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How to avoid online car buying scams Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare information at no cost and help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site come from companies that compensate us. This compensation can affect the way and where products appear on the site, such as for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. But this compensation does not influence the information we provide, or the reviews that you read on this site. We do not contain the entire universe of businesses or financial deals that could be accessible to you.
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5 min read published on October 13, 2022.
Written 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 details of using loans to buy the car they want.
Edited 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 take control of their finances through providing concise, well-studied and well-researched content that dissects complicated topics into bite-sized pieces.
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Making a purchase from the at-home comforts of your sofa by just a few clicks can be a good thing however, it comes with some risks. As with most of the online world there are scams that have slipped into the realm of. Beware of common scams to avoid losing money in the process of getting an automobile. Most common scams when buying a car online There are a few scams that the FTC (Federal Trade Commission) provides guidelines for online vehicle sales. However, there are a few typical scams to watch out for when . Identity theft Some scammers are not only looking to scam you out of your money but also looking for your personal details. They will request information like the details of your Social Security number, birthdate or bank account numbers. Don't share your personal information with prospective sellers, other than your name and number. If you apply for the position, make sure it's licensed, legitimate and has positive reviews. If not, it's better to apply for a outside the dealershipor go to a location where you can verify that the seller is honest and trustworthy. fake ads If you're seeking private sales You may come across advertisements that don't list the VIN or the number that identifies the vehicle. If you are not able to verify the authenticity of the vehicle exists -- as in see it personally and be sure you are sure that the VIN is correct do not send any money. It's not uncommon for fraudsters to advertise vehicles in ads without actually having it. Even if the car exists, make sure it is not listed as stolen and that it has a clean history report. Curbstoning This scam is where a dealer claims to be private sellers in order to sell the vehicle in violation with the normal regulations of dealers -- meaning it has a salvaged title or is otherwise damaged. A salvaged title could create major problems when it is time to insure the vehicle. You can avoid this fraud by staying away from cars that are sold online on vacant lot, on the side of the road, or at the seller's home. Like any private sale, ensure you check whether the seller and VIN are legitimate prior to signing a contract. 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 , but buying sight unseen can mean the car might not appear as the photos suggest or even exist in any way. If the seller rushes you or encourages you to make a speedy sale before you can view the car in person, it is likely to be a scam. Demand a wire transfer or credit card gift cards If the potential seller asks for wire transfer in exchange for vehicle payment, walk away. This is a typical technique used by scammers to take your money , but with no return vehicle. Wired money is not traceable and very difficult to recover. This means you could be left without a car , and there is no possibility of refund. Similar to scammers wanting payment through wire transfer, some sellers will request gifts cards in exchange for payment. Again, walk away. Gift cards cannot be traced and means that the seller is probably trying to scam you. Title washing Title washing is a strategy to hide damage from an accident, or any other problems in the car's history. If you do have to pay for it, always get a vehicle history report to the VIN. This isn't guaranteed to show you everything the vehicle has been through however it will help you avoid falling prey to a fraudster looking to offload an unsafe vehicle. Fake escrow account Although this scam can go both ways, you should be aware of the use of a fake escrow account when purchasing a car on the internet. Using an escrow account is an authentic method of keeping both parties safe from scams. However, fraudsters may make use of a fake escrow account to trick you into transferring funds directly into the account of the seller. When it comes time to take the vehicle and to transfer the title the seller isn't available to be contacted -- and you are left with no way to recover your money. Is online car buying a good idea? If you go through a legitimate service, then buying a car online is just as safe as a dealership. Even if you go with a private seller, do not let the chance of a scam affecting your purchase deter you from buying. By being an informed consumer, you will be less likely to get duped and more likely to walk away happy with your vehicle purchase. Benefits of buying a car online If you are aware of the scams to look out for and you are able to find a legitimate source, purchasing a car online can have its advantages. Primarily, it saves time. You don't need to go to numerous dealerships and spend time physically searching inventory on numerous occasions. Shopping online gives you endless possibilities for shopping. As you're not limited to the selection at a dealership and you can be sure to find a better match for your needs. There's no pressure to sell since, after all, you'll likely be browsing websites on your smartphone or laptop without having to deal with professional salespeople. If you choose to go with a brand similar to Carvana or Vroom, you'll have access to nationwide delivery. There might be a small charge, but if locate the perfect car, it could be worth the cost. Drawbacks of online car buying In addition to scams, there are number of reasons why people choose traditional dealers. Large online dealers mean no negotiation. You will be able to bargain with a private seller but you'll be at risk of being victimized by fraud. Some lenders will not provide financing for private sales when you search online. Should they, then you might find that the rates are higher than those for the purchase of a used or new vehicle loan. You may not be able perform an in-person inspection until after you meet with the seller , or arrange for the car to be delivered. It could be even more difficult to get a mechanic to inspect the car when you buy it on the internet. What do you do if been victimized If you believe you have fallen victim to an online fraud There are a few steps to follow. Make a formal complaint directly to Fraud Center. Call your local attorney general. Make a report to the FBI's . Report the fraud to the . It might become difficult, or even impossible, to obtain 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 fraudulent website. If you see any transactions, inform your bank regarding the fraudulent activity and change any usernames or passwords linked to the account. The bottom line If the price of a car seems too good to be true It's probably true. Buying a car online can be a safe method to get a used vehicle. However, you must keep an eye on common scams and trust your gut. If something appears to be off there's a good chance it's. In the end of the day, there's a lot of used cars on the market. It is possible to opt to walk away from a deal and find another, authentic seller via reliable websites or just opt for the used car dealership. Find out more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances through providing precise, well-researched and well-written information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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