Large Checks for Your Used Car

Many people are looking to get rid of their old cars in hopes of finding a shiny, new more fuel efficient model. However, those not careful could be targeted by scammers using a typical scam to incur large payoffs.

The scam unfolds as a pleasant business exchange between two honest people both hoping to benefit. Yet, when the person selling the car (often in terrible shape or several years old) receives a correspondence from an interested party, the scam begins. The person offering to buy the car will often claim to be from another country or representing a client in another country. Therefore, there will be no need to look over the car or ask any questions regarding the exchange. Often times, the person selling will not question the person’s choice not to look the car over in order to get rid of it with no obligation.

Next, the scammer will offer to send a check in the amount for the vehicle after making plans to have the car picked up by a friend or associate. The check will inevitably come in a larger amount than agreed upon, which the buyer will have some kind of excuse for. For instance, they may say that it was a mistake on their part. The buyer will then have you deposit the check in your bank and send the balance to them as soon as possible.

The scam works because the check will be discovered as fake by your bank after you have already paid the large balance out to the so-called buyer. Then, there are either balances to be paid back to the bank for the large checks you wrote to the fake customer or you are just out the amount they claimed to overwrite the check for. If someone seems unavailable to meet in person or sends a check for an extra amount, wait until the check clears at your bank or don’t mess with it at all. You will still have the car in the end, but you’ll also lose a whole lot of cash.

Read more about how people get scammed by used cars.