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Not all scams are solely aimed at a buyer, sellers are also the targets of scammers. Before agreeing on a sale, as a car seller, you should always be cautious when dealing with a buyer especially if you don’t know the basic background of that person. So before you endorse your car online, here are some common scams that you should avoid.

Offering to buy Without Checking it First

Why would you buy something that you have not even seen in the first place right? Dealing with offers like these is a sign that the buyer is somewhat sketchy. This is a scam in which the buyer sends a check that will bounce or promises to “transfer” the money on your account and will contact a different person to pick up the car. Sometimes, they will claim that there is a problem with the freight company asking you to pay for the freight fee and in return he will pay an extra amount for the car. These are signs of elaborate scams and should not be entertained.

Paying with Checks

The most common scam is offering to pay up through an issued check that is really a fake one. If you have already signed the ownership of the car over to the buyer before the check clears, you are taking a huge risk. You lost your car and you have given it literally for free!

Monthly Payment Promises

Another scam is asking for monthly installments. Generally, this is not advisable because you are not an authorized financing company and have no way of tracking your client in an event of a default. Paying up in full is the best way if you are selling your car online.

Fake Escrow Services

In some cases, the buyer suggests to use an escrow in order to make the transaction more “secure”. If you agree with your buyer and signs over the ownership to him or her, you will then find out that you have been scammed because the money “held” by an escrow is no longer accessible. Escrow services are third-parties that are responsible of holding the money while the deal is not yet complete. Fake escrows is a scam strategy that will leave you with no car and no money.

Inquiries about Personal Information

Lastly, scammers may not be necessarily targeting your car but instead your identity. Buyers that ask for personal data before transferring the money into a fake account are likely targeting to steal your identity. They will likely ask personal info like your social security number, bank account, credit card account and other personal data. So always be skeptical when someone asks you these types of questions. Identity theft is very rampant and a lot of people are victimized by this scam every day. Always be vigilant, for added information you can learn more about bad credit vehicle loans today - Click Here.