Fraud Awareness Tips for Used Car Buyers and Sellers
If You Are a Buyer
Inspecting the car
Inspecting the car in the day light is important. Do look for signs of damage and also do take along a friend who has good knowledge about cars and knows how to inspect them. Do take a test drive too.
Checking the documents of the car
Do check the documents of the car well. Ask from the seller the registration papers, insurance papers. Also do verify the basic details of the car and do a good evaluation of the car then online.
Meeting the seller
There are many sellers who are fraud. So meeting them is very important. There are many a times when there are minor faults in the car but when the seller points it out to the buyer the buyer still purchases it knowing that the seller is honest. One should try and understand the seller and stay away from fraud sellers.
Knowing when to transfer the money
You should transfer money only when you have met the seller personally and he has transferred all the papers to you. One should now pay any money for taking a look at the car.
IF you are a Seller
Meeting the buyer
A meet with the buyer is very important. There are many fraud buyers who likes to communicate via phone calls and emails but does not turn up. Do not sell your vehicle to such buyers as they are the ones who are considered mostly to be fraud. If after meeting also you do not like the buyer then do not sell your vehicle to that buyer.
Knowing how to deal with the money
After negotiating about the price, then comes how the buyer will pay the amount. The buyer can provide a cheque or transfer directly via banks. After the money has been sent then do transfer the documents. Suppose if the sale price is Rs 5,30,000 and the buyer gives Rs 5,50,000 and then asks to return the extra Rs 20,000 do not sell to such buyers as there are high chances of from the buyers side to create more problems.
When to transfer the name
One should not hand over the original documents of the vehicle until and unless the payment has been done. When the buyer is collecting the car the seller should also prepare a document which states that the seller has taken possession of the vehicle and now the vehicle’s responsibility is of the buyer from then onward.
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