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How to avoid online car buying scams Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you interactive financial calculators and tools as well as publishing unique and impartial content. This allows users to conduct research and compare information for free – so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site are from companies who pay us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will affect the information we provide, or the reviews you read on this site. We do not cover the entire universe of businesses or financial deals that could be available to you.
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5 minutes read. published on October 13, 2022.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-studied information that break down complex subjects into digestible pieces.
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Making a purchase from the at-home comforts of your sofa with a few simple clicks is a great option but also comes with some risk. Similar to the rest of the online world there are scams that have slipped into the space. Beware of the common scams to avoid losing money while shopping for an automobile. The most common online scams for buying cars These are the scams FTC (Federal Trade Commission) offers guidelines for online car sales. However, there are a few common scams to look out for when . Identity theft Some scammers do not just want to con the victim out of their money but also looking to gather your personal information. They will request information like you Social Security number, birthdate or banking number. Do not share any personal details with potential sellers aside from your name and telephone number. If you do apply for a position an opportunity, ensure that the seller is authentic, licensed and has positive reviews. In other cases, it might be more beneficial to apply outside of the dealership -or visit a place where to verify whether the vendor is legitimate. False advertisements When seeking private sales there are ads that do not include the VIN or the number that identifies the vehicle. If you’re unable to verify that the car exists — as in seeing it in person and confirm it’s VIN is valid Don’t pay. It’s not uncommon for scammers to show vehicles in ads without actually having it. If the vehicle exists, confirm that it’s not reported as stolen and it has a clean history report. The Curbstoning scam occurs when a dealer pretends to be a private seller with the intention of selling an unconformity-related vehicle with normal dealer regulations which means it has a salvaged title or is otherwise damaged. A salvaged title will create major problems when it comes to insuring the vehicle. You can avoid this scam by staying away from vehicles sold online from empty lots or on the side of the road or at the home of the seller. Like all private sales, ensure you confirm the seller’s identity and VIN are legitimate prior to signing a contract. If you are buying a car sight-unseen, never agree to purchase a vehicle without having seen it. It’s not just best to take your potential car for a test drive and purchase it sight unseen, but it could mean that the car may not look like the pictures or, even worse, may not exist in any way. If the seller rushes you or entices you to complete a fast purchase before you inspect the vehicle in person, it is likely to be a scam. Ask for wire transfers or gift card If the potential seller asks for an electronic transfer to make the payment of the vehicle, leave. This is a typical tactic that scammers use to steal your money and offer no guarantee of a vehicle. The money you wired isn’t traceable and very difficult to recover. It means that you could be left without a car , and there is no possibility of refund. Similar to scammers wanting payment through wire transfer, some sellers will ask for gifts cards in exchange for payment. Don’t be fooled. Gift cards cannot be traced and means that the seller is probably trying to make money off you. Title washing Title washing is an attempt to conceal damage caused by a wreck, or other issues with the vehicle’s past. Even if you have to pay for it yourself Always get a vehicle history report for the VIN. This isn’t guaranteed to show you everything the car has gone through, but it can help you avoid falling prey to scammers trying to sell you a dangerous vehicle. Fake escrow accounts While this scam can take place in two ways, it is important to be aware of the possibility of using a fake escrow account when purchasing a car on the internet. Utilizing an escrow account is an authentic method of keeping both parties safe from scams. But, scammers could use a fake escrow account to trick you into depositing money directly into the seller’s bank account. When the time comes to collect the car and to transfer the title the seller is no longer accessible to contact and you’re stuck with no option to get your money back. Is online car buying an excellent idea? If you choose to use an authorized service, buying a car on the internet is exactly as secure as buying from a dealership. Even if you use a private seller, do not let the chance of a scam affecting your purchase deter you. Being a well-informed consumer you’ll be less likely to be scammed and more likely to leave content with your purchase. Benefits of buying a car online If you know what scams to look out for and you are able to find a legitimate source, buying a vehicle online has its benefits. First, it helps save time. You don’t need to go to multiple dealerships and deal with physically searching inventory on a lot. Online shopping gives you unlimited options for shopping. Because you don’t have to limit yourself to the options in a store it is possible to find a more precise match for your needs. There’s no sales pressure because, after all, you’ll likely be scrolling through websites on your smartphone or laptop without having to deal with sales representatives from a professional. If you decide to purchase something similar to Carvana or Vroom and you’ll be able to access to delivery across the country. There might be a small charge, but if get the right car it could be worth it. Drawbacks of online car buying Apart from the scams, there are a number of reasons why people choose traditional dealers: Big online dealers mean no negotiation. It is possible to deal with private sellers however, you be at risk of being victimized by a scam. Some lenders will not provide financing for private sales while you’re looking on the internet. If they do, you may discover that the interest rates are higher than with the purchase of a used or new vehicle loan. It is possible that you won’t be able to conduct an in-person inspection until after you talk to the seller or get the vehicle delivered. It could be even more difficult to have a mechanic inspect it when you are shopping on the internet. What should you do if you’ve been scammed If you think you have fallen victim to an online fraud There are a few steps to take. Make a formal complaint directly to Fraud Center. Call your local attorney general. Report the fraud to the FBI . Report the fraud to the . It might become difficult, or even impossible, to get your cash back if you made it via wire transfer or transferred gift cards. However, keep track of your bank transactions when you have entered any data on a fake website. If you notice any activities, notify your bank about the fraud and change any usernames or passwords linked to the account. The bottom line: If a car deal sounds too amazing to be real the likelihood is that it is. The purchase of a car online could be a safe method to purchase a second-hand car. But , keep an eye out for frauds that are common and trust your instincts. If you notice something that seems suspicious, it probably is. In time’s end, there are plenty of used cars on the market. You can always walk away from a sale and look for a more legitimate seller on trustworthy websites, or go with a used car dealership. Learn more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely taking out loans to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing concise, well-researched, and clear information that breaks down complex topics into manageable bites.
Auto loans editor
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