Steer Clear of Car Buying Scams: Essential Tips to Protect Your Wallet
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Learn essential tips to protect yourself when buying a vehicle and avoid falling victim to scams. In this episode, we cover:
Learn essential tips to protect yourself when buying a vehicle and avoid falling victim to scams. In this episode, we cover:
- Fake Auto Sellers:
- Scammers pretending to sell cars online may ask for payment upfront or even show you a physical car, but they are not licensed dealers.
- Always verify the legitimacy of the seller—either as a private owner or a licensed dealer.
- Private Party Purchases:
- Check the name on the vehicle title matches the seller.
- Avoid third-party sellers or those flipping cars without proper title reassignment.
- Vehicle titles cannot be reassigned directly; sellers must obtain a new title in their name before selling.
- Unlicensed Dealers:
- Watch out for "fly-by-night" dealers pretending to be legitimate but lacking a valid dealer license.
- Verify the dealership's name and address with your state’s Licensing Bureau.
- Red Flags:
- Companies flipping cars or selling vehicles bought at auctions without a dealer license.
- Scams involving fake dealerships selling stolen vehicles, as seen in a case where a couple in Oregon lost $45,000.
- Licensed Dealer Transactions:
- Licensed dealers are required to address title issues and are backed by bonds to protect buyers.
- Ensure the dealer shows you the title before making any payment.
Key Takeaways:
- Always buy from the person whose name is printed on the title or a licensed dealer.
- Verify dealership licenses and ask to see the title to avoid scams.
- Protect your hard-earned money by staying informed and vigilant.
Additional Resources:
- Explore related topics and videos on our channel for more insights on buying vehicles safely and resolving title issues.
