Both the buyer and seller verify their identity with KeySavvy. We also verify title and registration to guarantee a worry-free transfer of ownership.
The buyer links their bank account and pays online. Wire transfers, Zelle, and credit cards are also accepted.
The buyer and seller meet to exchange keys. If the vehicle is being shipped, buyers can arrange delivery with any shipper. We'll provide a temporary permit so it's legal to drive right away.
Sellers can get paid via direct deposit or by check. If they have their title, we'll provide detailed instructions for signing and mailing it to KeySavvy. If they have a loan, we'll pay it off.
Buyers and sellers can also choose to split fees equally, or have one party pay all fees.
Buyers and sellers each pay a fee of $79. If the vehicle has a loan, KeySavvy charges an additional $99 to pay off the loan as part of the sale.
Buyers and sellers can split fees equally, or have one party pay all fees.
Yes, KeySavvy enables you to purchase a vehicle when the seller still has a loan or lien.
In a typical private party sale, the seller can't transfer ownership to you without first paying off their loan. Paying a seller with cash or a cashier's check and not receiving the title right away is risky for buyers. Because KeySavvy is a licensed dealer, we can handle the loan payoff and sale as part of the purchase process, and issue a temporary permit that allows you to legally drive the car right away.
How to sell a financed car with KeySavvy
If the vehicle is being shipped, we'll pay the seller when the shipper picks it up, as long as we've already received their title. If the seller has a loan and doesn't have their title, we'll pay the lienholder and any positive equity to the seller when the vehicle is picked up.
We require sellers to upload a picture or PDF of the signed bill of lading to confirm the vehicle was picked up. A bill of lading is a fairly standard document that all vehicle transporters should provide and have signed by the seller when picking up the vehicle.
KeySavvy does not make any guarantees regarding the condition of the vehicle and third-party inspections are highly recommended. Read our blog article about pre-purchase inspections to learn more.
After we verify and approve a sale, we'll send the seller an email letting them know it's OK to give the vehicle to the buyer.
If the seller has a loan and doesn't have their title, we'll initiate their payment and a payment to their lienholder when the buyer or their shipper pick up the vehicle.
If the seller has their title, we'll provide a state-specific guide for signing and mailing it to KeySavvy. We'll initiate their payout when we receive the title and the buyer or their shipper pick up the vehicle.
We need to receive the title to verify it doesn't have any errors or omissions that would prevent the buyer from registering the vehicle. If we find any issues, we work with sellers to help resolve them. We guarantee sellers get paid, but we also guarantee buyers get a clear title and this is an important part of our process. Some sellers choose to mail their title in advance, before handing over the keys, but it isn't required. The sale is final when the buyer or their shipper pick up the vehicle, whether or not we've received the title.
Similar to escrow services like Escrow.com, KeySavvy collects payment from the buyer and pays the seller when the buyer picks up the vehicle. However, KeySavvy is specifically designed for vehicle sales. Since we're a licensed dealer, we can verify the seller's ownership to protect buyers from title fraud, work with banks to pay off the seller's loan, and issue temporary permits so it's legal to drive the vehicle immediately.
KeySavvy is also able to verify most ACH payments immediately, even on nights and weekends, whereas Escrow.com only supports wire transfers for vehicle purchases.
Unlike payment apps like PayPal and Cash App, KeySavvy verifies the buyer's identity and the seller's ownership of the vehicle. We guarantee buyers receive a clear title and sellers get paid. In contrast, PayPal explicitly excludes vehicles from purchase protection.
Other peer-to-peer payment services are primarily intended for smaller transactions between friends and family. They have limits that are much lower than a typical vehicle sale price. KeySavvy has no transaction limit and guides buyers and sellers through the process, including help with all the necessary paperwork and title transfer. As a licensed dealer, we have access to data that enables more thorough verification and helpful services like temporary operating permits.
Yes, in order to register your vehicle, you will need to pay taxes and registration fees to your state. KeySavvy doesn't collect taxes and fees when you pay for your vehicle, except for Minnesota residents. For all other states, you'll pay taxes and fees when registering the vehicle at your local DMV. Some states exempt certain private party sales from tax and we'll notify you if we see you'll pay more in taxes as a result of us processing your transaction as a dealer.
If you're a Minnesota resident, KeySavvy will register the vehicle for you. We'll reach out to collect additional information, such as a picture of your insurance card and your preference for license plates.
Yes, your payment is refundable (including our fee) until you pick up the vehicle from the seller or until it's picked up by a vehicle shipper. It can take up to 3 business days for refunds to be received after a transaction is canceled.
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KeySavvy is a licensed auto dealer, regulated by Minnesota Driver & Vehicle Services. License #DLR100357.