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How to avoid online car buying scams Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who 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 in the listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. However, this compensation will not influence the content we publish or the reviews appear on this website. We do not include the universe of companies or financial deals that could be available to you.
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5 min read 13 October 2022.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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The ability to purchase a car from the at-home comforts of your sofa by just a few clicks can be a good thing, but it also brings some risks. Like the majority of the internet there are scams that have slipped into the space. Be aware of common cons so you don’t lose money in the process of getting a new vehicle. Common online car buying scams There are a few scams that the FTC (Federal Trade Commission) has for online car sales, but there are some common scams to look out for when . Identity theft Some scammers do not just want to swindle you out of your funds, but also to gather your personal information. They may ask for information such as you Social Security number, birthdate or banking number. Do not share any personal details with potential buyers, excluding your name and telephone number. If you do apply for a position the position, make sure it’s legal, legitimate, and has positive reviews. Otherwise, it may be more beneficial to apply outside of the dealership -or go to a location where you can verify whether the vendor is honest and trustworthy. False advertisements When seeking private sales You may come across ads that do not include the VIN or vehicle identification number. If you’re unable to confirm that the vehicle exists — as in see the vehicle in person, and be sure that the VIN is accurate — don’t send money. It is not uncommon for scammers to show vehicles in advertisements without having it. Even if the car exists, confirm that it is not reported as stolen and it has a clean vehicle history report. Curbstoning This scam is where a dealer claims to be a private seller in order to sell an unconformity-related vehicle with normal dealer regulations which means it has salvaged titles or is damaged. A salvaged title will cause major headaches when it is time to insure the vehicle. Avoid this fraud by staying away from online auctions of vehicles that are located on vacant lots, on the side of the road, or at the seller’s home. Like all private sales, make sure you verify the seller’s identity and VIN are genuine before you agree to buy. Buying sight unseen Never agree to purchase a vehicle without having seen it. Not only is it best to take the car you are considering for a test drive and purchasing it without seeing it could mean that the car may not appear as the photos suggest or worse — not exists at all. If the seller pressures you or entices you to complete a fast purchase before you view the car in person, it is likely to be a fraud. Request for wire transfer or credit card gift cards If the potential seller asks for an electronic transfer to make the car payment, do not accept it. This is a typical tactic that scammers use to take your money , but with no vehicle in return. The money you wired isn’t traceable and extremely difficult to trace. This means you may end up with no car and no potential reimbursement. Similar to scammers wanting payment via wire transfer, some sellers will request gifts cards in exchange for payment. Again, walk away. Gift cards cannot be traced and indicate that the seller is probably trying to scam you. Title washing washing is an attempt to cover up damage caused by a wreck, or other problems in the vehicle’s past. If you do have to pay for it yourself, always get a vehicle history report on the VIN. It’s not sure if it will reveal everything the car has gone through, but it can help you avoid falling prey to a scammer trying to sell you a dangerous vehicle. Fake escrow account While this scam can take place in two ways, be aware of the possibility of using an escrow account that is fake when buying a car online. Escrow accounts are legitimate method to keep both parties safe from fraud. But, scammers could use fraudulent escrow accounts to trick you into transferring money directly into the account of the seller. When the time comes to pick up the vehicle and transfer the title the seller isn’t in contact with you — and you are stuck with no option to get your money back. Do you think online car purchasing is an ideal choice? If you use an authentic service, buying a car online can be the same as purchasing a car from a dealership. Even if you go with a private seller, do not allow the possibility of scams happening discourage you from buying. Being a well-informed consumer, you will be less likely to get scammed and more likely to leave happy with your vehicle purchase. Benefits of online car buying If you know what are the most common scams and you are able to find a legitimate source, buying a vehicle online has its benefits. Primarily, it saves time. It isn’t necessary to go to several dealerships and have to deal with physically searching inventory on many. Online shopping gives you unlimited options for shopping. Since you aren’t limited to what you can find at a dealership it is possible to find a better match for your needs. No sales pressure — after all, you’ll likely be browsing through websites via your smartphone or laptop, not subjecting yourself to sales representatives from a professional. If you choose to go with a brand similar to Carvana or Vroom You’ll have access to delivery across the country. There may be a small fee, but if you get the right car it could be worth the cost. Drawbacks of online car buying Aside from scams, there are a couple of reasons why people prefer traditional dealers. Large online sites mean no bargaining. You can bargain with a private seller, though you will be at risk of getting victimized by an enigma. The lenders may not be able to offer financing for private sales when you are looking online. In the event that they offer it, you might find that the rates are higher than with the purchase of a used or new car loan. It is possible that you won’t be able perform an inspection in person until you meet with the seller , or arrange for the car to be delivered. It could be even harder for a mechanic to check it when you shop online. What to do if you’ve been victimized If you believe you have fallen victim to an online fraud There are some steps to take. File a complaint directly with the center for fraud. Get in touch with your attorney general of the state. Report the fraud to the FBI . The FBI will report the fraud to the . It may be difficult or impossible to obtain your cash back if you made it through a wire transfer or transferred gift cards. Be aware of your bank activity when you have entered any data on an illegitimate website. If you spot any suspicious activities, notify your bank to report the fraud and change any usernames or passwords linked to the account. The bottom line: If a car deal sounds too good to be true It’s probably true. A car purchase online can be a perfectly safe way to buy a secondhand vehicle. But , keep an eye on common scams and trust your gut. If you notice something that seems suspicious, it probably is. In time’s end, there’s plenty of used vehicles on the market. It is possible to opt to walk away from a deal and look for a authentic seller via trustworthy websites, or go with an used car dealer. Find out more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of taking out loans to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are enthusiastic about helping readers gain the confidence to take control of their finances through providing clear, well-researched facts that break down complicated topics into bite-sized pieces.
Auto loans editor
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