Dealerships frauds such as adding unnecessary fees to the invoice and selling flood-damaged cars have compelled car buyers to opt for private party auto purchase. It is a quick and economical way of buying a car. It is becoming popular among Americans because of the following reasons:
>> No aggressive marketing,
>> No extravagant commission,
>> No processing fee,
>> No dealer preparation charges,
>> No advertising fee, etc.
The benefits of choosing private party auto purchase are many. But, before jumping on the bandwagon, you must be cautious and make sure that you do not fall prey to the scams that are common while buying a used car from a private party.
“The Out of the Country” Scam
The seller says that the car is currently out of the country but he/she will ship it once the payment comes through. After receiving the money, the seller vanishes and the car is never shipped.
“The Escrow Service” Scam
The sellers ask you to use an online escrow service for safety purposes. However, the online website turns out to be a fake one.
“The Partial Payment” Scam
The seller demands a partial payment before shipping the car. You pay the money thinking that your car will be here any day only to realize that it was a scam.
“The Stolen Car” Scam
Before buying a car, it is important to scrutinize the car documents. If you fall for a stolen car and agree to buy it from the seller, there are chances that the police may seize the vehicle from you.
“The Odometer” Scam
The odometer shows the number of miles the car has driven. Sellers change the odometer and reduce the number of miles because a lesser driven car fetches a higher price.
How to make a Safe Private Party Auto Purchase?
1. Avoid buying cars from total strangers. If you buy a used car from your neighbor, family member, friend or acquaintance, there will be lesser chances of fraud.
2. If you opt for an online private party auto purchase, contact the seller via listed phone number. Remember that fraudulent sellers do not give their real numbers and insist on contacting via e-mail only.
3. Do not share your confidential banking information with any seller. Also, do not send money through wire funds because once the funds are sent through a wire transfer, they cannot be recovered.
4. Verify all the documents related to the ownership of the car. If there is a lien on the car, you must know every detail about it. It is better to contact the lien-holder for discussing the process of obtaining the car title. Also, ask your trusted mechanic to inspect the car.
Remember that when it comes to making a private party auto purchase, caution is the key. You must pay attention to each and every detail and not just focus on the low price of the car. It will help you in making a successful car purchase.
All the best for buying a perfect car.