Accruit and AUTOPAY Team Up to Facilitate Online Vehicle Sales and Purchase
Accruit and AUTOPAY remove barriers to the private sale and purchase of vehicles with outstanding loan commitments, clearing loan obligations on the part of the seller while simultaneously facilitating the transfer of title to the buyer.
DENVER, September 20, 2018 /PRNewswire-PRWeb/ -- Accruit, a leading fintech company providing online escrow services and 1031 exchanges, and AUTOPAY, an online vehicle loan marketplace, have come together to remove all barriers associated with the private sale and purchase of motor vehicles with outstanding loan commitments
Accruit's PaySAFE® online escrow service already facilitates online buying and selling of vehicles (as well as construction equipment, art, livestock and more). With the addition of Autopay, individuals who want to transfer ownership and title of vehicles with outstanding loan commitments are now able to do so.
"Private used car sales continues to be one of the fasting growing sub-verticals in the automotive industry. Removing barriers between buyers and sellers who do not know each other and are often separated by physical distance is critical," said AUTOPAY Founder and Managing Partner, Jeff Hutcheson. "By teaming up with PaySAFE® for on-line escrow services we have substantially removed all of the barriers for consumers and businesses alike who want to sell and buy a private vehicle."
The PaySAFE-AUTOPAY combination is unique in the ecommerce industry in that it removes two barriers that inhibit private sale transactions between buyers and sellers who do not have a relationship or history of doing business: safely and securely transferring funds through a neutral third party with an online escrow service and workflow tool and clearing outstanding loan obligations on the part of the seller while simultaneously facilitating the transfer of title to the buyer.
The service's workflow is easy to use and handles all aspects of the transaction including clearing an outstanding loan, documenting the purchase agreements and bills of sale, transmitting funds between buyer and seller and transferring the vehicle title.
"We continue to be excited about our PaySAFE® service and the value it brings unfamiliar buyers and sellers to transact online with confidence. This new partnership with AUTOPAY removes perhaps one of the greatest friction points between private buyers and sellers of goods by easily facilitating the retirement of past loans and transfer of title," said Accruit CEO Brent Abrahm.
About Accruit
Accruit, LLC is a financial technology company that manages more than $8 billion in money flow annually. Accruit specializes in 1031 like-kind exchange services and escrow, including Digital Vault, an escrow solution for digital assets, and PaySAFE®, providing protection to buyers and sellers in online transactions. Learn more at https://www.accruit.com and https://paysafeescrow.com.
About AUTOPAY
AUTOPAY is a technology-enabled service platform that systematically matches consumers with existing lenders that can provide the best loan given the consumer's desired vehicle, or improve their existing auto loan. By means of its mobile-optimized user experiences, white label solutions or its published APIs, AUTOPAY can integrate directly into any ecosystem that seeks to provide customers with a seamless and transparent financing process. Supported by a team of trained F&I specialists, AUTOPAY is committed to providing consumers with the best loans in the best way possible. More information can be found at https://www.autopay.com.
SOURCE Accruit
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