Beware This Classic Car Investment Risk
Author: Jason / Date: August 9, 2022 / Tags: classic cars
(RareCarMarket.com) – Many people worldwide enjoy classic cars, with some collecting as many as possible. The internet has made it easier for people to find the vehicle of their dreams. However, the web has also made it easier for people to scam others out of thousands of dollars. One of these schemes involves classic cars. Here’s how to identify and avoid it.
Scammers are using the auto transport industry to rob people in this particular case of fraud. Car sellers use the internet to sell their car to someone, while buyers use the resource to find and purchase their ideal vehicles. Now, these two groups of people are often not in the same area, meaning someone will need to pay shipping costs to have the car transported in most cases. That’s where scammers come in.
These criminals pose as legitimate transport companies by copying an actual shipping company’s website. The frauds use a number of scams to get what they want, like the bait and switch, the up-sell, fake buyer, and fake seller, each with their own method of targeting specific people. Swindlers are professionals at fooling people, and it’s easier to fall prey than most people think. Still, ways to determine if something isn’t quite right do exist.
One red flag should go up when an alleged transport company refuses to provide a physical address. Legitimate companies never have any issue providing the information. Another major red flag is a transport provider that asks for a down payment. Legitimate companies don’t ask for money until they complete the job.
Never sign a contract or documents you haven’t had an opportunity to read and review. Additionally, legitimate car transporters never ask for sensitive information like a social security number or credit card information; if they do, it’s a scam.
People can avoid these scams by using direct carriers, brokers, and auto transport management companies. It’s also a good idea to vet service providers by checking reviews, verifying their insurance and licenses, and checking with the Better Business Bureau before deciding to go with a company. Confirm what payment methods they accept; if they only accept payment through MoneyGram or Western Union, they’re likely fraudulent.
Consider following these tips when dealing with transport companies to avoid scams, and save thousands of dollars — not to mention a truckload of stress.
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