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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 providing you with interactive financial calculators and tools as well as publishing unique and impartial content. We also allow you to conduct your own research and compare data 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 deals that are displayed on this site come from companies who pay us. This compensation can affect the way and where products appear on the site, such as such things as the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not contain the universe of companies or financial offerings that could be accessible to you.
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5 min read 13 October 2022.
Writen by Rebecca Betterton Written 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 borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing concise, well-studied and well-researched content that break down complicated topics into bite-sized pieces.
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Buying a car online from the comfort of your living room by just a few clicks is a great option however, it comes with some risk. As with most of the internet there are scams that have slipped into the realm of. Beware of the common scams to ensure you don’t make a loss while shopping for an automobile. Most common scams when buying a car online There are a few scams that the FTC (Federal Trade Commission) has for online car sales –but there are a few common scams to look out for when . Identity theft Some scammers are not only looking to con you out of money but also looking for your personal details. They will request information like the details of your Social Security number, birthdate or banking number. Don’t share your personal information with potential sellers aside from your name and number. If you do apply for a position the position, make sure it’s authentic, licensed and has a good reputation. If not, it’s better to apply for a outside of the dealership- or go somewhere you can verify you are legitimate. Fake ads When you are searching for private sales You may come across ads that do not include the VIN or the number that identifies the vehicle. If you’re not able to verify that the car exists — as in seeing it personally and be sure you are sure that the VIN is accurate — don’t send money. It is not uncommon for scammers to present vehicles in ads without having it. If the vehicle exists, confirm that it’s not reported as stolen and it has a clean vehicle history report. The Curbstoning scam occurs where a dealer claims to be private sellers with the intent to sell the vehicle in violation with normal dealer rules — meaning it has an unsalvaged title or is otherwise damaged. A salvaged title could be a major problem when it is time to insure the vehicle. It is possible to avoid this fraud by staying away from cars that are sold online on empty lots, on the side of the road, or at the seller’s home. Like all private sales, ensure you confirm the seller’s identity and VIN are authentic before you agree to buy. Buying sight unseen Never agree to purchase a vehicle without having seen it. Not only is it best to take your potential car to a test drive , but buying sight unseen could mean that the vehicle might not appear as the photos suggest or, even worse, may not exist in the first place. If the seller rushes you or encourages you to complete a fast deal before you have a chance to view the car in person, it’s likely a fraud. Ask for wire transfers or gift card If the prospective seller requests an electronic transfer to make the car payment, do not accept it. This is a tactic that scammers use to take your money with no guarantee of a vehicle. Wired money isn’t trackable and extremely difficult to trace. This means you could end up with no car , and there is no possibility of refund. Similar to scammers that want to make payments via wire transfer, a few sellers may ask for gifts cards in exchange for payment. Don’t be fooled. Gift cards are not traceable and means that the seller may be trying to scam you. Title washing Title washing is an attempt to conceal damage caused by the wreck or other issues with the vehicle’s past. Even if you must pay for it yourself make sure you get a car history report on the VIN. This isn’t guaranteed to provide you with all the details the vehicle has been through, but it can help you avoid falling prey to scammers looking to offload an unsafe car. Fake escrow account While this scam can take place in two ways, it is important to be conscious of the need for a fake escrow account when you purchase a vehicle online. Utilizing an escrow account is legitimate method to keep both parties protected from fraud. But, scammers could use a fake escrow account to trick you into transferring funds directly into the seller’s account. When it comes time to pick up the vehicle and transfer the title, the seller isn’t available to be contacted and you’re left with no way to recover your money. Do you think online car purchasing is a good idea? If you choose to use an authorized service, buying a car online can be just as safe as the dealership. Even if you go with a private seller, do not allow the possibility of a scam happening deter you from buying. By being an informed consumer you’ll be less likely to be duped and more likely to drive away satisfied with the purchase of your car. Benefits of purchasing a car online If you know the types of frauds to avoid and you are able to find a legitimate source, buying a car online has its benefits. Primarily, it saves time. You don’t need to go to numerous dealerships and spend time physically searching inventory on a lot. Buying online means unlimited options for shopping. Since you aren’t limited to the options of a dealer it is possible to find a more precise suitable match to your needs. There’s no pressure to sell because, in the end, you’ll be scrolling through websites on your smartphone or laptop, not subjecting yourself to sales representatives from a professional. If you choose to go with a brand like Carvana or Vroom and you’ll be able to access to national delivery. There could be a modest charge, but if locate the perfect car, it may be worth the cost. The drawbacks of buying a car online Aside from scams, there are number of reasons why people choose traditional dealers: Big online sources mean no negotiation. It is possible to bargain with a private seller however, you be at risk of getting involved in an enigma. The lenders may not be able to offer financing for a private sale when you are looking online. In the event that they offer it, you could find that the rates are higher than those for the purchase of a used or new car loan. You may not be able to do an in-person inspection until after you meet with the seller or get the vehicle delivered. Also, it could be more difficult to get a mechanic to inspect it when you shop online. What do you do if been scammed If you suspect you have fallen victim to an online scam There are some steps to take. File a complaint directly with Fraud Center. Contact your state attorney general. Make a report to the FBI’s . Inform the FBI of the . It could be difficult or impossible to get your cash back if you made the money via wire transfer or handed over gift cards. But, be aware of the transactions you made with your bank if you entered any information on an illegitimate website. If you see any activities, notify your bank regarding the fraudulent activity and change any usernames or passwords linked to the account. The bottom line: If a car deal sounds too amazing to be real It’s probably true. A car purchase online can be a safe method to get a used vehicle. But you need to keep an eye on frauds that are common and trust your instincts. If something seems off, it probably is. At the end of the day, there’s a lot of used cars on the market. It is possible to opt to walk away from a deal and find another, more legitimate seller on trusted websites — or go with the used car dealership. Learn more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of using loans to buy a car.
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 dedicated to helping readers gain confidence to take control of their finances through providing clear, well-researched data that cuts complex subjects into digestible pieces.
Auto loans editor
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