Fraud Awareness Tips
Common-Sense Advice for Sellers
Selling a car online is a lot like advertising through a classified
ad in the newspaper. When you sell your car using AutoSeekandSell.com,
use the same good judgment as you would if you were selling through
the newspaper classifieds. Whether you’re communicating with potential
buyers over the phone or via the Internet, the following tips can help
you protect yourself against fraud so you can sell with confidence.
Confirm contact information. Before you transfer the title and
turn over the keys, be sure you know how to contact the buyer if you
need to. Verify the buyer’s address and phone number—an email
address is not enough. And be particularly careful if the buyer is located
overseas.
Secure payment first. Don’t transfer the title until you
have the equivalent of cash at the agreed upon purchase price. If the
buyer pays by check, wait until the check clears before transferring
the title. Even if the buyer pays with a certified check, call the issuing
bank to confirm the check has cleared. Use caution if the buyer proposes
a complicated payment arrangement, such as a payment process that involves
multiple steps, receiving payment through a friend or agent of the actual
buyer or receiving a check for more than the purchase price and writing
the buyer a check for the difference.
Consider escrow services. For additional comfort, you may prefer
using a reliable escrow service. You can hold your car until an escrow
service verifies it has received payment from the buyer. Shop carefully
and choose an escrow service that is fully licensed and accredited.
Additionally, make sure you understand all terms of the escrow arrangement.
As in all consumer transactions, there is no substitute for a healthy
skepticism and your own good judgment. Remember, if a deal seems "too
good to be true," it probably is.
View our tips for buyers
Additional Resources:
Recently Reported Online Classifeds Fraud Scam
http://www.ftc.gov/bcp/conline/edcams/automobiles/index.html
http://www.ftc.gov/bcp/conline/pubs/online/auctions.htm#Online%20Escrow%20Services
http://www.fdic.gov/consumers/consumer/news/cnspr03/index.html
http://www.fdic.gov/news/news/SpecialAlert
