A few words of Advise when buying or Selling a vehicle online.
* Use common sense: When something is too good to be true. Most likely, it is not true.
* Always check it out yourself who you are dealing with before making a Financial Commitment.
* Never send payment in advance without meeting the seller and checked out the vehicle completely.
MOST POPULAR ONLINE SCAMS
1) PERSONAL LOAN:
Make sure you check out the Organization who promises you a Personal Loan before you apply. Some with high interest rate and some could be scam artist just wanted your personal information.Best to deal with your local Banks, Credit Unions and Well Known Financial Institutes.
2) BAD CREDIT LOAN:
Make sure the used car you are buying, the financing is Approved before you take possession of the car.A lot of things could happen in between before it is approved. There is no hurry until you know it is Approved. Make sure everything is in writing and it cannot be changed after you take possession of the car.
3) PRICE IS TOO LOW:
Inspect the Car, check out the car by a trusted Mechanic, Check VIN # match car description, Check Title, Car history, Owner's name matches Title name. Check Registration paper. Check CARFAX if necessary.
4) SELLER NOT IN TOWN:
(CASHIER CHECK)
Avoid buying a car from an Out of Town Seller, especially if the Seller is not the Owner on the Car Title. Beside,If the Seller is out of State, how can you resolve any disputes with the Seller? Who can you call? Beside, how can you be sure the Seller is Authorized to Sell this car? Is there a Sealed Quick Claim?
5) OUT OF TOWN BUYER:
Be wary of out of Town Buyer, especially if the Buyer said they would send you a Cashier Check. Cashier, Check takes 10 days to clear; By then, you have sent them your car, your title, you've paid for the shipping. Then they canceled the Check and you end up with nothing. Too Bad. Police are too busy for these crimes. There are a lot of these types of Scam artists out there. Just be careful with any money transactions.
6) BUYING A LEMON
Avoid buying a Lemon. Check the Vehicle ID with an Authorized Used Car History Check Sites. They can research the Title, history of the car, if the car been wrecked, flood, previous owner, etc. Many auction cars had some shady history. You should know them before you buy. Some cars are completely rebuilt from parts with a clean title from another State. You need to check.
7) COUNTERFEIT (VIN #)
Even some experienced used car dealers can be fooled by counterfeit VIN #: They use Stolen cars with counterfeit VIN plate: check for any sign that the VIN # plate has been tampered. Check FARFAX.
8) ODOMETER FRAUD
CARFAX can report previous owners odometer readings - you need to check has it been roll back.
9) BOGUS ESCROW:
Buyer or Seller can use a Bogus Escrow Services. After money had changed hand, so is the escrow service.
10) REPRESENTING
Beware Buyer/Seller claims to be representing a client and all transactions are done by email or on the phone.
Additional Notes
There are so many frauds we can't possibly know them all: So just do your home work:
FOR THE SELLER:
Never transfer title ownership of your car until you have the cash in your hand. That means, you either get cash from the buyer or wait for the cashier's check is cleared. If you take personal check. You may want to call the bank to verify they have sufficient fund.
FOR THE BUYER:
Classics And Customs Cars does not offer Purchase Protection or Escrow Warranty Protection. Be wary of out of Country Sellers who list their vehicles in the US but the vehicles is in over-seas. Be careful when Sellers are looking to buy your vehicle with some unusual payment methods.
* Have you had any bad experience in the Past (or) you know of a scam. Tell us what happen in shortest possible paragraph, If we feel our audience can be benefit from your experience, we will print it here to share with our other Members. You can send your email to: webmaster@used-cars-dealers.com/ScamExperience
