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If you are planning on shopping for a new or used vehicle via online auction, it would make sense to acquaint yourself with the top 10 ways to avoid online scams. Of course, not all online auction websites like Yahoo Auctions and Ebay will lead you into a financial quagmire if you try to buy a car at auction. These retailers have security protocols in place to protect consumers from fraud, but no means of online fraud protection is impregnable. To best protect yourself, you should use common techniques like these. Then all you’ll have to concern yourself with is what auto loan or other finance option you’ll use.

At an auction, these are ten ways to avoid online scams

Special thanks to those at Edmunds for bringing these top 10 ways to avoid online scams to light. Here are the highlights you should know:

1. Online there aren’t magic deals. Online auto auctions certainly will present their share of good deals, but it’s important not to let it go to your head. If a brand new BMW auction scrams a steal at for $ 10,000, you should understand that it probably is a steal: the auctioneer wants to steal your money and either not deliver or perform a bait and switch.
2. You should call the seller. Ask if you can inspect the car before finalizing the purchase. You’ll also want to ask whether they have a clean title in their possession.
3. Paying escrow, is it licensed? Do what you need to do to feel comfortable including talking to a representative of the escrow company and checking the website. Don’t just settle for some link.
4. Do not give any sensitive financial or personal data (Social security number, bank account info, credit card number, etc.) until you’re certain the escrow company is trustworthy.
5. If the seller insists on one escrow company, beware. They might be trying to exploit you.
6. Send in e-mail your escrow question. Don’t buy if there is no response.
7. Look very closely at the escrow website. You can take sloppy grammar as a red flag. Also, you might want to use a duplicate content sniffer like Article Checker to see whether their content is simply copied from a legitimate escrow website.
8. You should be sending money to a company, not an individual. There is probably something wrong if you are feeling pressured to sign up for an escrow account or are being asked to Western Union money right away.
9. Verify endorsements on the escrow. Whether it’s the Better Business Bureau or something even something like the Internet Fraud Complaint Center, if the escrow’s website makes any kind of endorsement claim, follow up.
10. Don’t use online escrow websites listed as .org, .biz, .cc, .info or .us.

Online auction safety

When using sites such as eBay or Yahoo, use their resources for education and assistance if you’ve been scammed. It is always recommended by Car Deal Expert that consumers due diligence before transacting online, whether in the market for a BMW or an auto loan.

Resources

top 10 ways to avoid online scams

http://www.edmunds.com/advice/buying/articles/115910/article.html

Article Checker

http://www.articlechecker.com/

Tags: auto loan, buying a car online, online auction, top 10 ways to avoid online scams

This entry was posted on Saturday, May 15th, 2010 at 10:13 am and is filed under CNN Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.