Selling a car on OLX can be a breeze. After all, it is the most searched category on the platform and hundreds of cars–both brand new and secondhand–are sold on OLX every day. But of course, there are some things to keep in mind when you decide to post an ad for your car on OLX. As with any transaction, always make sure to follow some safety and security guidelines to ensure win-win exchanges.
Don’t run into complications by staying alert and being knowledgeable about the legal implications of selling your car. It’s always better to be safe than sorry!
When Finding a Buyer…
Engage with interested buyers thoroughly
One thing you have to make sure of is that you and your potential buyer meet on the same page. The more you engage them in conversation, the more you build trust with one another. Answer all relevant questions regarding your transaction such as questions they might have about the vehicle, its ownership history, its features and other such details. The more they ask, the more they are interested and are likely to be legitimate. Also make sure that you agree on a place to meet up for the transaction.
When agreeing to a test drive, trust your gut and prioritize your safety
Get all the details of the driver. When agreeing to meet-up, find out who will be at the site. If there are more people than agreed upon, it’s safer to walk away from the transaction. Also make sure that you have a copy of their driver’s license and that it’s legitimate.
Prevent Fraud From Happening to You…
Don’t fall into Modus Operandi
There’s news going around about the “Assume Balance” modus, also known as PASALO modus. To avoid falling into the trap, it’s good to consult with professionals. For example, if you’re selling a car that hasn’t been fully paid yet, consult with your bank or the car company you bought the car from. Some buyers will offer to pay for the remaining balance of your car loan. However, by consulting with the bank, you will realize that you do not own the car you are selling and therefore you are completely liable in case the new buyer decides to disappear. This will put you in a tricky situation. Don’t fall into it!
If possible, accept only cash payments
The one surefire way not to get cheated is if you accept the payment in cash. A good place for a meet up is at the bank so that they could easily hand you the money once they’ve acquired it. It eliminates the chance of bounced checks or buyers running away with your car before paying the full amount. It also prevents you from being defrauded by receiving fake money. You wouldn’t want to count thousands of pesos and not notice fake money inserted in between legit money.
For Additional Safety, Note That When Selling a Car…
Don’t go alone during your transaction
Bring someone you can trust with you. If this is not possible, at least tell someone where you’re going, how long you expect to be gone, and the moment the buyer arrives.
Have a pre-planned route during the test drive
This is to avoid being driven into places that are unfamiliar to you or where you might not feel safe.
Beware of identity theft
Block out personal information on vehicle maintenance receipts and vehicle history reports to be safe. Make sure all the IDs they submit to you are legitimate and you’ve had enough time to make sure that the buyer is not a scammer.
Verify Vehicle LTO Plate Number
A good security measure is to make sure that the car was not carnapped by texting LTO. This is to verify the plate number.
Simply text LTO<space>VEHICLE<space>PLATE NUMBER and send it to 2600.
Keep these things in mind and you’ll surely find a win-win exchange in OLX in no time! As always, stay alert and vigilant when selling a car or anything else. For more online buying and selling safety tips, visit our Cybersecurity homebase.