You are ready to sell your car with plans to upgrade to a newer model.
After considering what your car dealer is willing to pay for your ride, you determine that you can do better by selling it to a private party.
Private party deals can net you hundreds of dollars more for your car.
They can also lead to a rip off with the following scams something that every seller should be made aware of.
Certified Checks The check presented by the buyer is bank certified, therefore it should be good.
Right? Well, not always.
It is easy to fake certification with buyers presenting a bounced check or fake money order to you instead.
Your bank may even cash a bad check, with you thinking that the deal is done.
However, a few days later the bank contacts you to explain that the check is bad, with the buyer and your car nowhere to be found.
Moreover, the bank is now slamming you with a bad check charge! Escrow Services Some buyers and sellers prefer to deal with an escrow service, an arrangement where funds are deposited for third-party safekeeping until the deal is completed.
Trouble is, not all escrow services are the same.
Be careful here: if the escrow service is unknown to you, then you could be conned.
Work only with an independent escrow provider, a company that can be trusted to transfer funds to your checking account when the transaction has been completed.
Wire Services Be careful about dealing with buyers that say that they do not have money on hand, but will transfer those funds to your checking account.
Wire transfer scams take many forms and can be visited upon a car seller unknowingly.
If you agree to have funds transferred to your account, ensure that these monies have cleared both banks before releasing the vehicle and its title to the buyer.
Work with your bank to ensure that the funds transferred are legitimate before completing this transaction.
Payment Arrangement Some buyers will talk sellers into making payments for a car.
This is a bad practice and one that should be avoided at all costs.
Under this arrangement, you may receive part of the money up front with promises of further payments.
Those payments never come and you have already transferred title to the new owner.
If the deal was in cash, it is your word against the other party's.
Your word, though true, may not hold up in court.
Wrapping Up Avoid becoming a crime statistic by carefully vetting the buyer of your car.
Scams happen, but typically when sellers agree to do something out of the ordinary.
Set your parameters for the sale i.
e.
, cash only, and stick with that.
You will get your car sold and know that the vehicle was paid for.