dispute during the Escrow process on TurboBid, both parties are encouraged to communicate and resolve the issue amicably. If a resolution cannot be reached, TurboBid may intervene to facilitate a fair resolution.

When a seller lists their vehicle on TurboBid and a buyer accepts the price, our verification process typically completes within 5-10 minutes. If there’s an outstanding loan, we contact the lender, potentially delaying the transaction based on their response time.

Payments are usually verified promptly, including weekends, but may take up to one business day depending on the buyer’s bank. Transactions over $50,000 require payment via wire transfer. After payment verification and e-signing of the bill of sale by both parties, transactions are typically approved within 15 minutes.

We utilize our AI damage inspection report at the time of pick-up and delivery to ensure all conditions are met.

Escrow is recommended for all transactions on TurboBid to ensure security and peace of mind for both parties. However, buyers and sellers can discuss and agree whether to use Escrow or not.

TurboBid partners with reputable Escrow service providers that adhere to strict security protocols to safeguard funds held in Escrow. Additionally, TurboBid implements encryption and secure transaction processes to protect user information.

Yes, inspections are conducted using TurboBid’s AI damage inspection feature. This can be completed conveniently from any smartphone and typically takes less than 5 minutes. Both the buyer and seller perform this inspection during the escrow process to ensure transparency and accuracy in assessing the vehicle’s condition. More information on inspections can be found here.

Buyers and Sellers are verified on TurboBid once the Escrow process is initiated to ensure all parties are legitimate. Furthermore, all TurboBid listings are verified before they’re uploaded onto our platform. This dual verification process helps maintain the integrity and security of transactions on TurboBid. 

TurboBid automatically generates a bill of sale for each transaction. This document is electronically signed by both buyers and sellers and can be downloaded from their dashboard at any time. The bill of sale explicitly states that the vehicle is sold in its current “as is” condition, unless otherwise specified.