What Is PrivateAuto Pay?
PrivateAuto Pay is the only way to instantly and securely transfer large sums of money, while most payment apps don't allow more than $5,000 in transactions within a week. You can even verify that the potential buyer has the necessary funds in their account before you even meet up.
When you create a PrivateAuto Pay account, you are creating a traditional bank account, with our integrated banking partner, in your name behind the scenes. When the buyer and seller are ready to close the deal, the flow of funds becomes an interbank transfer, and the seller instantly receives legal custody of the funds. This allows the buyer and seller to conduct a deal on their own terms, whenever they want, without having to rely on a third party telling them what to do. There are no fees associated with the transfer of funds with PrivateAuto Pay.
As a buyer:
- Fund your PrivateAuto Pay account and be ready to purchase a vehicle.
- Apply for and receive buyer financing in the PrivateAuto app, without having to go to the bank. Funds are deposited directly into your PrivateAuto Pay account upon approval.
- Eliminates the need to carry large amounts of cash.
- No money transfer fees, no matter the amount.
- No monetary cutoff point.
As a seller:
- Guaranteed payment any day or time of the week.
- Eliminates the possibility of fraudulent funds.
- Easily deposit funds to your personal account after the sale.
- No fees.
Helpful pre-purchase advice:
If you plan on buying a car, it is in your best interest to onboard the funds as soon as possible, as it can take 1-6 days to move money into your account, depending on the method you choose.
If you are in a hurry, we suggest funding your account with a wire transfer which can clear the same day or the next business day, depending on when you initiate the transfer.
If you choose to use an ACH bank transfer through our Plaid integration, it can take 3 to 6 days to clear, depending on your bank's processing times.
*Account services are provided by USALLIANCE Financial, a licensed and insured banking institution. PrivateAuto does not facilitate or handle any funds throughout the transaction. All funds are in the custody of USALLIANCE.