Tips if you are selling a vehicle Beware
Oct 19, 2017 7:02 AM - 1116 Views
Not every transaction is a potential scam, But you will need to use caution when dealing with an unknown buyer.
Common scams you should be aware of when selling your car include:
Offers to buy sight-unseen.
A buyer offering to buy your car without looking at it first should be considered a warning sign.
Often, this is part of a larger scam. The buyer will send a bad check or promise to wire money and have a different person pick up the vehicle.
Paying with checks or money orders.
While it isn't always the case, a common scam is to pay the seller with a check or money order that's fake. If you sign the title over before the money clears, the car isn't yours anymore, and you're left having basically given the car away for free.
In this case, a buyer will tell you that someone else owes him or her money that is more than the cost of your car. He or she will ask for the car and promise payment from the other individual.
Another overpayment scam involves the promise to wire additional funds or send a larger check to pay for the cost to ship. The buyer will send a fraudulent check and ask you to deposit it. If you ship the vehicle before it clears, you're in for a headache—locating and retrieving a vehicle that has already been shipped is both costly and time consuming, especially if it's out of the country.
A promise to make monthly payments is usually not a good way to go. Since you aren't a finance company and have no way to collect if a buyer misses or stops payments, it's best to avoid these offers.
In this situation, the buyer will use an unknown escrow service to complete the transaction. It will seem secure, but once you've given them the signed title, the money will no longer be available.
An escrow service is a third party that is used in high-value purchases to maintain accountability during the transaction. An illegitimate escrow can be used as a scam tactic.
Asking for personal information.
Some buyers may promise to wire money to obtain personal information, such as:
Social Security numbers.
Bank account information.
Credit card numbers.
This may be an attempt at identity theft.
I have sold many classic cars and have had many scammers try to get me to work with them. Cash in hand is the best bet but if you are selling to someone title and car stay with you until money is in the bank. Willie Moore StreetRodding.com
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Oct 20, 2017 at 8:52 AM
- It's OK to take a check, but like Willie says, check clears before car and title change hands!!!!!!!!!!!!!
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