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How to avoid online car buying scams Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive financial calculators and tools as well as publishing unique and impartial content, by enabling you to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that compensate us. This compensation could affect how and where products appear on this site, including, for example, the order in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial offerings that could be open to you.
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5 minutes read. Published October 13, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.
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The ability to purchase a car from the comfort of your living room by just a few clicks can be a good thing but also comes with some risk. As with most of the world of online frauds have made their way into the realm of. Beware of common scams to ensure you don’t make a loss when you purchase the latest car. Most common scams when buying a car online There are a few scams that the FTC (Federal Trade Commission) offers guidelines for online car sales. However, there are a few typical scams to watch out for when . Identity theft Scammers aren’t just looking to scam you out of money , but they also want to collect your personal data. They may ask for information such as the details of your Social Security number, birthdate or banking numbers. Never share any personal information with potential buyers, excluding your name and number. If you do apply for a position , ensure that it is licensed, legitimate and has positive reviews. In other cases, it might be more beneficial to apply outside of the dealership- or go somewhere you can verify you are legitimate. fake ads If you’re searching for a private sale You may come across advertisements that don’t list the VIN or the number that identifies the vehicle. If you’re not able to confirm that the vehicle exists — in other words, seeing it in person and confirm it’s VIN is accurate — don’t send money. It’s not unusual for fraudsters to advertise vehicles in ads but not have it. If the vehicle exists, make sure it’s not classified as stolen and it is clean on its history report. Curbstoning This scam is when a dealer pretends to be private sellers in order to sell the vehicle in violation with normal dealer rules which means it has a salvaged title or is damaged. A salvaged title can create major problems when it concerns insuring the vehicle. It is possible to avoid this scam by staying clear from online auctions of vehicles that are located on empty lots in the middle of the road, or at the seller’s home. Like any private sale, make sure you check whether the seller and VIN are legitimate prior to signing a contract. Buy sight unseen. Never sign a contract to buy a car without seeing it. It is not only advisable to take the car you are considering for a test drive , but buying sight unseen could mean that the car may not be as pictured or worse — not exist in any way. If the seller is quick to sell you the car or encourages you to make a speedy sale before you can view the car in person, it’s probably a scam. Ask for wire transfers or gift cards If the potential seller demands an electronic transfer to make the payment of the vehicle, leave. This is a typical technique used by scammers to take your money , but with no guarantee of a vehicle. Wired money isn’t trackable and is very difficult to retrieve. This means you may be left with no car , and there is no possibility of refund. Similar to scammers wanting payment via wire transfer, a few sellers may ask for gift cards to pay. Again, walk away. Gift cards are not traceable and mean the seller is probably trying to fraud you. Title washing Title washing is an attempt to conceal damage caused by the wreck or other problems with the car’s history. If you do have to pay for it yourself make sure you get a car history report on the VIN. It’s not sure if it will provide you with all the details the car has experienced but it can help you avoid falling prey to a scammer seeking to sell a risky car. Fake escrow account While this scam could go both ways, you should be conscious of the need for a fake escrow account when buying a car online. Escrow accounts are an authentic method of keeping both parties safe from fraud. But, scammers could use an escrow account that is fake to convince you to deposit funds directly into the account of the seller. When the time comes to pick up the vehicle and to transfer the title the seller isn’t in contact with you — and you are stuck with no option to get your money back. Is online car buying an excellent idea? If you go through an authorized service, buying a car online is exactly as secure as buying from a dealership. Even if you use a private seller, do not allow the possibility of a scam affecting your purchase deter you. By being an informed consumer You’ll be less likely to get duped and more likely to walk away happy with your vehicle purchase. Benefits of purchasing a car online If you know what frauds to avoid and look up a reliable source, buying a car online is a good idea for many reasons. It is primarily about saving time. It isn’t necessary to go to several dealerships and have to deal with physically browsing through inventory on numerous occasions. Buying online means unlimited possibilities for shopping. As you’re not limited to what you can find in a store, you may be able to find a better suitable match to your needs. There’s no pressure to sell — at the end of the day, you’ll be browsing websites on your smartphone or laptop, not subjecting yourself to sales representatives from a professional. If you opt for something like Carvana or Vroom and you’ll be able to access to national delivery. There may be a small cost, but if you find the right car, it might be worth the cost. Drawbacks of online car buying In addition to scams, there are number of reasons why people choose traditional dealers. Big online dealers mean no negotiation. You will be able to deal with private sellers, though you will be at risk of getting victimized by an enigma. Some lenders will not provide financing for a private sale while you’re looking on the internet. In the event that they offer it, you might find that the rates are higher than with a new or used vehicle loan. You might not be able perform an in-person inspection until after you talk to the seller or get the vehicle delivered. And it may be more difficult to have a mechanic inspect it when you are shopping on the internet. What to do if you’ve been victimized If you believe that you’ve fallen victim to an online fraud There are a few steps you should take. You can file a complaint directly with the fraud center. Contact your state attorney general. Make a report to the FBI’s . The FBI will report the fraud to the . It could be difficult or impossible to get your money back if you sent the money via wire transfer or handed over gift cards. However, keep track of the transactions you made with your bank in the event that you have entered information on a fraudulent website. If you spot any suspicious activity, contact your bank regarding the fraudulent activity and change any usernames or passwords associated with the account. The bottom line If you think a deal on a car is too appealing to be true, it probably is. The purchase of a car online could be a safe method to buy a secondhand vehicle. However, you must keep an eye out for common scams and trust your gut. If you notice something that seems suspicious there’s a good chance it’s. At the end of the day, there’s a lot of used vehicles on the market. You can always walk away from a sale and locate a different, more legitimate seller on reliable websites or just opt for the used car dealership. Learn more
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of using loans to buy a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances with concise, well-researched, and clear information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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