Most people consider buying a car to be a major investment. Although the overall car shopping experience should be pleasurable, it can quickly become stressful for many people, especially if they are buying their first car or they are shopping online.
Used cars may be cheaper than new cars, but if you're not careful, they can cost you a lot of money. Online car purchases come with an increased element of risk.
A man lost 52 Lakhs while buying a car.
A Sector-10 resident was duped out of Rs 52 lakh by Vishakhapatnam residents, who sold him a mortgaged Mercedes.
Hemmat Jakhar told the police that he had met Punyamanthula Navya Radhakrishan, who sought to sell a Mercedes GLS 400 on the internet in August of last year.
Upon verification, he discovered that the vehicle had a loan outstanding against it. The bank had yet to issue a letter of approval, but Radhakrishan assured him the loan was cleared. In addition, he submitted a NOC to Jakhar, who discovered that it was a fake and the loan was still outstanding.
Jakhar confronted Radhakrishan, who promised to refund the money but failed to do so, which led the latter to file a police complaint.
Originally, Radhakrishan's father registered the vehicle. Following his death, the car was transferred to Chinta Shankar Rao, a relative.
What to do when buying a used car?
A number of marketplaces provide a rating system for sellers, which incorporates the reviews that customers have provided. The review may also include the seller's comments. If you carefully review these before engaging anyone, you will be able to weed out potentially unscrupulous dealers, since they will have a lower rating than the genuine sellers.
Paying through legitimate channels will help reduce your chances of being scammed. You can get some protection against fraud from some payment providers. Although not all payment providers are the same, you should consider that some are better than others.
An escrow service like Vouch that is audited and bonded eliminates fraud and protects your money. The reason for this is that, when there is an escrow transaction, you can specify the inspection period and include provisions that require an independent mechanic to inspect the vehicle. It is possible to return the vehicle if it does not pass inspection, at which time the funds will be returned to your bank account by your escrow provider.
Confidence for Vehicle Buyers
With a bonded escrow service, there is less chance of fraud in the car purchase processes. The terms of the sale can be defined to your exact specifications, as can the inspection period, and even a clause that allows you to have the vehicle inspected before you accept it. It is possible to return the car if it fails this inspection, and the escrow service will refund your money in full.
As the buyer, you can rest assured the car or vehicle is exactly what you paid for. In that case, you can ship it back to the seller and the escrow company will refund your money, right into your wallet.
Peace of Mind for Vehicle Sellers
Escrow receives the agreed-upon payment from the Buyer. As soon as the escrow provider verifies the funds, the escrow provider notifies the Seller to send the vehicle to the Buyer. Escrow service shields funds from fraudulent checks and money order scams, giving Sellers peace of mind.
For car sales transactions, a bonded escrow service decreases fraud. The inspection period and the sale conditions can be defined in advance. Buyers and sellers of used cars can benefit from these measures that are usually tailored to the process.
Digital Escrow Service In India
Digital escrow services are offered by many companies in India. Among the most trusted is Vouch.
Vouch’s Digital Escrow service is a transparent way for buyers and sellers to build trust and secure a clean transfer of product and payment. Sellers can feel assured that they will be fairly compensated promptly, and buyers will feel confident that their order will be delivered as expected and on schedule. As a seller, if you ever come across a fraudster asking for OTP, asking you to scan a QR code, or asking you to click on phishing links, you can simply say no and ask him/her to proceed with the transaction through Vouch.
Vouch Digital Escrow uses a non-interest-bearing escrow account for all transactions in India and keeps you updated and informed at every step of the transaction process till the end. Vouch’s professionals are always available to assist you with all queries that you may have during the entire transaction process. There is no scope for deceit or fraud since the payments, shipping, delivery, and execution are carried out under the honest and watchful eyes of the Vouch’s professionals. With Vouch, any business transaction becomes transparent, uncomplicated, and hassle-free.
Check back here to learn more about Escrow and how to protect yourself from fraud.
Safety is not just about protecting your credit, debit card number, and UPI accounts. It's about having control of your money till you've received the product or service you bought online!
Now that we have you up to date on online safety, let's get your transactions secure on Vouch. It's just a click away.