Selling your car online is an excellent activity, but considering your car has been put together with other million used cars for cash, the market is vast and becoming a feeding ground for shady business. Not only buyers but also sellers can become victims of scams. Anyone who has decided to sell their cars before finding the most challenging part is to avoid scammers who try to steal their money and personal data from the transaction. So you will need to be aware of common scams and learn how to avoid them.
Read More: How to Find a Trusted Wrecker to Sell My Scrap Car Online?
1. Offering To Buy Sight-Unseen
After listing your car, you get an immediate reply from a buyer who offers to buy your car without looking at it first because they are working offshore now or buying it for their parents residing in a different state. It sounds like you enter an easy deal, but it can be considered a warning sign of the first part of an enormous scam. The buyer will send you a bad mark or agree to wire the money and have someone else choose your car.
2. Overpay
In a typical scam, the buyer sends you a draft with an extra amount to cover the shipping fee of the car. You spend for the shipping, ship the vehicle, but the review is nowhere to be seen. Another example that the trick occurs the same way but is not as serious is Paypal. The customer will make up a Paypal email account that is cleverly hidden to look legitimately from a payment company. You still have your car but lose the extra 'so called' shipping fee before you know that it is a fraudulent transaction.
While it is not always the case, the buyer can tell you that someone else owes their money that is more than the value of your vehicle. The other individual will pay for your car as a method to clear off their debt, and the buyer will take your wheels.
3. Offer to pay with certified checks or money orders
Another typical scam is to pay the seller with faking drafts or money orders. These criminals are very good at copying "the certified cheques," making them look like ones originating from the bank. The result is that even bankers get tricked. So do not blame yourself for being careless when you deposit the cheque, sign over the car's title, and ships with the paper, precisely as these false buyers want.
4. Ask for your personal information
When your information (bank account number, social security number, PayPal information, passwords, credit card, or any private data you do not feel protected revealing) is more impressive than your vehicle's VIN to some buyers, this may be an attempt identity theft.
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