| CAR BUYERS BEWARE: Scammers advertise very rare or
expensive classic cars for sale on a web site with a price that seems to good to be true.
Characteristics:
1. Come from overseas.
2. Have an asking price that seems to good to be true.
3. Request a deposit be sent immediately.
4. Express a sense of urgency in making the transaction.
5. The use of free web-based email accounts, especially Yahoo, MSN,
hotmail, etc.
Example:
The SCAMMER advertises a really nice car, usually for a really cheap price, but not necessarily When you contact the
Seller, they insist that you place a "Deposit" with them to hold the car for you, and that the deposit is refundable if you don't like the car when you
inspect it. They usually request a western union money transfer (for the "Deposit"), to a location outside the USA.
If you see any of the above symptoms in a transaction you are about to make, BEWARE, because it's probably a scam!
CAR SELLERS BEWARE:
Scammers offer to pay you by arranging to send you a check and asking you to wire some of the money back.
Characteristics:
1. Want to pay with a "cashier's check" or money order that is written for more than the car(s) they "want
to purchase".
2. Asks few (or no) questions about the vehicle of interest.
3. Buyer is usually from
overseas.
4. A sense of urgency is conveyed in making the transaction as soon as possible.
5.
Arrangements for delivery somewhere other than the inquirer's location - to "client" etc.
Example:
The SCAMMER offers to send a cashier's check for the full asking price of one or more vehicles, plus an additional
amount intended as a loan payment, or shipping fee, etc. The person responding to the ad later asks to have any excess funds, refunded to him or a third party.
The original cashier's check turns out to be non-negotiable or bogus.
Most financial institutions require at least 10-15 business days before even a cashier's check will fully clear, so if
in doubt..... wait it out. If it's a real buyer, they will understand.
Read the CBS News Report on this story
Click Here
BUYING FROM A CLASSIC CAR DEALERSHIP, AN AUCTION WEB SITE OR INDIVIDUAL:
Keep in mind that there are
people (Dealers and private sellers) who will intentionally misrepresent the condition of a car, or attempt to pass a clone off as an original, just to
get a sale. My suggestions:
1. Always inspect a car before putting a deposit on it (and know how to identify: a clone from an original, engine size, etc.).
2. Always get
a bill of sale or receipt.
3. Ask to see the title: To make sure they actually have the title and they know where it is, and to verify the VIN numbers
match the model, specifications, options, etc. as expected.
I STRONGLY discourage anyone giving me a deposit on any of my cars, unless they have personally stopped by my car lot
and closely inspected the car they are interested in.
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