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How to avoid online car buying scams Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering you interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare data for free — so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that compensate us. This compensation could affect how and when products are featured on this site, including such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home loan products. But this compensation does affect the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial deals that could be open to you.

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5 minutes read. published on October 13, 2022.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of using loans to buy an automobile.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are enthusiastic about helping readers gain confidence to control their finances with clear, well-researched information that dissects complex topics into manageable bites.

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Buying a car online from the convenience of your home by just a few clicks has its perks but also comes with some risks. As with most of the online world there are scams that have slipped into the online world. Be aware of common cons to avoid losing money while shopping for an automobile. Common online car buying scams These are the scams FTC (Federal Trade Commission) offers guidelines for online car sales. However, there are a few common scams to look out for when . Identity theft Scammers are not only looking to scam the victim out of their funds, but also to gather your personal information. They’ll ask for details such as the details of your Social Security number, birthdate or bank account numbers. Never share any personal information with potential sellers aside from your name and phone number. If you apply for , ensure that it is licensed, legitimate and has a good reputation. If not, it’s preferential to make an application outside of the dealership -or go to a location where to verify whether the vendor is above board. False advertisements When seeking an auction You may come across advertisements that don’t list the VIN, or vehicle identification number. If you are not able to verify the authenticity of the vehicle is actually present — that is, you can see it in person and be sure it’s VIN is correct Don’t pay. It’s not uncommon for scammers to show vehicles in ads without having the vehicle. And even if the vehicle is present, ensure that it’s not reported as stolen and it has a clean history report. The Curbstoning scam occurs when a dealer pretends to be a private seller in order to sell a vehicle that doesn’t comply with the normal regulations of dealers — meaning it has a salvaged title or has been damaged in any way. A salvaged title will cause major headaches when it concerns insuring the vehicle. You can avoid this scam by staying clear from cars that are sold online on vacant lots, on the side of the road or even at the seller’s home. And as with every private auction, ensure you check the seller’s identity and VIN are authentic before you agree to buy. If you are buying a car sight-unseen, never agree to purchase a vehicle without seeing it. Not only is it best to take the car you are considering to a test drive , but buying sight unseen can mean the car might not be as pictured or worse — not exist at all. If the seller is quick to sell you the car or entices you to make a speedy deal before you have a chance to inspect the vehicle in person, it’s likely a fraud. Request for wire transfer or gift cards If the prospective seller asks for an electronic transfer to make the car payment, do not accept it. This is a common technique used by scammers to take your money with no guarantee of a vehicle. Wired money is not traceable and is very difficult to retrieve. It means that you could end up with no car and no potential refund. Similar to scammers that want to make payments via wire transfer, some sellers will request gift cards to pay. Beware, and walk away. Gift cards are not traceable and means that the seller is likely attempting to scam you. Title washing washing is a strategy to hide damage from an accident, or any other problems with the vehicle’s history. Even if you must pay for it yourself, always get a vehicle history report on the VIN. It’s not guaranteed to reveal everything the vehicle has been through but it can help you avoid falling prey to a fraudster seeking to sell a risky vehicle. Fake escrow account Although this scam can go both ways, it is important to be aware of the use of an escrow account that is fake when buying a car online. Using an escrow account is an authentic method of keeping both parties safe from scams. However, fraudsters may make use of an escrow account that is fake to trick you into transferring money directly into the seller’s account. When it’s time to pick up the vehicle and to transfer the title the seller is no longer in contact with you — and you are left with no way to retrieve your money. Are online car purchases an excellent idea? If you go through an authorized service, buying a car online can be exactly as secure as buying from a dealership. Even if you use a private seller, do not let the chance of a scam happening deter you from buying. If you are a savvy buyer You’ll have a lower chance of be fooled and will be more likely to walk away content with your purchase. Benefits of buying a car online If you know what scams to look out for and look up a reliable source, buying a car online is a good idea for many reasons. First, it helps save time. It isn’t necessary to go to several dealerships and have to deal with physically searching inventory on numerous occasions. Buying online means unlimited shopping opportunities. Because you don’t have to limit yourself to what you can find in a store, you may be able to find a more precise match for your needs. No sales pressure — at the end of the day, you’ll be scrolling through websites on your computer or phone, not subjecting yourself to professional salespeople. If you choose to go with a brand similar to Carvana or Vroom and you’ll be able to access to national delivery. There might be a small charge, but if find the right car, it may be worth the cost. There are some disadvantages to buying cars online. Apart from the fraud, there are a few reasons people still choose traditional dealers. Big online dealers don’t mean that there is no bargaining. It is possible to deal with private sellers but you’ll be at risk of getting victimized by fraud. Some lenders will not provide financing for a private sale when you are looking online. If they do, you may find that the rates are higher than with an used or new car loan. You might not be able to do an in-person inspection until after you talk to the seller or arrange for the car to be delivered. It could be even harder for a mechanic to check it when you shop on the internet. What should you do if you’ve been scammed If you suspect you have fallen victim to an online scam There are some steps you should do. File a complaint directly with the fraud center. Contact your state attorney general. File with the FBI’s . Inform the FBI of the . It might take a long time or be impossible obtain your refund if you transferred it via wire transfer or exchanged gift cards. However, keep track of your bank activity when you have entered any data on an illegitimate website. If you notice any activities, notify your bank about the fraud and change any usernames or passwords connected to the account. The bottom line If a car deal sounds too appealing to be true, it probably is. Buying a car online can be a perfectly safe way to purchase a second-hand car. But you need to keep an eye out for typical scams and rely on your gut. If something seems off then it’s probably. At time’s end, there are plenty of used vehicles on the market. You can always walk away from a sale and look for a more legitimate seller on reliable websites or just opt for an used car dealer. Learn more

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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase the car they want.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are enthusiastic about helping readers gain confidence to manage their finances by providing precise, well-researched and well-written data that cuts otherwise complicated topics into bite-sized pieces.

Auto loans editor

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