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A ruling from the 5th Circuit Court of Appeals on Monday has struck down Biden-era consumer protections related to car buying, after a brief legal challenge to the rules from the National ...
3. Gift Card Scam. Another hallmark of many scams targeting used car buyers is a request for gift cards as payment. When the buyer calls the fake toll-free number, they’re told to purchase gift ...
The FTC’s “Combating Auto Retail Scams” (CARS) rule was supposed to take effect in July of 2024, but due to a pending legal challenge, the Final Rule’s effective date is delayed until ...
In the National Highway Traffic Safety Administration's (NHTSA) 2002 odometer fraud study, the NHTSA determined that 450,000 vehicles were sold each year with false odometer readings, resulting in a cost of over $1 billion annually to car buyers in the US. [3] In the UK, the Office of Fair Trading estimates the annual cost at £500m. [4]
The miracle cars scam was an advance-fee scam run from 1997 to 2002 by Californians James R. Nichols and Robert Gomez. In its run of just over four years, over 4,000 people bought 7,000 cars that did not exist, netting over US$ 21 million from the victims.
BBB just released an update to a 2020 study about online car buying scams. Starting in 2020, consumers reported that scammers were taking advantage of the COVID-19 pandemic to list fake vehicles ...
A recovery room scam is a form of advance-fee fraud where the scammer (sometimes posing as a law enforcement officer or attorney) calls investors who have been sold worthless shares (for example in a boiler-room scam), and offers to buy them, to allow the investors to recover their investments. [92]
First-time car buyers are often easy prey for unscrupulous sellers who use scams and other techniques to make as much money from a deal as possible. In some cases, sales reps can immediately spot a...