General Questions
When you do an escrow account for a buyer, the buyer puts the money into the escrow account, does the bill of sale, etc. and the seller provides...what? And when the contract is complete, how is the money transferred to the seller? Isn't it a violation of privacy laws to transmit, by phone or email, one's account number, bank name and routing numbers? How is this done?Rebecca,
Generally, Beacon Credit does not act as an escrow agent with respect to loan closings. We disburse against any known liens against the collateral, the remainder of the loan proceeds are remitted to the seller with the borrowers' written permission. If you have any additional questins please contact one of our finance specialists at 888-656-9400. Thank you for contacting us with your airplane finance question.
100 Halls Road
P.O. Box 1060
Old Lyme, CT 06371
Fax: 1(866)282-2623
www.beaconairloans.com