Fraud has penetrated every aspect of life, making transactions complex. This even includes the simple act of selling a car. Simple fraud prevention tips need to be in place to protect you and make the process operate smoothly. So, if you are looking to get a dream price for your ride, consider these fraud prevention tips as critical steps to take, for smooth sailing.
#1 Screening Callers In a Comprehensive Way
When you get emails, text messages and calls from parties who are interested. The first step you should take is interacting deeply with potential buyers. Before you schedule a test drive, check if the buyer is serious and has an honest reputation. Some of the best ways to do this is to conduct an online background check on the buyer. A discussion enables sellers to screen potential buyers by posting several questions. Ask queries such as what the needs are, is financing in place and is the intention to purchase the car recent or longstanding. Gauge how serious they are about the car and buying it. Fraud prevention is critical at this juncture. You need to steer clear of those who offer to buy cars without seeing them! Check with the buyers about payment mode, any financing you may be opting for and insurance coverage that may be involved. Don’t leave out checking the driver’s license of the buyer before your keys are turned in for a handsome price, only to discover the buyer’s check bounces, and he/she disappears with your car for free.
#2 How to Pick A Test Drive Venue
If the caller is legit, you still need to be cautious while picking a test drive venue. Choose a venue that is safe and meet up at the central location in a place near a relaxed driving route where traffic is less. Ideally, you should choose a public place for a test drive by the prospective buyer. The car needs to be parked in a densely populated area where you can be seen. After all, you don’t want some scammer running off with your car in a deserted place. Nor do you need a fraudster to threaten you in a secluded place and make off with your money and vehicle. The test drive should be brief and within a populated area. Before permitting the test drive, check the license. Always go with the potential buyer on the test drive. Do not let some unknown person drive off with your car, no matter how heavy the collateral is.
#3 Carry Out Transactions Using a Secure Payment Gateway
If a buyer is serious about purchasing your car, he or she will look to negotiate the price. This is when you step in and ensure the payment gateways are secure. Fraud prevention is a critical factor here. Meet the bank or credit union to assess the buyer’s capacity to pay before handing over the keys. Refuse requests that are out of the ordinary. Buyers should be making their financing arrangements on their own. The mode of payment should be secure to guard against default. Ensure that the form of payment is legit. You need to watch out for fraudulent checks. Be alert about fraudulent escrow services. These can be implying an affiliation or partnership with organizations that they are in no way associated with. Do not trust escrow services without any assurance or guarantee. Check if the escrow service is legit by checking with state regulatory authorities. If the other party insists on using an escrow service one is not sure about, refuse the transaction.
Fraud prevention is critical while selling your car, or you could end up being taken for a ride. Don’t let someone steamroller you into paying far less than you deserve, because if you are parting with a vehicle that is worth its tag, you should not settle for less. Preventing fraud is important for making a fair deal. Don’t let a car sale turn into an opportunity for a conman to rip you off. Fraud prevention lies in your hands.