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As most of us know, used-vehicle or equipment buying is a business wrought with scams. Well, used-vehicle/equipment sellers need to be aware of potential scams, as well. Here are some of the most common ones:
Certified Check Scams - This scam is often perpetrated on sellers of used vehicles or equipment over the Internet. A buyer indicates that he wants to buy the vehicle for example and pay with a cashier's check. At the last minute, the buyer creates a reason why he needs to write the check for more money and have the seller wire him the difference. The check turns out to be a fake, but it is often discovered long after the seller has wired the money. In addition, the seller is responsible for covering the money for the fake check. To avoid check scams, call the issuing bank before you accept the check and wait for the check to clear before you transfer the vehicle or equipment into the buyer's name.
Bogus Escrow Services - Online sellers often use escrow services, which collect and verify payment from a buyer. The money is held by the service until all parties are satisfied with the sale. There have been some instances of phony escrow services operating on the Internet. Make sure you check out an escrow service.
Research the buyer and check buyer buying history.
If your buyer is legit — and reasonable — the sale will flow smoothly. How can you check out a potential buyer without tapping FBI databases? First, speak with the buyer on the phone. Many scammers hide behind bogus email accounts that provide no information about their whereabouts. Ask buyers to give you their phone number and set up a time to chat; the swindlers will quickly disappear.
Exchanging text messages about buying a used vehicle or equipment is normal these days, but push for a quick phone chat. As you talk with the potential buyer, pay attention to your intuition. If the buyer makes any unusual requests or if anything makes you uncomfortable, just wait for another buyer.Before agreeing to meet, tell the prospective buyer you accept only cash. If the buyer insists on paying with a cashier’s check, arrange to meet at the bank and watch as a teller handles the payment request. Don’t be overeager. Many scams work because of “the victim’s own eagerness to close a deal they think is sweet,”. So remember that real buyers will have questions about the vehicle/equipment you selling and will probably want to dicker. If you’re selling your vehicle/equipment to someone out of the area, expect that person to arrange with a mobile service to inspect the vehicle or equipment he/she is buying. We recommends that you, the seller, choose the meeting place. “You can take a lot of variables out of the equation by insisting on ground rules like that. If you feel vulnerable and you’re not an automotive expert, bring a friend who is.”
Meet in safe zone.If no safe zone is available, meet in a well-lit public place with plenty of people around. Also, if you have any suspicions, ask to see the buyer’s driver’s license before letting him or her drive your vehicles or other equipment. Avoid buyers with too many stories. Many scams begin with pleas for help or unusual requests such as to ship a vehicle /equipment out of the country. In some cases, scammers pose as members of the military to gain sympathy and elicit feelings of patriotism. Avoid all such requests. Please remember to slow down, ask questions and don’t become emotionally involved in the sale.”
The best way to avoid most scams is to make sure you never transfer ownership of your vehicle/equipment until you have the cash or other legit or verfied payment in your hand or your account . That means, you either get cash from the buyer or wait for the cashier's check to clear. Avoid taking personal checks and allowing buyers to pay the vehicle/equipment off over time. Never ship the vehicle before the money has been received.
If you feel that you have been taken advantage of, there are several things you can do. First, you can contact your local police department and file a report. Then, contact the consumer protection division of your state's Attorney General office. If you have been a victim of Internet fraud, you can contact the FBI's Internet Fraud Complaint Center or the National Fraud Information Center.
As the seller of the vehicle or equipment most states do not require you to offer a warranty on them. Thus, if the vehicle or equipment you sold breaks after you have sold it, you are no longer responsible. To avoid problems, make sure the vehicle/equipment has been inspected by a mechanic prior sale. If you are open about the condition of the vehicle or equipment , you can feel confident that you have done everything you can do to be a successful seller.
Selling a vehicle or equipment should be a good experience for both buyer and seller. In the ideal situation, everyone gets what they want: The buyer gets a new vehicle/equipment and the seller gets an acceptable amount of money. Making sure you know your market, get the word out with a good advertisement, negotiate for your best price, finalize the sale and know what you can do if things don't go well should make selling a positive and uncomplicated experience.