Business View Caribbean - July 2015 9
unusual requests from the seller.”
Autotrader’s editorial team offers the following tips
to help shoppers avoid being scammed:
Don’t Put Down a Deposit.
A popular scam involves
a seller requesting money via a wire transfer to “hold”
the car or release it from a foreign country. Oftentimes
the seller will vanish after the money is transferred, so
shoppers should not put down a deposit unless they
know the seller personally or they are buying the car
from a reputable, highly-rated dealership.
Watch for Title-Washing.
Title washing occurs when
a seller forges the car’s title or uses a stolen or blank
title to cover up the vehicle’s history. This may happen
if the insurance company has declared the car a total
loss, such as in the event of extreme flood damage or
severe accident damage. Shoppers should always run
a vehicle history report, since title washing does not
wipe out the computer records that result from a police
report, an auto auction sale or an insurance payout.
Check for Damage.
Getting a vehicle history report is
a great first step, but buyers should always have the
car checked by a trusted mechanic, as bodywork or
paintwork may be omitted from the report – especially
if a previous owner paid for those repairs without filing
an insurance claim. The report is simply an initial read-
ing to be verified by a full inspection.
Verify the Odometer Reading.
While less common
than title washing, odometer fraud is still prevalent,
as tampering on digital odometers may be difficult to
detect. Check the mileage against the vehicle history
report and steer clear if there is a large discrepancy.
Check for Theft.
While it may seem like a no-brainer,
you should always run the car’s vehicle identification
number (VIN) through the National Insurance Crime
Bureau’s VINCheck™ database before you sign the pa-
pers, as thieves may have a title reissued for a car that
does not belong to them.
