Recently, we have seen a new scam geared around a fake “CARFAX Buyback Guarantee Program.” Below is a description of the scam and an example of what you should beware of!
The SCAM
The “seller” claims to use the “CARFAX Buyback Guarantee Program” as a means of holding a deposit (made by the buyer) that will allow the buyer to inspect the vehicle during a grace period after it is shipped from the “seller” (sometimes referred to as an “escrow” service). This is a scam. Once you send your deposit, you will never hear from the “seller” again.
The TRUTH
The actual CARFAX Buyback Guarantee comes with the CARFAX Vehicle History Report and does not require payment from you. The CARFAX Buyback Guarantee protects consumers from unknowingly buying a used car with a branded title issued by a Department of Motor Vehicles. The CARFAX Buyback Guarantee is not an escrow service. For more information on the CARFAX Buyback Guarantee, go to http://www.carfax.com/cfm/helpcenter.cfm. If anybody asks you for money associated with the CARFAX Buyback Guarantee – it’s a scam! Before sending money to any seller, check to make sure the seller is legitimate and ask for a copy of the vehicle title.
SCAM EXAMPLE
Here is an example of the CARFAX Buyback Guarantee Scam. The “seller” will send you an email with the following message or something similar to it:
The financial part of our transaction is going through CARFAX Buyback Guarantee Program and here are the steps:
- I need your full name and address to put on the title.
- I will forward our information to CARFAX Buyback Guarantee Program to register the transaction.
- CARFAX Buyback Guarantee Program sends you the invoice and the CARFAX Buyback Guarantee certificate.
- you will have to send a 20% refundable deposit to CARFAX BuyBack Guarantee Program to start the procedure..
- after they secure the deposit , they will notify me and I will start shipping.
- shipping will take no more than 10 days depending on your location.
- after you receive the vehicle you will have another 5 days to inspect it.
- when the inspection period ends CARFAX BuyBack Guarantee Program contacts you and if there are any issues with the car, they will fully refund you within 3 business days and the car will be shipped back at my expense. If all is good with the car, which I'm sure it will be, they will assist you with the title transfer and release the payment to me.