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The Facts
Today, buyers and sellers must keep their guard up more than
ever.
The undertaking of liquidating or locating a well-documented vehicle can
lead to what has become a litigation epidemic and an ethical nightmare for honest buyers and sellers.
Here are a few things to consider:
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Identity theft has increased to the point
that major insurers are now selling identity theft policies! The Miami
Herald has stated this problem has overwhelmed local and global authorities
who already face an overload of legal issues. Even worse, over 35 percent of
cases go unreported, less than 60 percent are settled to satisfaction and
the media only report on the major loss stories.
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Fraud from in-person and on-line
transactions that involve fake inventory, fake money (and bank cashiers
checks) and no-show buyers have increased 70% in 2005 alone.
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Physical theft of vehicles
from private
residences and business locations by "buyers" and
"sellers" are up 30% in 2005.
The largest on-line commerce web site content (listings) are stolen every
day by professional thieves who work from obscure places overseas making it
nearly impossible to track let alone prosecute! Some are so brazen
they bid, win and walk away or actually pretend to sell the vehicle from a
stolen listing. Every day, reputable buyers and sellers get stung. Caveat Emptor!
Tips for today's buyers and sellers
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Insist on pre-screening. Simply ask to talk
to the seller's or buyer's banker. If they do not have a checking account or
will not provide you with their bank's branch info, be wary!
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If you do talk to the buyer's or seller's bank, tell them you are about to
engage in a motor vehicle transaction. Be direct and to
the point. Will the banker confirm the identity and provide a recommendation
of doing business with this person or business? If not, question why? You
are not after credit information, you are just trying to confirm the
person you are about to do business with is a customer in
good-standing with their bank.
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If someone wants to see your vehicle, DO NOT give your phone number. Get
their phone number and address. Why? It only takes a few minutes to trace
your phone number to your home and from there, they can obtain detailed
directions. They may be honest but what if they are not? You and your family
could become easy targets for theft or worse.
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Don't be in a rush to sell or buy anything. Often, would be buyers or
sellers try to make you rush into decisions that are often regretted later.
People who rush you are often the ones that will beat you on price or don't
have anything "real" to sell!
Stay tuned for more tips as we will keep updating this page. Please feel
free to share your opinions and/or experiences.
The staff at AutoArchives
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