Thursday, July 25, 2013

Don't Fall Victim to Used Car Buying Scams


Selling a used car online is the most effective way to get it in front of tons of prospective buyers. Unfortunately it’s also a great way to get it in front of scammers. With a little knowledge and caution, sellers can have a safe and successful experience.

The most common used car buying scam is…
the counterfeit cashier’s check scam. This one has unfortunately been around since the 1990’s. It remains effective because:

1) Most individuals perceive cashier’s checks to be as good as cash.
2) Banks do not have the ability to validate the authenticity of a cashier’s check instantly.

Here is how it works:
Scammers will contact a used car seller via email. Typically they are overseas or in a foreign country. They want to purchase a vehicle with a cashier’s check and have the seller ship it to them. The ‘Buyer’ will typically make the check out for the amount of the car plus the shipping costs and sometimes a little extra for the seller’s efforts.

Most sellers are cautious and wait for cashier’s check to arrive. They then take it to the bank and get cash. Once they have the cash in hand, they will call the shipping company to come pick up the car. Up to this point, things seem to be going well.

In a matter of days, the bank will determine that the cashier’s check was counterfeit. Unfortunately, it is up to the seller to give these funds back to the bank. In some cases, the car has already been shipped, the shipper has been paid and the seller is left to deal with paying back the bank.

What to watch out for:
- Messages from individuals in foreign countries
- Messages are typically via email or text
- Individuals who want to pay with cashier’s checks (foreign)
- Buyers that want to purchase the vehicle sight unseen and have it shipped




4 comments:

  1. don't fall victim to car selling scams. Like this one.

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  2. Once driven is the biggest scam of them all, and since people are stupid enough to fall for it I get a call that's unwarranted every time I place a Craigslist add

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  3. Oncedriven.com is a TOTAL SCAM!

    Once Driven contacted us to sell our scooter in Nov 2014 stating they had "buyers lined up". It's almost February and we still have yet to receive even 1 call from from their efforts! They're eager to take your money, but then go MIA when they get your money. My rep Jennifer Williams is constantly dodging my calls and is completely unresponsive. I called on the 45th day to get my refund for their ineffective marketing and they said the scooter would have had to been sold (by other means) in order to get it.

    Beware if you should ever get a call from @OnceDriven wanting your money! They are a completely unprofessional, unresponsive, unmotivated and unsatisfactory!

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  4. It is a scam. I wish i would of read these comments before giving jennifer my money

    ReplyDelete