Bounced Check Scam: How To Avoid
Let’s say you’re buying a car from a dealership. You have decided on the vehicle that you would like to purchase. You are ready. As a form of payment, you want to use a bank draft or a check, but the dealer tells you they can’t take it. It is just another trick from the rich collection of car buying scams.
They say that although your bank account might be okay, your bank has a history of bouncing checks (NSF checks – non-sufficient funds), blaming the bank’s system. They are saying this to get you to buy a car on credit at high interest rates.
This is a scam that you could be a victim of especially if you are buying your first car. Whether you’re looking at how to buy a car with bad credit or you just want to take advantage of a ‘No Money Down Cars‘ promotion, learn their tricks and be prepared to have everything ready. If you’re wondering what do you need when buying a car from a dealership, consider getting a car buying guide first to protect youself from scams. Let’s expose a few more deceptive practices.
Watch the video below to see more scams pulled by dealers and things to check when buying a car (maybe get a Buying A Car For Dummies book, too):
Buying A Car From A Dealership Scams Video
Bounced Cheque Scam: How to Avoid
If the dealer pulls the bounced check approach on you, call the bluff. You heard it here. Don’t be afraid to stand up and say you know how the scam works. However, be careful that they might have tricky answers for any question you might ask.
Bounced Check Scam: How To Report
Warn your family and friends about the Bounced Check Scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:
How To Prevent Identity Theft and More
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You’ll receive periodic emails – we promise not to spam. Meanwhile, educate yourself with some other fraud-related articles right under this paragraph, so you can protect yourself in many other aspects and niches. Last but not least, use the Comments section below to expose other scammers.
Here are some must-reads for the end:
Final Expense Life Insurance Scam
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I had one person reach out to me last year, shortly after I bought my first ever car, stating that the check I used bounced and that they were attempting to reclaim their lost money. They claimed that if I didn’t repay the money I apparently owed them, they would take me to court. I asked to see their records, plus any details regarding this “check” I used. I also asked them to provide me with information with regards to where I bought the car; dealership, seller name, date, time, etc. I also asked them for the full price of the car, plus make/model/year. There was silence for about twenty seconds; I then repeated myself. I then heard a piercing CLICK followed by a dial tone. First, last and (so far) only time they’ve tried to contact me. I received this information from a close companion of mine who was hounded by calls and e-mails of this nature for six months. He gave me this information to stop the scams in their tracks.