Do not hand money on a plate to second-hand automobile scammers

It’s a busy time of year for the used auto market. The new quantity plate came out on March 1, and that constantly supplies a boost for second-hand vehicle sales as people trade up their old vehicle for a new model.

It’s also a busy time of year for second-hand auto scammers – the sorts of people who will try and flog you a dodgy employed motor.

Roger Powell of MyCarCheck, a firm which offers car information to consumers, says we need to be alert: “When getting a secondhand car it is important to be aware of the risks. Numerous autos provided for sale will have a far from ideal history. Other folks will be outright crooked.”

It does not precisely inspire you with self-confidence, does it?

Verification method

MyCarCheck is one particular of these firms you can ask to confirm regardless of whether a second-hand automobile has actually been scrapped, written-off or stolen.

It can also delve into a car’s finance history – and in February 32% of the firm’s finance checks flagged up a possible issue – typically outstanding finance becoming secured against the automobile.

This is significant since, in such a case, the car does not actually belong to the person promoting it, but to the monetary institution which has extended the original loan.

So you, as the purchaser, could end up seriously out of pocket – and possibly with out a auto – if you shake on the deal, since the lender would be within its rights to claim the vehicle to cover its position.

MyCarCheck has identified the 5 other widespread used auto scams. (Bear in mind that most concern private sales. There is greater protection if you buy your vehicle from a registered dealer.)

Sub hiring

Here’s how this scam works…

The seller admits there is outstanding finance on the vehicle but promises to preserve up the payments.

It sounds reasonable, but the purchaser does not have a legal leg to stand on. If the seller stops the payments, the finance organization could seize the automobile.

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Deposit safety

Some fraudsters con purchasers into handing over a large deposit to secure the vehicle. They might tell you of a “definite buyer” who’s coming in an hour, or warn that the auto is advertised cheaply for a rapid sale.

Do not fall for such pressure tactics. The seller could effortlessly disappear, along with your deposit.

Employ cars

Demands for a deposit also feature in the increasing number of scams that offer employ cars for sale.

The fraudster will hire a car and then ‘sell’ it to as a lot of buyers as feasible inside a brief time period and pocket all the deposits. He’ll then return the automobile to the employ firm and never ever be seen once again.

Escrow

Escrow fraud is 1 of the oldest scams in the book.

It can take a lot of various guises, but it frequently entails a UK automobile being provided for sale from abroad, or the promise to ship a automobile into the UK from abroad once the funds are paid into a holding account (from whence they disappear in thin air).

Escrow fraud is usually committed on the web, so watch out for suspicious emails.

Swaps

Swap scams are increasingly common, and again are typically perpetrated online.

Let’s say you place your automobile up for sale on the internet. A fraudster will express an interest in the vehicle and suggest a tempting swap.

Unfortunately, the auto will usually come with outstanding finance or it may possibly even be stolen, leaving you sorely out of pocket.

Data checks

Firms such as MyCarCheck can confirm a car’s credentials using police information and information from the DVLA, insurers and finance firms. Such services aren’t cost-free, but they could avoid a much more pricey mistake.

The most critical message is that you must keep your wits about you, too. The secondhand vehicle industry is a scammer’s paradise.

So trust your gut feeling – if a deal looks also great to be true, guess what?

Oh, and in no way pay money. That just creating life effortless for the crooks.

Ever fallen victim to a second-hand car scam? Let us know in the box below – you could support somebody else keep away from falling victim…

Do not hand money on a plate to second-hand automobile scammers