Victim of Auto Loan Financing Scams
This is a subject that should be given new seriousness because of its menace in recent years. There are a lot of websites like who won’t offer any help than to fritter away our information, and in case such details are personal, it can damage us a lot.
This can be easily detected through two fast ways that will lay bare the means to know whether your online guest is legitimate.
Firstly, the person should carry an identifiable business name which can be easily be looked up for validation.
Secondly, the app is used to access the website can also show the legitimacy of such person(s). If the app is secured, it means you are safe.
However, there are a lot of online auto financing scams in which internet financing scam is a big part of. Here are some ways one can stay safe from being scammed online:
Poor Credit Car Finance Scam: How It Works:
One of the greatest car loans scams in the world is bad credit or poor credit finance. It works in a way that is so difficult to fathom.
Imagine you are about to purchase a vehicle and you need a loan for this. In the process of doing extensive research on the auto loans and car financing options, you bump into a pile of ads making promises that suit your needs. They are around us. Even in a situation, you have a very nice credit score; the auto financing proposals are endless, which open the door for these rogues to take advantage of clients like you.
Fast car loan refinancing:
You might end up being a victim of this by falling for slogans like,“ bad credit car loans” or “your best auto refinance way is here!” You will be tempted to ask, how does this work?
The fast auto loans upfront fee will be asked from the purchaser before they can process the loan. By so doing, the buyer will be assured a fast loan, with no pain or hiccups.
Normally, requesting for payment up front should give you a headway that something is wrong somewhere because this is not asked for by legitimate companies whether offline or online.
This type of scam arrangement makes folks with bad credit score believe that they don’t stand a chance with a trustworthy dealer or lender. They make use of guarantee tactics, aggressive convincing and other options to hook victims into their waiting net. Additionally, their auto loan interest rate is always very outrageous, and they commonly tack all forms of hidden fees for their personal use.
High-Ball Offer over the Phone
In a situation you put a call through to a dealer to check what they can offer you; normally they will give you an attractive and captivating offer.
When you visit them in person, that’s when they change their words and renege on their offer. Their aim since the inception of the meeting was just to get you down to their office where they normally charge you enormously.
In a situation like this, it is advisable to step out and contact several other dealers and have them inspect the car physically. Any deal you get from a dealer without seeing one another or the vehicle is a heist.
As a result of the bewildering nature of renting, some dealers will change their contact details in a way to extort money from you.
You should try to have a very good understanding of how the auto loan processes are done and the different terms and tips that can be used to avoid being scammed.
Never send your money to a stranger.
One of the oldest scams is the story of a prince from a wealthy Nigerian home whose family died leaving him fortunes. Because of the issue of being from a royal background in a foreign country, he needs help in transferring the millions from a US account. In return for this help, the helper will be rewarded with hundreds of thousands of dollars and all you have to do wire the nitwit $5000.
Despite being one of the oldest and most known scams in history, a lot of people still fall a victim of this rip-off every day. No matter the situation, whether the mail is from a family member who is struggling or a total stranger who needs help, never wire money to any stranger. Once this money is wired, it is always tough and tedious to get it back.
Don’t give out personal or financial information:
In your interest, it is advisable never to let out sensitive information of any form to any person or entity you don’t know, be it via text, email or phone. Scammers have made it a habit of sending emails or even calling, framing up a story about how they work for a retail shop, bank or government parastatal. They may give you a story about how your account has been hacked or needs to be up to date. Never contact them; they are always out to trick you into disclosing your personal and financial information like social security number, credit card details or other delicate details.
This common scam is referred to as phishing. Always remember your financial institution or credit card company will never ask for your personal information. If you receive spam emails like this that some people are bothered about the state of your account, place a call directly to the bank or credit card company and ask for details and status of your account to verify.
If you receive an email from someone or company you don’t know requesting you to click on a link or open a mystery attachment and also asking for your financial information, get the rid of the email instantly. Even if you think the email is probably from your credit card firm or bank, it’s still likely to be farming. It is advisable to ignore all messages that make these types of obnoxious request.
Make use of unique and hard to guess passwords:
These days, passwords made up of only numbers and words only are very easy to guess. Hackers will quickly have a free day with these kinds of passwords. It is advisable to create a unique password made up of at least eight characters consisting of upper, lower cases letters, numbers, and special characters. You are also advised to change passwords for every site you visit.
If you don’t alternate your passwords from time to time, access may be gotten into your account, and a lot of frauds can be perpetuated. Your emails may even be sued for false things.
It’s not always easy to memorize different passwords for different sites. This is why we have password app and programs like LastPass or RoboForm that can help with this. They help define and keep strong and unique passwords until the need arises.
Never give out your Social Security number:
If you visit a website or blog that requests for your social security number, never release it. It’s a scam. Legitimate entities don’t ask for this kind of complicated details.
Install spyware and antivirus protection:
Install firewall, spyware, and antivirus to protect your information. After installation, make sure to turn on the automatic update to always keep the software on at all times.
Don’t shop with unfamiliar online retailers:
A lot of us to prefer online shopping nowadays. It is advisable to purchase from a familiar retailer. Do some quick research to ensure the business is legit and safe.
Before you enter your financial details to make a payment, check the privacy rules. Make sure the website makes use of encryption to protect your details. The encryption is always represented by a lock on the left of the web address. When you see this, it means your details are safe against hackers.
Never download software from pop-up windows:
Anytime you are online, be careful of pop-up windows that shows and says your computer is not safe to use. Some of these windows damage the operating system and open it to harm by malware.
Only make online donations to known charities:
Feel like helping out a charity which has sent an email seeking for help? It is advisable to do your research thoroughly before making use of your credit card. We have recently seen how scammers open different proxy charities to defraud unsuspecting helpers and also steal their financial details.
Take help from experts:
You should always seek help and advice from experts about the different ways of internet financing scams and ways not to fall victim. You may ask the security of some particular websites you plan on visiting, whether the owner of such site is legitimate. Also ask them to verify the authenticity of an email, which information you should and not disclose online etc.
Lack of personal details:
One of the easiest ways to identify a scammer is through the details. They will send you a message with incomplete information about you. This is mostly because they don’t have access to your personal information. They probably stole your email from a list of emails they bumped into or hacked.
In this modern age, auto loans and other financial scams and rip-offs are the order of the day both online and offline. With the tips outlined above, you can always outfox or outthink the most deceitful fraudster and defend yourself from severe financial harm.
You might think that it only happens to some set of people who are not as vigilant as you. The truth here is that anyone can be a victim of an auto loan or other internet financing scam. We are all busy every day with how to be more productive. We consistently get bombarded with overtures from scammers. It only takes one moment of absent of concentration, and you are in the trap.
Never Believe in Stories
A lot of people have made it a point of duty to stalk you to send money to their account in the premise of giving back free products or more money. Never believe in such tales, almost every one of them is a scammer. The best avenue for verifying a story is through decoding that the story is too simple to be true.
It is advisable never to negotiate the price of the proposed auto loan at a dealership office. It’s highly recommended to do this over the phone or online.
Seek help from others if you are not emotionally stable to face this. Talk about the situation with a family or friend, and look for the exact kind of story online. Don’t be surprised if there’s nothing of such; it’s the way they work.
Lotteries are not won over the internet. You can’t enjoy someone you have never seen or talk with or their properties. If you’re convinced by some stories and you believed them, the moment you are told to send your personal information, then it is a scam in the pipeline. Back out early and report to the appropriate quarters!
Never access your financial information from an unsecured network:
Whenever you access your social networking account from a public system, always check your browser’s lock sign. This is to ensure you are logged in correctly to the correct account. Do this first before entering your username and password.
There is software that can be used to record keystrokes when the app is run. When making use of public computers, never access your financial accounts. This software stores and saves usernames and passwords on hidden text files. The owner can download whenever they want to use it.
After everything that has been discussed, it is advisable to be extremely vigilant and careful!
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