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4 min read Published on October 11, 2022.
Authored by Kellye Guinan Written by Personal and business finance contributor
Kellye Guinan is a freelance editor and writer with more than five years ‘ experience within personal finance. She is also a full-time librarian at the local library which she assists her local community to access information about financial literacy, as well as other topics.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He values transparent reporting that allows readers to easily get deals and make best decisions for their financials. He is a specialist in auto and small business loans.
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With new car prices at new highs, you may be looking into purchasing a used vehicle. But be careful because the theft rate is increasing, and you don’t want to purchase a vehicle that has been stolen. In 2021, 932,329 cars were reported as stolen, an increase of 10.9 percent over 2020 According to the (NICB). There’s also a chance that the car you are trying to purchase is a cloned vehicle. Cloning a car is the process where a car burglar steals the license plate and registration marks from a legal vehicle and puts them on a stolen vehicle with a similar model and model. The criminal may also make use of fake documents to sell you a hot car. Be cautious when purchasing through a private seller or from a dealer. If you feel something is off, look elsewhere. There are a lot of used automobiles available. 6 steps to check if the car you’re buying is stolen To be safe from the stress of purchasing an unoriginal car, you must follow these six steps. 1. Make sure to check the VIN thoroughly You can check the VIN with the government agencies as well as your state’s department of motor vehicle. You can also verify the car’s VIN by using the NICB’s VIN Check, which is recommended by Renee Valdes, senior advice editor at Kelley Blue Book. This service is free and will inform you if there are any insurance documents of a lost car, or even one that has not yet been recovered. “Some vehicles place the VIN inside the front driver’s door or on the windshield, and some owners may have the VIN printed on the windows or inside the engine” states Valdes. “Carmakers want to make it difficult for thieves to steal VINs and create fake one.” It is possible that the VIN may also be stamped into the vehicle’s dashboard. Be thorough, especially with numbers and letters that appear like each other. Since the VIN is required to be found in several locations, look at each one to make sure they match. If not, they may have been tampered with. 2. Buy a report on the history of your vehicle. Request a report on the history of your vehicle with the VIN as suggested by Valdes. Companies offering report on the history of a vehicle include . “These reports aren’t too expensive and are worth the cost,” says Valdes. The reports on vehicle history include details like Service history title information Liens on the vehicle’s history of accident and damage Previous owners But although the report will show the names of the prior owners of the vehicle, it will not include the names of the owners. “If your history goes correct to date and it’s in good condition, then it’s been well-maintained and not stolen,” says Valdes. However, if there are holes in the history or it’s not up to the current date, it could indicate the vehicle has been stolen. 3. Perform a title search can search for a vehicle’s title through the . If the person who is trying to sell you the car isn’t the person listed in the document, then you’ll know that it’s a stolen vehicle. Having access to the title of the vehicle can help identify any contradictions between what the seller is telling you against what’s written on the title, for instance if the car is an and the mileage was when it was last sold. 4. Request the seller’s vehicle’s service records If the seller is able to show you maintenance receipts, there is a better chance it is not a stolen vehicle as explained by Valdes. Examine the receipts to determine if the VIN the model, make and year on the receipts correspond to the vehicle. Compare the maintenance records with the vehicle history report and determine if they’re in alignment. “A car is often the second most expensive purchase for a consumer,” says Valdes. “I always thought of my car as if I would be selling it one day that’s why I took good care of your vehicle and having regular oil changes.” Additionally, ask to see if you can look up the prior invoice of sale that was issued the time that the seller purchased the vehicle. It can’t hurt to request the contact information of the seller as well as how much they originally bought the car for. A trustworthy seller will be able to supply you with this information. 5. Contact your insurance provider to conduct an inspection. Ask your insurance company if it’s willing to inspect a car for safety and any red flags of fraud. However, you should conduct the necessary due diligence however, your insurance provider may be able find additional evidence to prove that the vehicle is above all requirements. Furthermore, certain states and insurance companies could need to inspect your vehicle when you . This typically happens before the insurance company is able to approve your auto insurance policy. And usually, it is only needed if you’re buying specific types of insurance like . 6. Trust your gut If the price is too good to be authentic, or the dealer is overly eager to sell you the vehicle and is encouraging you to take a break the deal, go with your gut. There are many sellers, or used auto dealerships, there are plenty of legitimate options out there. There may be a difference between what the seller informs you about the vehicle and what you learn in your investigation. That’s not always a red flag. Not every car owner keeps precise records. And if the car has been purchased and sold numerous times, there may be some missing information. But if you spot discrepancies with no reasonable explanation take a step back. What should you do if the vehicle you’re purchasing is stolen If you find out that the vehicle you’re purchasing is stolen, file a police report. You must provide your purchase bill and any pertinent documents and other information. In the unfortunate event that the vehicle you bought was stolen, or is a “cloned vehicle,” it was never actually yours. That means that you’re not the legal owner of the vehicle and the vehicle is confiscated and then returned to the correct owner. If a claim for theft 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 from the car and do not look back, suggests Valdes. Then, when you’re sure to do so, file an official police report. The bottom line As criminals are becoming more clever, stay alert about potential dangers and research the car thoroughly, suggests Valdes. This means doing a Google search of the VIN or requesting a car history report, and asking for additional documents and information to help you spot if the car is stolen. “Don’t let yourself be swayed from taking every precaution in the booming used automobile marketplace,” says Valdes.
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Written by Personal and business finance Contributor
Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal financial matters. She’s also a full-time employee at the library in her town which she assists her local community to access information about financial literacy, in addition to other topics.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He believes in the clarity of his reporting, which helps readers confidently get deals and make most appropriate choices regarding their finances. He specializes in small and auto loans.
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