WesBank Talks Finance
For over 50 years, WesBank has been a trusted provider of vehicle and movable asset finance in South Africa. We're committed to providing informative and responsible finance solutions and believe that knowledge is key, especially when entering into a finance agreement. As your vehicle partner for life, we hope that the insights you gain from our conversations with industry experts will help you make informed decisions.Please note that the information shared in this podcast is for educational purposes only and does not constitute financial advice.
WesBank Talks Finance
Avoiding scams with vehicle auctions and buying a used car
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WesBank
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When you’re buying a used car, there are so many scams to watch out for, from fake vehicle auctions to accident damage that’s been covered up to identity theft. Wendy Knowler, Consumer Journalist for Sunday Times, 702 and Cape Talk, and Dion Sagathevan, WesBank NaTIS Head, join our host, Lebo Gaoaketse, WesBank's Head of Marketing and Communication, to share some tips and red flags to look out for.
Please note that the information shared in this podcast is for educational purposes only. This information does not constitute financial advice and is not to be acted on as such.
Be wary if the price is too good to be true
Looking at vehicle auction scams
Guarding against auction scams
The proper process for vehicle auctions
Cloned websites
Realistic prices at an auction
Red flags at a used car dealership
Doing research on the car beforehand
Things to check on an auction car
Asking about accident damage at a dealership
Check the service book and other telling signs
Protecting personal information
Searching for a car online & online auctions
If you’ve been scammed, share your experience to warn others
Personalisation fraud and AI
Vehicle identity cloning
Changing technology and how it helps scammers