Rising Odometer Title Fraud: How It's Costing Car Buyers
Download MP3Introduction: The high value of used cars is leading to a rise in fraud, as scammers take advantage of the demand for affordable, low-mileage vehicles.
- Odometer Tampering:
- Fraudsters are buying high-mileage cars cheaply and using a $300 odometer correction tool to roll back the mileage.
- The tool is connected to the car’s computer, allowing hackers to reduce the mileage, making the vehicle appear like a better deal.
- Example: A car with 150,000 miles can be rolled back to 50,000 miles, increasing its resale value.
- Impact on Consumers:
- Many consumers are unaware of the manipulation and purchase cars believing they are getting a good deal.
- These cars often have significant issues, as the mileage rollback hides the true wear and tear.
- Digital Odometers:
- Unlike older mechanical odometers, modern vehicles have digital odometers that can easily be reprogrammed.
- This digital shift makes it even easier for scammers to manipulate mileage without leaving a trace.
- The Dangers of Titled Cars with Tampered Mileage:
- When registering a car, the mileage recorded in the title history is important. If there’s a conflict or dispute, the vehicle may be marked as "TMU" (True Mileage Unknown).
- A TMU vehicle has no verified mileage, which can drastically affect its resale value and potential maintenance issues.
- Protecting Yourself:
- Don’t just trust the seller’s word or the car’s odometer reading.
- Always conduct a title history check to ensure the vehicle's mileage is accurate.
- Avoid getting stuck with a car that seems like a low-mileage bargain but could be hiding expensive problems.
Conclusion: Stay informed and protect yourself from odometer fraud in the used car market.
