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How to avoid online car buying scams Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows users to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home lending products. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not cover the universe of companies or financial deals that could be accessible to you.



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5 minutes read. 13 October 2022.
Writen by Rebecca Betterton Written 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 an automobile.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are enthusiastic about helping readers gain the confidence to control their finances through providing concise, well-studied and well-researched content that dissects complex topics into manageable bites.









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Making a purchase from the convenience of your home by just a few clicks is a great option but also comes with some risk. As with most of the world of online, scams have crept into the realm of. Beware of the common scams so you don't lose money in the process of getting a new vehicle. Most common scams when buying a car online The FTC (Federal Trade Commission) provides guidelines for online vehicle sales, but there are a few typical scams to watch out for when . Identity theft Some scammers aren't just looking to swindle you out of your funds, but also to collect your personal data. They will request information like your Social Security number, birthdate or bank account numbers. 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 licensed, legitimate and has good reviews. Otherwise, it may be better to apply for a outside the dealershipor go to a location where to verify that the seller is honest and trustworthy. Fake ads When you are seeking an auction there are advertisements that don't include the VIN or vehicle identification number. If you're not able to verify the authenticity of the vehicle is actually present -- that is, you can see it in person and confirm that the VIN is valid do not send any money. It's not unusual for scammers to show vehicles in advertisements without having the vehicle. Even if the car is present, ensure that it is not classified as stolen and it is clean on its history report. The Curbstoning scam occurs where a dealer claims to be private sellers with the intention of selling a vehicle that doesn't comply with normal dealer regulations which means it has salvaged titles or is damaged. A salvaged title could create major problems when it is time to insure the vehicle. It is possible to avoid this fraud by staying away from vehicles sold online from vacant lots in the middle of the road or even at the home of the seller. And as with every private auction, ensure you check that the seller and VIN are genuine prior to signing a contract. Buying sight unseen Never agree to buy a car without seeing it. Not only is it best to take your car for a test drive and purchase it sight unseen, but it can mean the car might not be as pictured or worse -- not exists in the first place. If the seller rushes you or entices you to make a speedy deal before you have a chance to see the car in person, it's probably a fraud. Ask for wire transfers or gift cards If the prospective seller demands an electronic transfer to make the payment of the vehicle, leave. This is a technique used by scammers to take your money with no vehicle in return. The money you wired isn't traceable and very difficult to recover. It means that you could end up with no car , and there is no possibility of reimbursement. Similar to scammers wanting payment through wire transfer, some sellers may 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 washing is a method to cover up damage caused by a wreck, or other problems in the car's history. If you do have to pay for it, always get a vehicle history report to the VIN. It's not sure if it will reveal everything the car has gone through but it can assist you in avoiding falling victim to a fraudster seeking to sell a risky car. Fake escrow account While this scam could go both ways, you should be conscious of the need for an escrow account that is fake when you purchase a vehicle online. Using an escrow account is an authentic method of keeping both parties protected from scams. But, scammers could use fraudulent escrow accounts to trick you into depositing money directly into the account of the seller. When it comes time to pick up the vehicle and transfer the title the seller isn't accessible to contact -- and you are left with no way to get your money back. Are online car purchases an excellent idea? If you choose to use an authorized service, buying a car online is the same as purchasing a car from the dealership. Even if you use an individual seller, don't let the chance of scams happening discourage you from buying. If you are a savvy buyer you'll have a lower chance of be duped and more likely to leave happy with your vehicle purchase. Benefits of online car buying If you know the types of are the most common scams and you are able to find a legitimate source, purchasing a car online is a good idea for many reasons. Primarily, it saves time. It isn't necessary to visit multiple dealerships and deal with physically searching inventory on numerous occasions. Buying online means unlimited options for shopping. Since you aren't limited to what you can find at a dealership, you may be able to find a more precise match for your needs. There's no sales pressure -- at the end of the day, you'll be browsing websites on your computer or phone without having to deal with sales representatives from a professional. If you opt for something similar to Carvana or Vroom You'll have access to national delivery. There might be a small charge, but if get the right car it may be worth the cost. The drawbacks of buying a car online Aside from scams, there are a couple of reasons why people prefer traditional dealers: Big online sources do not allow for negotiation. It is possible to deal with private sellers however, you be at risk of being caught in a scam. 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 may be surprised to find the costs are higher than those for the purchase of a used or new car loan. It is possible that you won't be able to do an in-person inspection until you meet with the seller , or arrange for the car to be delivered. Also, it could be more difficult to have a mechanic inspect it when you are shopping online. What to do if you've been scammed If you think you have fallen victim to an online fraud, there are a few steps you should take. Make a formal complaint directly to Fraud Center. Get in touch with your attorney general of the state. Make a report to the FBI's . Report the fraud to the . It might become difficult, or even impossible, to receive your cash back if you made it via wire transfer or handed over gift cards. Be aware of your bank transactions in the event that you have entered information on a fake website. If you notice any activities, notify your bank to report the fraud and reset any usernames and passwords linked to the account. The bottom line If the price of a car seems too amazing to be real It's probably true. A car purchase online can be a safe method to purchase a second-hand car. But , keep an eye on common scams and trust your instincts. If something appears to be off, it probably is. In all times, there's plenty of used cars on the market. You are able to leave a deal and look for a more trustworthy seller through trustworthy websites, or go with the used car dealership. Learn more


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase the car they want.



Edited by 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 confidence to control their finances with clear, well-researched information that breaks down complex topics into manageable bites.






Auto loans editor




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