Personal checks People still have and use personal checks on a regular basis, but it's not wise to accept one as payment for a used car. To know whether or not a check will or won't clear in your bank account, you have to wait. It's possible a scammer may forge a check from an account that's not theirs, write a check knowing it'll bounce because the funds aren't in their account, or plan to cancel the check after it's been written and before it can clear in your account. Generally speaking, the potential buyer giving you a personal check will expect a trade for your used vehicle right away. After all, what's to stop you, as the seller, from cashing the check and then selling the vehicle to someone else or moving the vehicle so the seller doesn't know where it is anymore? Because of this necessary waiting period for a check to clear in your bank account, it's always better to accept only cash or another secure method of payment you can verify immediately before handing over your vehicle. Overpayment scam The overpayment scam is pretty easy to spot because it sounds too good to be true. In this scam, a malicious buyer will offer to pay you more than the asking price because they're supposedly very interested in the vehicle and don't want anyone else to snag it. Then, they'll claim that they've sent you the money and accidentally sent too much and ask you to refund the difference. The catch here is that they never actually sent you the first payment to begin with. They'll potentially say something like "It's a business account, so it may not show up right away," and use that as an excuse for why you don't see the money in your account yet. However, any electronic payment system, like Zelle or Venmo, will deliver the money almost instantly. So if you don't see the money in your account, don't give your vehicle away, and don't send any money back as a refund. This scam can also involve a fraudulent cashier's check or money order that looks like it has more than the amount you're asking for your used vehicle. The scammer may say they got out a certain amount just in case, and ask you to send them the difference. Then, you'll find out later that the cashier's check or money order is fake and you'll be out the amount you gave the seller (and your vehicle). Promise of future payments This scam is one of the most obvious you may come across when trying to sell your old vehicle, but it warrants a mention nonetheless. If someone tries to work out some kind of payment plan with you, you should never entertain the idea. It doesn't matter how much the potential buyer is offering up front, how soon they say they'll pay the full amount to you, or what excuse they have for why the situation is necessary. A scammer could claim they're in college and low on funds, just lost their own vehicle in a fire or another accident, or something else that's meant to tug at your heartstrings. Then, after that first payment, you'll likely never hear from the buyer again or get any of the initially promised funds. There is a major exception to this scam, and that's if you know the buyer. If your cousin or close friend wants to buy your vehicle over multiple payments and you know them to be trustworthy, this is obviously a much safer scenario. Still, you should always err on the side of caution and rely on your own judgement. Phantom listings Fake listings, or phantom listings, exist solely to lure personal information out of interested buyers. Typically, these listings will advertise a vehicle for sale at an unbelievably great price in the hopes of getting a ton of potential buyers reaching out. When a buyer contacts the seller, the seller will use the conversation to steal and maliciously use important personal information under the guise of selling a vehicle. This could be your full name, phone number, address, current vehicle information, birthday, and more, depending on how scam-savvy the buyer is. If you see a vehicle listed for sale that's way below its market value, chances are pretty high it's a phantom listing. Similarly, if you're selling an old vehicle, you can be at risk of fake buyers trying to scam personal information out of you. Faux interested buyers will reach out and act like they're interested in purchasing your vehicle, but ask probing questions to pull private info out of you. Many fake buyers use the story of a family member coming to pick up the item instead of them, sometimes from out of town, so be wary of any buyers with this frequently used scam story.
Liked by Amelia Fortin, Lauren Smith
Liked by Amelia Fortin, Lauren Smith
Liked by Amelia Fortin, Lauren Smith
