Buyers aren’t the only ones usually victimized by scams; it also happens to sellers as well. That’s why it’s very important that before you even post an ad to sell your used car, you should familiarize yourself with fraudulent car buyers and how to stay away from them.
- Stay Away From These Types of Car Buyers:
- Willing to buy your car without even seeing it
A buyer who tells you that he’s going to buy your car even without seeing it at first should automatically raise a red flag. Oftentimes, this is part of a bigger scam wherein the ‘buyer’ would promise to wire transfer or send a counterfeit check while having another person pick up the car.
- Paying with money orders or checks
Despite the fact that this doesn’t always happen, some bogus buyers will try to pay you with money order or check that’s fake. Unfortunately, some sellers do transfer the title over before the money gets cleared by the bank and they end up losing their vehicle without even getting their money at all. Pay attention to this.
- Asking for personal details
Stay away from buyers that tells you they’re going to wire transfer their payment only if you’ll provide your bank account information, SS numbers, or credit card information. There’s a huge possibility that they’re going to steal your identity online.
- Make Sure to Verify Checks Before Signing or Transferring the Title
In order to avoid any problems, see to it that you authenticate checks with the issuing bank once you receive it. Also, if possible, try to complete the whole transaction at the buyer’s bank in order to have the assurance that the money is really available.
- Be Cautious of Unknown Escrow Services
Although a third-party escrow is an ideal way to ensure the safety and security of the transaction, it’s still better that you consider the help of a reputable bank or the guidance of a lawyer.
Never accept to use an escrow if you haven’t researched about its service first. Also, you can always check it using BBB.
- Don’t Skip the Documentation Process
If it leads to the point that you have agreed to sell your car, make sure that you have a personal copy of everything that has been signed. Documentation of the entire selling process is very important and you should also maintain a record of names, phone numbers, and other details that might be significant. This would be helpful in case an investigation would be required in the future.
- Screen the Callers
This would help you to only approve test drives coming from possible buyers that are legitimate. In case that you think that the buyer is a scammer, then it would be better to just end the conversation right away to avoid any inconveniences. Likewise, you can also consider the help of services such as the Sydney Cash for cars by Sell My Car Pty Ltd., as they would be the one doing the screening process for you.
These are just some of the tips that would help you protect yourself against bogus buyers. Keep them in mind to ensure that you wouldn’t be experiencing any hassle while you’re selling your car.