I just sold my BMW to an out-of-state buyer, and we used KeySavvy as the third-party facilitator.
I was first expecting this to work like an escrow service provided by a title company when you buy a home, but it is definitely a different concept.
KeySavvy is a licensed dealer, and the sale isn’t directly from the car’s seller to the buyer.
KS purchases the car from the seller, and then the buyer purchases the car from KS.
Since KS is a dealer, they’re able to facilitate the transfer of title and register the car on the buyer’s behalf. They even provide the buyer with a temp registration to drive the car home.
While I had the title to the car, if there had been a lien KS would have gotten the payoff from the lender, paid off the loan balance, and sent the proceeds to me. (If I had negative equity, they’d collect that from me prior to the sale closing).
After all of the steps were completed and the buyer arrived to inspect and pick up the car (he’d only seen it via FaceTime before flying in), he clicked a link to finalize the purchase.
Within ~20 minutes he received a temporary registration.
Shortly thereafter the money was deposited into my previously-linked bank account vis Instant ACH. KS’ fee was deducted from the selling price of the car.
The workflow was logical, chat support was quick during business hours, and the chat agents really understood what they were doing.
I took lots of screenshots of the transaction dashboard throughout the process, and I can add those later if there’s interest. For now, you can get a sense of the experience for both parties and the workflow from the milestone emails shown in the next post.
We each paid $99 for the service, although the $198 total can be allocated based on any split that works for the buyer and seller.
