You have been thinking of selling your car for months now, maybe to get a new one or just to let go of some liabilities. And today, you have finally decided on doing it.
Do not believe the myth that the car selling process is a smooth transaction because it is not. As a seller, you are putting your vulnerable self to the world of endless meet-ups, as well as several personal messages inquiring about the car and all. So be sure that you are prepared to face all of these.
Another thing you will be susceptible to is bogus buyers. And to make it easier for you somehow, we’ve listed down six red flags that you need to be aware of:
When they want to buy your car without checking it
As a consumer, you would never purchase merchandise which you have never reviewed nor seen at least for the first time, right? May it be simple things such as clothes, shoes or the like up to the big spend merchandises like gadgets and whatnot.
The same goes for buying a car. In fact, Cash My Car – Cash for Cars Auckland, they suggest that you think about it as a big splurge. If a buyer is ready to pay you in cold cash without carefully inspecting the vehicle, take it as a red flag.
When they pay you with checks or money orders
Getting cash from the buyer is always the best option. It is not about being greedy or something. It is about protecting your interests as you let go of that hard-worked asset of yours.
It is so easy to fake checks or money orders with today’s technology. The last thing you would want to happen is to completely transfer the car’s ownership to that stranger and then not get any payment at all.
Once you’ve signed all the papers, the car will no longer be yours. Whether you got the cash or not, you will no longer have the right to it. And that is something you would not want to happen.
When they want to meet alone with you
Never do the meet-up on your own. Always bring someone with you who will serve as a witness or maybe an alibi if something bad happens.
Not to sound pessimistic, but again it is all about protecting your own interest.
Remember that you are meeting up with a stranger and anything can happen. Not unless a friend or a relative is the prospective buyer.
When they try to pay online
Online scams and fraudsters are getting worse from time to time. So make sure you don’t become a victim of one by refusing to receive the payment online. Anything can happen in the virtual world, so never put your full trust in it.
If a person is buying the car in good faith, they will never mind going with you to the bank and do the transaction there. Surely, as a buyer, they would also want to protect themselves.
When they used an unknown escrow service
An escrow account is where funds are securely held for a period of time, while two parties complete a transaction. But having said that, there are also a lot of sketchy escrow services that are available online.
So when a buyer advises you about it, make sure you do your research first if the service is legitimate or not. Also, you can always say no to it.
Be honest and just say you’d prefer to do the payment transaction between the two of you.
When they ask for your personal information
If there are things that should not be provided while doing a transaction with a prospective buyer, that will be your personal information.
When you place an advert about selling your car, the only things buyers would be interested in are the car’s specifications. You have provided them your name already, they should be ok with that until they meet you in person.
After signing the deal, details like bank account information or your credit card number should never be given out. If you are transacting through the bank do it while within the premises of the bank. Never agree to a wire transfer even if promised that funds will be available in three days or less.
Never provide your complete address either. Meet up somewhere else if need be and, again, make sure to have someone with you.
Selling your car, especially if it is your first time, doesn’t have to be a nightmare. Just make sure that you are always on top of every deal that you will do.
You, as the seller, should steer the direction of all the transactions. Be in control, and always be mindful of who you’re negotiating until you find that right buyer for you.
Remember that you have worked hard to buy this car before. You’ve cared for it while it was in your possession. For sure, the next owner you will be looking for is someone who can give the same importance to the asset. Regardless if you have used it for years or just months.