We don’t have many scams get past our eagle-eyed members, but recently we have had some that have bitten some of our newer recruits to the profession.
Motor traders have been in business ever since there were motors to sell, but the industry is ever changing, and we are here to give advice to both the long-established and those new to the trade.
A couple of members have recently fallen foul of customers scamming them over the vehicle they part-exchanged.
One customer produced a fake letter from the finance company advising that the settlement figure was much less than the actual figure, so the difference was credited to the customer. However, when it came to paying off the finance on the vehicle, the dealer transferred what they thought was the settlement figure only to find out the consumer still owed thousands.
The second scenario involved the customer advising that they would sort out the finance and as they were downsizing cars, the trader paid the customer the overspend. But, of course, the customer never did pay the finance.
In both cases, the traders could not sell the part-exchange car and they were severely out of pocket.
Our advice is always contact the finance company by telephone to check any outstanding figure, and to be safe, ask them to confirm it in writing to avoid any unpleasant surprises.
We’re here to ensure all used car dealerships deliver a better car finance experience for their customers. With over 4,000 approved dealer partners we ensure you are properly supported and connected with a range of flexible finance options, allowing you to lend and your customers to buy in complete confidence.
