There were almost 105,000 reported cases of auto-related fraud in the U.S. in 2018 alone. That makes auto fraud the fourth most common money-scamming trend, closely following banks and credit bureaus but doubling the amount of credit card scams annually. So many people want to believe in the perfect deal that just fell into their lap that they quickly brush aside common sense or ignore red flags in pursuit of selling their junk cars for cash. Fortunately, there is a simple way to get cash on the spot for your junk car every time. But you’ll first need to be aware of the following scams to avoid.
The Tow and Trap
Many junkyards and recycling centers offer tow-away services. The tow should be part of the deal and neither eat into the price quote for the vehicle nor include hidden fees upon arrival. However, some private buyers or shady dealers will do one or both. If the quoted offer is significantly less than the original quote or if the tow truck driver insists on extra fees, you’re looking at a scammer. Ask questions upfront and make sure you get the names of the people who provide the answers. Selling your junk cars for cash should never be an ordeal.
Freebies, Incentives, and Other Worthless Lures
Be leery of non-cash extras, incentives, or freebies offered to get you to sell your vehicle to any company. While coupons or cheap household or car-related goods may seem like a fun deal, the cash value on either is usually very minimal. Moreover, those incentives more often than not eat into the deal and significantly lower what you’ll actually receive for your vehicle. Keep your eyes on the prize and only accept cash on the spot for your junk car.
No Title, No Problem
Phony or dishonest junkyard dealers will offer to handle the paperwork and insist all they need is the car. Of course, expect to get a hefty bill a couple months later for using their facilities as “car storage”. Selling junk cars for cash to a reputable junkyard or recycler is easy, but there are a few requirements on the car owner’s end. The main legal requirements involve obtaining the title and canceling the registration in the car owner’s name. The tow truck driver or junkyard professional will happily give you cash on the spot for your junk car as soon as you hand over the title. Also, be sure to remove the plates and cancel your vehicle insurance before making the transfer or you’ll be responsible for monthly premiums on a car you no longer own.
Some shady dealers just want to get you on the lot so they can scam you out of your junk car on the spot. They may do this by offering far more than your car’s worth and then suddenly find all sorts of problems with your vehicle. Eventually, they’ll insist it’s worth far less than the original estimate. Your upfront estimate is dependent on the condition of your vehicle matching your description. However, if that estimate is significantly off, don’t settle and sell just because they’re pressuring you to do so. Call another reputable dealer and make the profit you deserve.
The Check’s in the Mail
Always know prior to the trade-off precisely how and when you’ll be paid. Many junkyards or car dealers pay by check, but those can easily bounce. Cash is the safest and most secure method of payment. Never trust an app payment, installment option, or sign anything that accepts a mailed payment unless you really want to just hand over your car for free. When you’re ready to get cash on the spot for your junk car, give us a call and we’ll handle it from there.