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4 min read Published October 11, 2022
Written by Kellye Guinan Written by Personal and Business Finance Contributor
Kellye Guinan is a freelance editor and writer with more than five years of experience in personal finance. She is also a full-time librarian at the local library which she assists her local community to gain access to information on financial literacy, as well as other topics.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in transparent reporting that allows readers to successfully get deals and make best choices for their finances. He specializes in auto and small business loans.
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With new car prices at the record-setting levels, you may be thinking about buying a used car. Be cautious because car theft is on the rise and you shouldn’t to buy a car that was stolen. In 2021, 932,329 cars were reported as stolen, an increase of 10.9 percent from 2020 according to the National Insurance Crime Bureau (NICB). There is also a chance that the car you are considering buying is a cloned vehicle. Cloning a car is the process where a car burglar steals the license plate, and registration stickers from a legal vehicle and puts them on a stolen vehicle that is similar in make and model. The thief also might make use of fake documents to sell you a hot car. Proceed with caution when buying from a private dealer or from a dealer. And if something feels odd, consider a different source. There are plenty of used vehicles available for sale. 6 steps to check if the car you’re buying is stolen To be safe from the stress of purchasing a fake car, make sure you adhere to these steps. 1. Make sure to check the VIN thoroughly. You can verify the with government agencies and your state’s department of motor vehicle. You can also look up the car’s VIN through the NICB’s VIN Check, which is recommended by Renee Valdes, senior advice editor at Kelley Blue Book. This free service will tell you of any insurance documents of a lost vehicle, which includes one that is not yet recovered. «Some vehicles have the VIN inside the front driver door or on the windshield, and some owners can have the VIN etched on the window or inside the engine,» states Valdes. «Carmakers are trying to make it difficult for thieves to steal VINs or create fake one.» It is possible that the VIN could also be etched into the vehicle’s dashboard. Be thorough, especially with numerals and letters that look similar. Since the VIN should be in multiple locations, look at each one to make sure they match. If they don’t, they may have been altered. 2. Buy a car history report Request a report on the history of your vehicle by using the VIN, suggests Valdes. Businesses that provide car history reports include . «These aren’t very costly, and they’re worth it,» says Valdes. The reports on vehicle history include details like: Service history Information on the title Liens that are held on the car Accident history and damage Previous owners although the report will show the names of the former owners but doesn’t list the names of the owners. «If your history goes up to the present and it’s in good condition, then it’s been well-maintained and not stolen,» says Valdes. If there are gaps in the history or the vehicle isn’t up-to the current date, it could be a sign that the car has been taken. 3. Conduct a title search can look up a car’s title by using the . If the person trying to sell you the car isn’t the person listed in the document, you’ll know that it’s a stolen vehicle. Having access to the title of the vehicle can help detect any discrepancies in what the seller is saying against what’s written on the title. For instance, in the case of one and what the mileage was at the time it was last sold. 4. Ask the seller for the vehicle’s service records If the seller is able to show you maintenance receipts There is a greater likelihood that it’s not a stolen vehicle, explains Valdes. Verify whether the VIN, make and model on the receipts matches the car. Check the maintenance records against the car’s history report and see if they match. «A vehicle is usually the second most expensive purchase for a consumer,» says Valdes. «I always thought of my car as if I’d eventually sell it that’s why I took good care of your vehicle and having regular oil changes.» Additionally, ask to see if you can get the previous bill of sale when the seller first purchased the car. It’s not too late to inquire about the contact information of the seller as well as how much they originally bought the vehicle for. A legitimate seller shouldn’t hesitate to provide you with this information. 5. Request your insurance company to conduct an inspection. Ask your insurance company if they’re willing to check the vehicle for safety and any red flags of fraudulent activity. It is still recommended to conduct your own due diligence but your insurance company may be able to find additional information to confirm that your vehicle is safe and legal all requirements. Additionally, certain states or insurance companies may need to inspect your car before you . This typically happens before the insurance company approves your auto insurance policy. In most cases, it’s only needed if you’re buying certain kinds of insurance, such as . 6. Trust your gut If the price is too good to be true, or the seller is too keen to sell you the vehicle and is encouraging you to skip , trust your instincts. There are many sellers, and used car dealerships, there are many genuine options available. You might notice a difference in what the dealer tells you about the car and what you find out during your research. This isn’t always a red flag. Some car owners don’t keep precise records. And if the car has been purchased and sold multiple times, there could be certain information that is not there. However, if you find any irregularities that aren’t explained then walk away. What to do if the vehicle you’re purchasing is stolen? If you discover whether the vehicle you’re purchasing is stolen, file an investigation with the police. You must provide your purchase bill along with any other pertinent documents and details. If the vehicle you bought was stolen, or is a «cloned car,» it was never truly yours. This means you are not the legal owner of the vehicle, and it will be taken away and given to the rightful owner. If a theft claim has been made insurers, then the car will be returned to the insurance company. If it is not, it will be considered a loss. If you haven’t purchased the car yet, just walk away and don’t look back, suggests Valdes. When you’re sure to do so, file a police report. The bottom line As thieves become more sophisticated and more sophisticated, be aware of potential risks and study the car thoroughly, says Valdes. This means doing a Google search on the VIN, ordering a vehicle history report, and asking for additional documents and details to help you spot any signs of theft. «Don’t back down from taking every precaution, even in this hot used automobile marketplace,» says Valdes.
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Written by a Personal and Business finance Contributor
Kellye Guinan is a freelance editor and writer with over five years of experience in personal financial matters. She also works full-time as a worker at her local library in which she assists the community access information about financial literacy, in addition to other topics.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He values the clarity of his reporting, which helps readers successfully get deals and make best decisions for their financials. He specializes in small and auto loans.
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