Avtorentacar.com presents you “How to Avoid the Biggest Car Buying Scam Ever”, an article written by Al Hearn. We hope you’ll find a lot useful information in here.
Avtorentacar.com will present you every article we find interesting and educating, and which has no copyright protection. If available we’ll link the source.
A popular scam that has victimized thousands of used-car sellers is one in which the proposed buyer usually claims to be from Africa, or another country, and is eager to buy the advertised car, sight unseen, for the full asking price – no haggling. After some complicated email exchanges with the “buyer,” the victim ends up with a worthless cashiers check or money order, a depleted bank account, and is still stuck with the car.
It’s a scam that is easy to spot when you know what to look for.
| Avtorentacar recommended article: Curtains Up For The Toyota Avensis The Madrid Motor Show became the avenue for the Toyota Motor Corporation to unveil its new 2007 Toyota Avensis. And now, the company now thinks that indeed, this event has had a positive outcome. The new Avensis is actually built in Britain so everything that has led to the success of the unveiling of this new car is due to Toyota's pool of designers and engineers. The new 2007 Toyota Avensis now boasts of a new and fresh styling not only in its exterior but also in its interior. According to automobile experts and enthusiasts this new one has increased dynamic and premium quality appeal. An improved handling as well as a greater comfort during your ride are also features that this new one holds. These last two upgrades are because of the small and definite detail revisions that the company has done with the Avensis' steering system and suspension system. |
How does it work?
You advertise your used car for sale in a newspaper classified ad or on an “auto trader” website. Your car may be one that is in less-than-perfect condition and has high mileage such that it may be difficult to find a buyer. You are anxious to sell.
You are contacted by an interested buyer who wants your car and is willing to pay your price, without seeing or examining the car. He tells you that he lives/works in Africa (or other foreign location) and that he will arrange to have the car picked up by his “agent” and shipped to him. He may say that he’s in the U.S. and represents someone in another country, although his use of the English language is poor. He offers to send you a U.S. certified cashier’s check or bank check right away.
You receive the cashier’s check but the amount is more than the agreed-on price of the car. The reason that the check is in excess of your asking price is typically explained as a “mistake,” or that the check had already been cut before setting a price, or that the “extra” money is for “shipping expenses,” or any one of a number of other explanations — all of which are false.
You deposit the perfectly official-looking check at your bank. The bank credits your account for the amount of the check, although the check has not actually cleared yet, and won’t be for at least 10 business days or more — which your “buyer” knows.
| Avtorentacar recommended article: Great Gas Mileage - Chinese Import Cars Coming Soon Get ready Americans the Chinese will soon be introducing great gas mileage automobiles into the U.S. market. Many of the designs are quite sexy and the cost to make them is less than one-third. The Chinese hope to take these great gas mileage machines of theirs and compete against General Motors, Ford, Honda, Daimler Chrysler, Toyota and Kia. These small compact cars will be about 22 percent better gas mileage and are sure to strike a cord with the American consumer, provided there is not too much backlash from automaker union workers. With Toyota up 17 percent on there market share against General Motors and Ford, it appears that Toyota will have the most to lose, however General Motors and Ford cannot afford to lose anymore. The Wall Street Journal reported that these Chinese mid priced cars will be here is soon as 2007. This is not give American automakers much time to get their act together and start selling more high mileage, economically enhanced and environmentally friendly automobiles. |
Uh-oh! Something’s wrong
Meantime, the “buyer” contacts you again and reminds you that he sent you too much money, and reminds you to send him or his agent a money order or cashier’s check for the excess amount, which might be a few hundred or a few thousand dollars. You do it, because you are anxious to sell your car.
You withdraw the “excess” money from your bank account (the same account where you deposited the “buyer’s” cashier’s check) to send to him or his “agent.”
A day or so later, after you have already sent part of the money, the “buyer” may contact you again and may inform you that he (or his client) has changed his mind about purchasing your car, and asks you to send him the rest of the money. You do it. You withdraw more money from your bank account.
Now it gets worse
Your bank calls you a few days later and informs you that the cashier’s check from the buyer is counterfeit and is totally worthless. They debit your account for the full amount of the check.
The bank now wants you to make good on the checks you’ve written from your account that you sent to the “buyer” or his “agent.” Whatever money of your own that was originally in your account is now gone. Your bank wants you to pay them the rest of the money. The bank claims no responsibility in the matter. Your funds are not guaranteed under banking regulations.
You’re out of luck
You still have your used car but you now owe your bank a substantial amount of money. The bank has no sympathy for you and offers no help.
The “buyer” (scammer) was using a bogus name and can’t be located. There is no one to sue or prosecute. These are professional criminals who know how to disappear and pop up again somewhere else. Law enforcement agencies are helpless to act.
Unfortunately, this scenario is all too common. It happens to real people every day. Although this scam has been around for a few years, there are still many people who haven’t heard about it. We’re trying to help in that regard.
Bottom line
The details on this scam may vary, but the basic scheme is always the same: foreign “buyer” using poor English, bad spelling, bad cashier’s check for more than the asking price, followed by a request for refund or forwarding of some or all of the money before the check clears the bank.
Don’t get caught in this one. Many people have. If you are selling a used car and a buyer from a foreign country claims to want your car, sight unseen, for your full asking price, with some complicated scheme for payment that involves you sending money to someone else, then the chances of this being a scam are about 99.999999999%.
—
|
Al Hearn is founder, owner, and operator of two popular automotive consumer web sites, Lease Guide and Used Car Advisor, which provide free auto buying, selling, leasing, and financing advice. |
Keywords assigned to this article by Avtorentacar: car buying, scam, money
| Avtorentacar recommended article: Four Wheel Drive History Willys Jeep Most early motor vehicles had a basic set up with the engine mounted in the front with a gearbox attached to it driving the rear wheels only and this became the normal design of most vehicles for many years. As design progressed engine position and transmission (gearbox) position was experimented with to help with traction and handling. Rear engine and mid-engine vehicles became available as did front and all wheel drive. Four wheel drive vehicles began life early in the twentieth century and a number of companies had their own designs for supplying off road trucks for business and commercial use. The importance of having load carrying vehicles that could transverese harsh terrain was important due to the lack of roads. Both the British and American armies during World War One had four wheel drive trucks for heavy terrain use for carrying troops and equipment. However the need for a true multi purpose on and off road vehicle became apparent. With the onset of World War Two the need for off road vehicles that could literally drive over any terrain became a necessity of the military and with any technology war tends to drive designs forward quickly. In the early days of the war the United States Military required a light-weight four wheel drive vehicle that could transverese almost any terrain. A number of companies came forward with designs including Bantam, Ford and Willys. The result of this was the world famous Willys Jeep. The jeep proved to be both very rugged and dependable through out the war and by the close it had become well known for its on and off road ability and its durability. |