When car buying started happening on any scale, car buying scams quickly emerged. Today, the modern motorist or aspiring motorist has to be diligent and cautious of the many scams endemic to trading in automobiles on the private and commercial level.
Car buying scams take many, many forms. Some are committed by dealerships, as either yo-yo financing scams or bait-and-switch schemes where the car you want is no longer there, or covering cosmetic or mechanical damage.
Private buying can be even more fraught with peril, with car-buying scams ranging from fraudulent advertising to false car scams that lure people into a robbery.
Watch this space to learn about car scams as they emerge in the news. See below:
How the scam works: (with video below) You’re about to buy a vehicle and are in need of a loan. Doing your research for decent auto loans and car financing options, you see a bunch of ads promising you all that. They’re everywhere. Even if you have or don’t have bad credit, the auto financing … Auto Financing Fraud Read More »
How the scam works: (with explanatory video below) It is always cheaper to buy a car from an individual than it is to purchase one from a dealership or even a used car lot, but a new vehicle scam shows that both parties need to pay very close attention to the details of the sale. … Reselling Your Car Scam Read More »
Car Mechanic’s Lien Scam: How It Works (with video below) There are car title recovery companies out there that are legitimate and have the backing of the Federal Government. Unfortunately, there are also scammers out there. A mechanic’s lien paperwork is designed for a garage to receive the title for a car that has … Car Title Mechanics Lien Read More »
Car drivers, be forewarned of the Auto Warranty Services Scam aka the Extended Warranty Letter or the Motor Vehicle Service Notification.
Extended Warranty Letter aka the Motor Vehicle Service Notification Read More
Bad Credit Car Financing Scam: How It Works Car loans for people with bad credit and fake lenders. Beware of fraudulent practices. The newest scam around is the Bad Credit Car Financing aka the Car Loans Bad Credit scam. It comes in two variations. Let’s take a look at an example. You may be looking for … Car Loan Approval Read More »
How the scam works: (with video below) Buying a used car can be stressful; there are just too many places to look. Newspapers, used car dealerships and cars parked on the street with “For Sale” signs on them are all great ways to find a good used car. There are also ad placement web sites … Curbstoners Scam Read More »
Bank Draft Payment Trick: How It Works (with video below) Imagine this scenario: you are about to sell your car for $10,000. After a few visitors who are interested in the vehicle but don’t buy it, you are happy to get a serious potential buyer finally. He comes to your house, checks it out, goes … Bank Draft Payment Read More »
How the scam works: You want to sell your car and post an ad online. Soon afterwards, a representative from a financing company calls you saying that they have a few prospective customers for your car. The representative justifies that their company is financing customers who can’t qualify anywhere else as long as the clients … Sell Your Car Here! Read More »
Evaluation Ride Trick: How It Works You decide to trade-in your old car and go to the dealership. Somebody will ask for your car keys to take it for an evaluation ride while the salesperson shows you several other new cars for your trade-in consideration. You seem interested in a few, but are not sure … Trade-in Evaluation Ride Read More »
How the scam works: You decide to trade-in your car and are negotiating the price of a new one. The discussions are taking place in the dealer’s office and he draws a foursquare figure or uses a worksheet, adding the following categories: purchase price, monthly payments, down payment, and trade-in value. This worksheet is used … Trade-in Foursquare Read More »
How the scam works: You decide to buy a new car although you still have payments left on your old one. Normally, in this situation the dealer will offer a buy-out amount and pay the existing loan off for you – transferring that amount towards the new car. Unfortunately, there are times when the bank will call you a few months later because the dealership never paid … Trade-in Never Paid Read More »
How the scam works: The scammer lists a car that is not his on a well-known vehicle listings website. He uses stolen pictures and offers a fantastic deal. Once contacted by interested potential buyers, the crook will come up with different convincing stories (including saying that he is afraid of being scammed) and ask to … Transfer to a New Website Read More »
How the scam works: This scam could take several forms. Without knowing, you might be buying a car that’s stolen, not paid for yet, or fixed after an accident. Unfortunately, thousands of people still buy cars everyday without knowing the real history of the vehicle. How to avoid: You should always ask the seller for … Used Car Purchase Read More »
Market Adjustment Fee Scam: How It Works You are buying a new car and the dealer shows you an orange sticker next to the MSRP (Manufacturer Suggested Retail Price) sticker. He says that due to this car’s popularity there is an extra charge, known as the Market Adjustment Fee. The orange sticker makes it look official … Market Adjustment Fee Read More »
Price Match Scam: How It Works (with video below) You are hesitant about the price of a car you like in a dealership. The friendly dealer comes to you and says, “You know what? If you can bring me written proof of a lower price elsewhere in town, I will match the best offer you get. … Price Match Guarantee Read More »
Open Intercom Scam: How It Works You are ready to buy a car and schedule a visit to the dealership. You don’t buy a new car every week, so you decide it’s a good idea to bring along a friend who has auto experience. You ask them to give you a signal or intervene if … Open Intercom Read More »
How the scam works: This is another common trick at the car dealership. The salesperson tells you he won’t get paid his commission if you don’t purchase the package that comes with the car (the add-ons). He is just trying to make you feel bad. Lots of people start feeling guilty and buy these add-ons that … Paid Upon Purchase Read More »
Are you just about to make a purchase online? See if the website is legit with our validator:
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