At Car & Classic we're committed to offering the safest online transactions which is why we provide a 100% secure payment system for both buyers and sellers. Before collecting the vehicle the buyer's funds are stored safely in our secure escrow account that's separate from Car & Classic to guarantee 100% payment protection. The money is only released when both buyer and seller are happy.
So what are the steps?
Seller registers - The seller sets up a verified Car & Classic account and tells us which bank account the funds should be sent to.
Buyer transfers funds - When an auction is won or an offer is accepted, the buyer is asked to transfer the full purchase price plus the service fee into our secure escrow account before being put in touch with the seller.
Organise collection - Once the funds have been received into our secure account, we go full Cilla Black and put the buyer and seller in touch with each other to arrange collection or delivery of the vehicle.
Funds released - When the buyer has seen the vehicle and the seller is ready to hand over the keys, both the buyer and seller let us know they’re happy to continue through their respective Car & Classic accounts. As soon as both parties have confirmed everything is tickety-boo, the buyer’s funds will be released from our secure account.
Seller gets paid - Our secure account providers MANGOPAY are probably off jet skiing at weekends so only make transfers on weekdays. The funds should clear within 1 business day for GPB bank accounts and 3-5 business days for EUR accounts.
What do you mean by “secure payments”?
Our secure payment system is designed to protect buyers and sellers for a hassle-free and 100% secure transaction. Funds are paid within four days and held in our secure escrow account and are only released to the seller once both the buyer and seller confirm the vehicle handover has taken place and all is right with the world, eradicating those incredibly annoying folk who think it's OK to try and barter down the price upon collection.
Our secure account is owned and operated on our behalf by MANGOPAY. Funds processed via MANGOPAY are held in 100% guaranteed ring-fenced accounts that keep all funds separated from the balance sheets of MANGOPAY itself as well as Car & Classic to ensure 100% protection against any sort of liquidation.