By Staff Reporter
When considering purchasing a pre-owned vehicle, it is important to take steps to protect yourself from potential fraud. Here are some tips to help you in the process:
- Research the vehicle’s make and model to determine its fair market value, common issues, and overall reliability.
- Check the vehicle history report for ownership, service, and accident history.
- Be cautious of vehicles subject to hire purchase agreements and check for any outstanding debts or charges against the vehicle.
- Verify the ownership documents to ensure the seller is the legal owner.
- Inspect the vehicle thoroughly for signs of wear and tear, rust, dents, scratches, and unusual noises or vibrations.
- Consider purchasing the vehicle from a reputable dealer or seller with a good track record.
It is important to note that purchasing a vehicle still under a hire purchase agreement with any financial institution may result in you losing the car and the money spent buying it. The vehicle remains the financial institution’s asset until paid in full, and the financial institution is the lawful owner of the vehicle. As a third party, you will have no recourse against the financial institution should a court order be granted for repossession of the vehicle. However, you can institute legal action against the person you purchased the vehicle from. Keep in mind that you may be liable for criminal charges if you refuse the lawful owner (financial institution) to repossess the car.
By being thorough in your research and inspections and always being aware of the risks involved, you can help protect yourself from potential fraud and ensure that you get the best value when purchasing a pre-owned vehicle.
– Namibia Daily News
