{"id":46222,"date":"2023-08-09T05:47:38","date_gmt":"2023-08-09T09:47:38","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/watch-out-for-these-common-scams-if-youre-selling-your-car\/"},"modified":"2023-08-09T05:47:41","modified_gmt":"2023-08-09T09:47:41","slug":"watch-out-for-these-common-scams-if-youre-selling-your-car","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46222","title":{"rendered":"Watch out for these common scams if you\u2019re selling your car"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002364046\" role=\"document\">\n<h2><strong>Quick facts about common scams when selling a used car\u00a0\u00a0<\/strong><\/h2>\n<ul class=\"articleList\">\n<li>\n      Fake cashier\u2019s checks\u00a0are becoming more common. Before you accept one, call the issuing bank to verify the check.<\/p>\n<\/li>\n<li>\n      Indeed, most people writing personal checks aren\u2019t scammers, but\u00a0we recommend not accepting\u00a0one from a car buyer in most cases.<\/p>\n<\/li>\n<li>\n      Don\u2019t fall for the\u00a0shipping scam, where a buyer sends you more money than the car is worth for supposed shipping.<\/p>\n<\/li>\n<\/ul>\n<p>Selling your car\u00a0can be stressful. To lessen the stress, we\u2019ve listed a few scams\u00a0you may run across when trying to sell your car yourself. If you\u2019re aware of these common scams, you\u2019ll be able to spot and avoid them and devote your attention instead to\u00a0selling your vehicle.<\/p>\n<p><strong>Related<\/strong>: How to sell your car when the lender holds the title<\/p>\n<div class=\"paywall\">\n<h2><strong>Fake cashier\u2019s checks<\/strong><\/h2>\n<p>With improving technology, fake cashier\u2019s checks are becoming more common. Even experts have trouble spotting such checks. Our suggestion: Call the bank identified on the check to confirm its authenticity before handing over your car\u2019s title and paperwork. And don\u2019t call the number on the check since that could be part of the scam.<\/p>\n<p>Instead, search online for the bank\u2019s phone number and call to verify the check. Cashing the check at the issuing bank is also advisable to ensure funds become available immediately.<\/p>\n<p><strong>Read<\/strong>: How to negotiate with car dealers to get the car you want at the best price<\/p>\n<h2><strong>Personal checks<\/strong><\/h2>\n<p>Very few people write checks anymore. Indeed, most people writing personal checks aren\u2019t scammers, but we still wouldn\u2019t accept one from a car buyer in most cases. Personal checks can be canceled after they\u2019re written, meaning the buyer can keep the money and the car. Plus, there\u2019s no way to verify that the buyer has the funds in their account. If you accept a personal check, wait for the funds to clear, and be sure the money appears in your bank account before signing over the title.<\/p>\n<p>If the buyer has a problem with that, suggest a cashier\u2019s check (using the precautions above), or find a different buyer.<\/p>\n<p><strong>Don\u2019t miss: <\/strong>Thieves can empty your bank accounts if you\u2019re still using this outdated payment method<\/p>\n<h2><strong>Fake shipping scam<\/strong><\/h2>\n<p>An increasingly popular scam involves a potential buyer insisting you help them ship a seller\u2019s car overseas or across the country. In this scam, the buyer sends a check to the seller for more than the car\u2019s price. The seller is then expected to send the extra money to the buyer\u2019s shipper.<\/p>\n<p>But after the seller wires the money to the shipper, the check turns out to be fake, leaving the seller out whatever money they sent to the supposed shipper.<\/p>\n<p><strong>See:<\/strong> A guide to selling a car to a friend or family member<\/p>\n<h2><strong>Tips for selling a car<\/strong><\/h2>\n<p>Of course, this isn\u2019t a complete list of scams. As we discover more scams, scammers get more creative and develop new ways to take our money. So we have a few tips to offer if you\u2019re selling your car.<\/p>\n<p>You can avoid any scams by using Autotrader\u2019s\u00a0Private Seller Exchange marketplace, where sellers can list cars and buyers can purchase them all in a secure environment. The service verifies all identities and handles all paperwork, including title and funds transfer.<\/p>\n<p>If you choose to handle the transaction and sale not using the marketplace, follow these additional tips.<\/p>\n<ol class=\"articleList\">\n<li>\n      Don\u2019t sign over anything, especially the car title, until the money is in your account and any payment is verified.<\/p>\n<\/li>\n<li>\n      Be sure to talk to the buyer over the phone or in person to establish a rapport.<\/p>\n<\/li>\n<li>\n      Most importantly, walk away if a deal feels like it isn\u2019t right. There will always be another buyer, a legitimate one, for your car.<\/p>\n<\/li>\n<\/ol>\n<p><em>This story originally ran on\u00a0<\/em><em>Autotrader.com.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/watch-out-for-these-common-scams-if-youre-selling-your-car-6be41d90?mod=personal-finance\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick facts about common scams when selling a used car\u00a0\u00a0 Fake cashier\u2019s checks\u00a0are becoming more common. Before you accept one, call the issuing bank to verify the check. Indeed, most people writing personal checks aren\u2019t scammers, but\u00a0we recommend not accepting\u00a0one from a car buyer in most cases. Don\u2019t fall for the\u00a0shipping scam, where a buyer [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-46222","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Watch out for these common scams if you\u2019re selling your car | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Quick facts about common scams when selling a used car\u00a0\u00a0 Fake cashier\u2019s checks\u00a0are becoming more common. 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