The following are some common signs that the car you want to buy may be involved in auto fraud and the price is too good to be true; the seller is in a hurry to close the sale.
You notice discrepancies in the car’s condition, such as different colored panels or worn-out seats that do not match the mileage; the seller does not have a clear title or is reluctant to provide it. The VIN number is not matching or has been removed or tampered with.
Knowing Your Rights As A Consumer
Before buying a car according to Nathan DeLadurantey, it is essential to know your rights as a consumer and in the US, the Federal Trade Commission has laws to protect consumers from auto fraud. These laws protect buyers from unfair, deceptive, or abusive car sales practices as well as you can file a complaint with the FTC if you become a victim of auto fraud.
How to Protect Yourself from AutoFraud
The following are some tips to help you protect yourself from auto fraud when buying a car:
● Research the vehicle history by running a CARFAX report and this report will help you identify any past accidents, repairs, or other issues
● Have the car inspected by a mechanic you trust before buying it
● Never wire money or pay cash before receiving the car
● Read the fine print and understand the terms of the financing agreement before signing
● Verify the documents and the VIN number
What To Do If You Become A Victim Of AutoFraud
If you become a victim of auto fraud, the following are some steps you can take to minimize your losses:
● Contact the police and file a report
● Contact the DMV and check the vehicle’s title status
● Notify your bank immediately if you gave the seller your bank details
● call a lawyer and understand your legal options
Buying a car is a significant investment and therefore your safety must come first plus the above tips will help Nathan DeLadurantey you avoid becoming a victim of auto fraud when purchasing a car.
If you do become a victim, it’s crucial to report the fraud immediately and start the recovery process and remember, an ounce of prevention is better than a pound of cure.