Beware, fraud! The 5 biggest scams in car sales and how to protect yourself from them!
If you want to sell your car, you should beware of scammers – we'll tell you what scams are out there and how not to fall for them.
Selling a car is a complex process, which in many cases is also exploited by fraudsters. With increasingly sophisticated scams, they are trying to trick both private sellers and car dealers. In this article, we'll show you the most common scams and how you can protect yourself from them.
1. Overpayment scam and remittance
One of the most common scams is the so-called overpayment scam. In this case, the seller is led to believe that the buyer has inadvertently transferred the purchase price too high. The scammer then asks the seller to transfer the difference back. After the money is paid back, it turns out that the original payment was invalid or that it was a fraudulent account.
Precaution: Before each remittance, check whether the money has actually been received in your account and watch out for unusually high amounts.
2. Incorrect bank transfer
Scammers can also try to get to you through a fake bank transfer. They claim that the money has been transferred, but you can't see any payment in your bank account. The buyer puts pressure on you to hand over the car without the actual payment.
Precaution: Confirm all payments with your bank and don't let yourself be pressured before handing over the car.
3. Incorrect bank details
In many cases, fraudsters provide false or incomplete bank details so that they can transfer the purchase price to a different account than originally agreed. This leads to the seller handing over the car without payment.
Precaution: Make sure that the bank details are checked carefully before handing over the car. Use secure payment methods.
4. Counterfeit checks and counterfeit money
Fake checks and counterfeit money are often used in transactions to defraud sellers. Even though the check appears to be valid at first, after cashing it turns out to be fake.
Precaution: Only accept payments via bank transfer or trusted payment systems, and wait for confirmation of redemption before handing over the vehicle.
5. Deception through forged documents
Fraudsters could try to create fake vehicle registration documents or sales contracts to "buy" the car without the intention of paying. As soon as the seller hands over the car, the fraudster goes into hiding.
Precaution: Make sure that all documents are authentic and check them thoroughly.
Result
Selling a car can be a great way to make money – but it also requires caution. Protect yourself from scams by always learning about the latest tricks and making sure that all transactions are processed through trusted channels. If you want to find out more about scams in car sales, we have a detailed guide.