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The FTC’s new “Combating Auto Retail Scams” (CARS) rule, set to take effect in July 2024, cracks down on four of the most common scams that car buyers have had to navigate.
Criminals post false ads that feature pictures of real cars — cars that they don’t own or even possess — that they claim to be selling at a steep discount because they have to sell fast.
Fake escrow: Car escrow services can help safeguard money as it transfers from a car buyer to a seller. But a common scam has buyers using a fake escrow service to give the appearance of...
An advance-fee scam is a form of fraud and is one of the most common types of confidence tricks. The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum. [1] [2] If a victim makes the payment, the ...
Ally Financial Inc. (previously known as GMAC) is a bank holding company organized in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan.The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease agreements.
The bankruptcy of FTX, a Bahamas -based cryptocurrency exchange, began in November 2022. The collapse of FTX, caused by a spike in customer withdrawals that exposed an $8 billion hole in FTX’s accounts, [1] served as the impetus for its bankruptcy. Prior to its collapse, FTX was the third-largest cryptocurrency exchange by volume and had over ...
BUFORD, Ga. - One man is behind bars while another is on the run, accused of stealing a car another man was selling on Facebook Marketplace. Police said they handed the victim a bogus check and ...
Miracle cars scam. The miracle cars scam was an advance-fee scam run from 1997 to 2002 by Californians James R. Nichols and Robert Gomez. In its run of just over four years, over 4,000 people bought 7,000 cars that did not exist, netting over US$ 21 million from the victims.
Scammers have been targeting classic car collectors and creating fake websites. Use these tips from the BBB when shopping for a car online.
The so-called yo-yo scam, on the other hand, is illegal and is only used by the most unscrupulous of dealers. According to the Federal Trade Commission (FTC), this scam targets buyers who...
