What scam is this guy trying to pull?

What scam is this guy trying to pull?

Author
Discussion

rydiggs1984

1 posts

183 months

Thursday 9th June 2016
quotequote all
Hi, I just wanted to try and help out being a fellow PH'er and Director at Zuto. We adapted around private sales as we realised that there was a need for it in the market to help people buy privately. The only reasons for why we ask for proofs from the seller is to protect all parties involved, buyer, seller and Zuto. We are probably the only finance company in the market that will offer HP loans and PCP on private vehicles (so basically a dealer finance acceptance for you to buy any car you like). I am a total petrol head and soon realised that once you get over the value of 15-20k a personal loan or credit card would never cover a car over this value (as the risk to the bank is too great and is not attached to the car, not many personal loans or credit cards will offer over 15k in total). So this is why we do it to try and help out, we provide a free car check and hand hold you through the process, again you wouldn't get this from a bank. The proofs from the seller are to make sure we are paying the correct person, we only use the information for payout of the loan and then delete them after. We usually transfer the funds whilst the buyer and seller are together too and advise the buyer on a Dekra or Halfords autocentre check for around £100 for further piece of mind. We do appreciate it is a lot to pass over as a seller but the way we look at it is you have just sold the car for scanning a few bits in, instead of waiting weeks for a cash buyer. I hope this helps iron it all out. Thanks Ryan

vtecyo

2,122 posts

128 months

Thursday 9th June 2016
quotequote all
Exceptional lurking, shame you missed the ad placement by a month.

deltashad

6,731 posts

196 months

Thursday 9th June 2016
quotequote all
PH'er and Director.... no way....

isleofthorns

472 posts

169 months

Sunday 3rd September 2017
quotequote all
Just checking after a year on this thread if many ph's have gone down the zuto-private sale route.... Anyone had issues?

mrobbie

27 posts

201 months

Thursday 21st September 2017
quotequote all
...similar question. Anyone actually sold a car privately to someone using finance through Zuto? Any issues?

Just had the call from Zuto (from the number that matches the Zuto website) after the buyer passed on my details asking for copies of V5, licence, bank statement (with all other info covered - they just need account & sort code) and the obligatory selfie with car in background...

Sounds dodgy, but good to see I am not the first to raise this question. Good to see some details from someone who has gone down this route.

Edited to add... some googling completed and cannot find anyone saying hey have been scammed. Lots agree it sounds iffy, lots saying they have bought using Zuto from dealers, but not much in the private sale area. Have a good offer for my car but the buyer wants to finance using Zuto, so keen to progress..

Edited by mrobbie on Thursday 21st September 15:47

mrobbie

27 posts

201 months

Thursday 21st September 2017
quotequote all