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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 better financial choices by offering you interactive tools and financial calculators as well as publishing unique and impartial content, by enabling users to conduct research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that pay us. This compensation may impact how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not cover the vast array of companies or financial offerings that could be available to you.
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5 min read published on October 13, 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 in navigating the ins and outs of securely 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 manage their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
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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 however, it comes with some risk. Similar to the rest of the online world frauds have made their way into the online world. Be aware of common cons to avoid losing money when you purchase an automobile. Common online car buying scams These are the scams FTC (Federal Trade Commission) has for online car sales --but there are some common scams to look out for when . Identity theft Scammers do not just want to con you out of funds, but also to gather your personal information. They may ask for information such as the details of your Social Security number, birthdate or banking number. Never share any personal information with prospective sellers, other than your name and number. If you are applying for a job the position, make sure it's legal, legitimate, and has a good reputation. Otherwise, it may be better to apply for a outside of the dealershipor go to a location where you can confirm that the seller is honest and trustworthy. Fake ads When you are searching for private sales there are advertisements that don't include the VIN, or the number that identifies the vehicle. If you're not able to verify that the car exists -- in other words, you can see the vehicle in person, and verify you are sure that the VIN is valid -- don't send money. It's not uncommon for scammers to show a vehicle in an advertisement without having it. Even if the car exists, confirm that it is not reported as stolen and it has a clean history report. Curbstoning This scam is when a dealer pretends to be private sellers with the intent to sell the vehicle in violation with normal dealer regulations -- meaning it has an unsalvaged title or has been damaged in any way. A salvaged title will cause major headaches when it concerns insuring the vehicle. It is possible to avoid this fraud by staying away from vehicles sold online from empty lots or on the side of the road, or at the home of the seller. And as with any private sale, make sure you check the seller's identity and VIN are legitimate before you sign a contract to purchase. Buying sight unseen Never agree to buy a car without seeing it. Not only is it best to take your car to a test drive purchasing it without seeing it could mean that the car may not look like the pictures or even exist at all. If the seller rushes you or encourages you to make a quick sale before you can inspect the vehicle in person, it is likely a scam. Ask for wire transfers or gift cards If the potential seller demands wire transfer in exchange for vehicle payment, walk away. This is a typical method used by scammers to take your money , but with no guarantee of a vehicle. Wired money is not traceable and is very difficult to retrieve. This means you may be left without a car and no potential refund. Similar to scammers that want to make payments via wire transfer, a few sellers may ask for gift cards to pay. Again, walk away. Gift cards are not traceable and indicate that the seller is likely attempting to fraud you. Title washing Title washing is an attempt to conceal damage caused by the wreck or other problems with the car's history. Even if you must pay for it yourself make sure you get a car history report for the VIN. It's not guaranteed to reveal everything the vehicle has been through but it can aid you in not falling victim to scammers seeking to sell a risky car. Fake escrow account While this scam can go both ways, it is important to be aware of the possibility of using a fake escrow account when buying a car online. Utilizing an escrow account is legitimate method to keep both parties secure from fraud. However, scammers may use a fake escrow account to trick you into depositing funds directly into the seller's bank account. When the time comes to pick up the vehicle and transfer the title the seller isn't in contact with you and you're left with no way to retrieve your money. Do you think online car purchasing is a good idea? If you choose to use an authorized service, buying a car online is the same as purchasing a car from an auto dealership. If you choose to go with an individual seller, don't let the chance of scams happening discourage you from buying. By being an informed consumer you'll be less likely to be scammed and more likely to walk away content with your purchase. Benefits of buying a car online If you know what are the most common scams and you are able to find a legitimate source, purchasing a car online can have its advantages. First, it helps save time. You don't have to visit several dealerships and have to deal with physically browsing through inventory on numerous occasions. Buying online means unlimited options for shopping. Because you don't have to limit yourself to what you can find at a dealership it is possible to find a more precise fit for your requirements. There's no sales pressure because, after all, you'll likely be scrolling through websites on your smartphone or laptop and not exposing yourself to professional salespeople. If you opt for something like Carvana or Vroom You'll have access to delivery across the country. There might be a small fee, but if you find the right car, it might be worth it. The drawbacks of buying a car online In addition to scams, there are number of reasons why people choose traditional dealers: Big online dealers mean no negotiations. You can negotiate with a private seller however, you run the risk of being victimized by fraud. The lenders may not be able to offer financing for private sales when you are looking online. Should they, then you may be surprised to find the costs are higher than with the purchase of a used or new vehicle loan. You may not be able to do an inspection in person until you meet with the seller , or have the car delivered. Also, it could be harder to get a mechanic to inspect it when you shop on the internet. What to do if you've been scammed If you suspect that you've fallen victim to an online fraud There are a few steps to take. Make a formal complaint directly to the center for fraud. Get in touch with your attorney general of the state. Make a report to the FBI's . Report the fraud to the . It could become difficult, or even impossible, to receive your refund if you transferred it via wire transfer or transferred gift cards. Be aware of the transactions you made with your bank in the event that you have entered information on a fake website. If you spot any suspicious activities, notify your bank to report the fraud and change any usernames or passwords associated with the account. The bottom line If a car deal sounds too good to be true the likelihood is that it is. The purchase of a car online could be a perfectly safe way to purchase a second-hand car. But you need to keep an eye on frauds that are common and trust your instincts. If you notice something that seems suspicious there's a good chance it's. In all times, there's plenty of used cars on the market. You are able to leave a deal and look for a authentic seller via trustworthy websites, or simply go to the used car dealership. Find out more
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of 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 enthusiastic about helping readers gain confidence to take control of their finances by providing concise, well-researched, and clear facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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