Autotrader: Watch out for these common scams if you’re selling your car

by | Aug 9, 2023 | Stock Market

Quick facts about common scams when selling a used car  
Fake cashier’s checks are becoming more common. Before you accept one, call the issuing bank to verify the check.

Indeed, most people writing personal checks aren’t scammers, but we recommend not accepting one from a car buyer in most cases.

Don’t fall for the shipping scam, where a buyer sends you more money than the car is worth for supposed shipping.

Selling your car can be stressful. To lessen the stress, we’ve listed a few scams you may run across when trying to sell your car yourself. If you’re aware of these common scams, you’ll be able to spot and avoid them and devote your attention instead to selling your vehicle. Related: How to sell your car when the lender holds the title

Fake cashier’s checks With improving technology, fake cashier’s checks are becoming more common. Even experts have trouble spotting such checks. Our suggestion: Call the bank identified on the check to confirm its authenticity before handing over your car’s title and paperwork. And don’t call the number on the check since that could be part of the scam. Instead, search online for the bank’s phone number and call to verify the check. Cashing the check at the issuing bank is also advisable to ensure funds become available immediately. Read: How to negotiate with car dealers to get the car you want at the best pricePersonal checks Very few people write checks anymore. …

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