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The "tethered goat" scam: never buy a car except from the vendor's premises and always hand the money over in a public and secure place...
I arranged to view a BMW after seeing it advertised on a website. The car was cheap relative to its book value but still a £20,000+ purchase. I called a mobile phone and the man gave an address to meet. He told me that he had other buyers interested and asked that I should bring cash if I was seriously interested because he didn't want time-wasters. He couldn't see me in the day - it had to be in the evening. I checked out the vehicle on the number plate and VIN he gave me. The address for the meet was different to that returned on the V5 but I'm a small time trader and wanted the vehicle. I normally draw the money in the bank and hand it over there but because of the time the transaction was to occur I knew this wouldn't be possible. So I drew the money from the bank and drove up there with my brother. The man and another man were already there waiting in the vehicle. We took the car for a test drive while my brother and the other man waited in my car. The vehicle seemed fine and so did the documents except they weren't for the location we were viewing the car. We returned to the vehicle, shook hands on the deal and while we were in the car I pulled the money out and started counting it. At that point he pulled a knife on me. We ended up left on the roadside minus "his" car, minus my car and minus twenty-odd grand and to put it mildly I'm not happy.
carscams says:
Alarm bells should have been sounding about this from the outset. It seems you let your wish to make a profit get in the way of your common sense. If someone insists on cash and a late-at-night transaction you should either walk away or take extreme measures to ensure your personal security. There will always be another car.
best advice
The first rule is to always view the vehicle at the premises of a trader or at the address on the V5 if it is a private sale. This not only means you have a handle on who you are seeing adding to your personal safety but it also means you can be more certain that the vehicle is not stolen or cloned. Secondly you need to be sure of the security of the money and a more or less simultaneous transfer of the title. Try and undertake cash transactions in the daytime and preferably in secure surroundings. Your bank will almost certainly provide a private room and a teller as witness to a large cash handover. Furthermore a legitimate vendor will be pleased to know that the money is straight from the bank and the risk of forged notes is hence greatly reduced. The keys and documentation can then be handed over when the notes are. This is the only circumstance in which we would advise paying cash. If the vendor cannot see you except at night for whatever reason you should make it clear that you will only hand over a deposit of (say) £500 to show your sincerity in return for proof of the vendor's identity and address. Then arrange to pay the rest by cash in the circumstances outlined above on the next banking day, or pay them by bank transfer (a CHAPS payment can be undertaken at relatively low cost, brings in guaranteed funds and is done within a working day) and pick up the car when there are cleared funds. If they will not accept this arrangement walk away from the deal.
carscams' comment
There is always a risk of theft so be very aware of your own security. Always make certain of the identity of the person you are dealing with and only meet them at their trading premises or the address on the V5. Be doubly suspicious if a car seems ridiculously cheap and never ever hand over cash except in a secure environment, preferably with witnesses present.
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