What scam is this guy trying to pull?
Discussion
shake n bake said:
I'd like to be proven wrong but I'd be amazed if a finance company will fund a private sale, I can't see how they'd tie themselves in to the legalities of funding a purchase then potentially finding out its a wrongen ( not saying your car is o.p) without a potential line of cover for them.
Please report back though with the result. I still say you are in for a world of hurt and bother with this, cut it loose.
You're wrong.Please report back though with the result. I still say you are in for a world of hurt and bother with this, cut it loose.
Zuto
CraigyMc said:
RayPike said:
It is Zuto apparently. We'll see how it goes then...
Even if Zuto *is* a legit company, I'd still not do it.What do Zuto need your details for, how well protected are your details, and how do you benefit?
Have a read of https://www.zuto.com/privacy/ and think about it.
Zuto are closely linked with Autotrader now apparently. They get an outrageously high "trustpilot" rating too. I'm yet to see any evidence of anyone having a problem with them, so if my buyer agrees to the deal on the table and wants to proceed with Zuto, I cannot see a whole lot of reason not to do so at present. Once they transfer the money to my account, I can do with it what I will.
daemon said:
CraigyMc said:
RayPike said:
It is Zuto apparently. We'll see how it goes then...
Even if Zuto *is* a legit company, I'd still not do it.What do Zuto need your details for, how well protected are your details, and how do you benefit?
Have a read of https://www.zuto.com/privacy/ and think about it.
I was asking how it benefits *RayPike* for them to have his details.
CraigyMc said:
That's how it benefits Zuto to have RayPike's details.
I was asking how it benefits *RayPike* for them to have his details.
RayPike convinces Zuto that he and the car are real. Zuto give money to buyer. Buyer gives money to RayPike. RayPike has more money than when this started.I was asking how it benefits *RayPike* for them to have his details.
marshalla said:
CraigyMc said:
That's how it benefits Zuto to have RayPike's details.
I was asking how it benefits *RayPike* for them to have his details.
RayPike convinces Zuto that he and the car are real. Zuto give money to buyer. Buyer gives money to RayPike. RayPike has more money than when this started.I was asking how it benefits *RayPike* for them to have his details.
Raypike would have been better off selling to another buyer who didn't require him to divulge his private information.
(that's my train of thought, and has been all along).
CraigyMc said:
Zuto have all Raypike's details. Raypike recieves spam. Zuto "monetise their database".
Raypike would have been better off selling to another buyer who didn't require him to divulge his private information.
(that's my train of thought, and has been all along).
You didn't ask about the negative aspects.Raypike would have been better off selling to another buyer who didn't require him to divulge his private information.
(that's my train of thought, and has been all along).
marshalla said:
CraigyMc said:
Zuto have all Raypike's details. Raypike recieves spam. Zuto "monetise their database".
Raypike would have been better off selling to another buyer who didn't require him to divulge his private information.
(that's my train of thought, and has been all along).
You didn't ask about the negative aspects.Raypike would have been better off selling to another buyer who didn't require him to divulge his private information.
(that's my train of thought, and has been all along).
I've had dealings with Zuto through the dealership I work at. I know they also provide finance to private buyers as many have already pointed out. This is likely a genuine buyer and not a scam.
Even as a dealership we still have to provide details such as a colour scan of the logbook and other documents. The reason for more checks for a private sale is to make sure the buyer is legitimate and they're actually buying a car and not using the money for something else.
Good luck with the sale - I'm sure it'll all be fine.
Even as a dealership we still have to provide details such as a colour scan of the logbook and other documents. The reason for more checks for a private sale is to make sure the buyer is legitimate and they're actually buying a car and not using the money for something else.
Good luck with the sale - I'm sure it'll all be fine.
RayPike said:
Got a call from a buyer who's interested in my car. Lives an hour and a half drive from me, has only seen pictures. My asking price is £7,950 and he's offered £7,800. Says he's been looking for this spec for a while and wants to buy it asap. He then says when he comes to pick it up he can pay cash of £1,000 and the rest will be direct bank transfer, but the finance company he's using want MY details! When enquiring further this turns out to be copy of driving licence, V5 document, god knows what else. I pointed out that I only wanted cleared funds in my account and wanted nothing to do with a finance company that wanted my details. He says he'll check with them and get back to me as it sounded a bit weird to him too.
Is this something that anyone else has heard of or has an inexperienced buyer got the wrong end of the stick from a misheard conversation with a finance company do you think?
So he wants your details,Is this something that anyone else has heard of or has an inexperienced buyer got the wrong end of the stick from a misheard conversation with a finance company do you think?
"Dont tell him Pike"....
Sorry
CraigyMc said:
Even if Zuto *is* a legit company, I'd still not do it.
What do Zuto need your details for, how well protected are your details, and how do you benefit?
Have a read of https://www.zuto.com/privacy/ and think about it.
In the real world people need finance for cars. Most people can procure a couple of thou in cash for a snotter/banger/general car. Go above £5k and a lot of people need finance. Companies like Zuto change the mould of HP only being available from dealers and open up private sales. Sure they need financial info from the seller but then you do that so your buyer has access to funds.What do Zuto need your details for, how well protected are your details, and how do you benefit?
Have a read of https://www.zuto.com/privacy/ and think about it.
Been out for a while and all this kicks off!
So buyer 1 hasn't been able to get his sh*t together and buyer 2 has appeared. All is good, except he wants to pay me in a wodge of cash (nearly £8K) when the banks will be closed. I've tentatively suggested it's not a good idea to be dealing with this much cash but he's reacted in a manner that leads me to believe he's a tradesman who likes to deal in readies.
I'm now going to be firmer and see what happens. I'm not expert enough with money to know what may be clever forgeries and I'm pretty sure my bank will take a dim view of me trying to pay in a load of cash! I wish someone with a normal bank account and grip on finances would try to buy my car!
So buyer 1 hasn't been able to get his sh*t together and buyer 2 has appeared. All is good, except he wants to pay me in a wodge of cash (nearly £8K) when the banks will be closed. I've tentatively suggested it's not a good idea to be dealing with this much cash but he's reacted in a manner that leads me to believe he's a tradesman who likes to deal in readies.
I'm now going to be firmer and see what happens. I'm not expert enough with money to know what may be clever forgeries and I'm pretty sure my bank will take a dim view of me trying to pay in a load of cash! I wish someone with a normal bank account and grip on finances would try to buy my car!
I have bought a car through a private sale with a finance agreement before. It did help that I knew the owner (other half's dad) and I knew that the car was in good condition.
I appreciate its not the same as buying from a stranger on the Internet, but they make both parties jump through more hoops for the sake of traceability if it does go wrong. I imagine if there is a dispute over whether the car was sold with known major defects that the previous owner won't do anything with (for example), then it's in the interest of the finance company to wade in and sort it out. I don't know anyone else who's had a private sale finance agreement, but they do exist. They also charge you crazy interest compared to a typical finance agreement with a dealer.
I appreciate its not the same as buying from a stranger on the Internet, but they make both parties jump through more hoops for the sake of traceability if it does go wrong. I imagine if there is a dispute over whether the car was sold with known major defects that the previous owner won't do anything with (for example), then it's in the interest of the finance company to wade in and sort it out. I don't know anyone else who's had a private sale finance agreement, but they do exist. They also charge you crazy interest compared to a typical finance agreement with a dealer.
CraigyMc said:
daemon said:
CraigyMc said:
RayPike said:
It is Zuto apparently. We'll see how it goes then...
Even if Zuto *is* a legit company, I'd still not do it.What do Zuto need your details for, how well protected are your details, and how do you benefit?
Have a read of https://www.zuto.com/privacy/ and think about it.
I was asking how it benefits *RayPike* for them to have his details.
Edited by daemon on Tuesday 17th May 19:37
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