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How to Protect Yourself from Common RV Financing Scams

One in every five persons who have ever bought a product on the internet has been a victim of online scams. Each season, these fraudsters come up with new and more sophisticated strategies, which they use to deceive innocent shoppers into letting go of their hard-earned money.

The COVID-19 pandemic provided a unique opportunity for scammers in the form of RV purchase scams.

It’s hard not to long for an escape when you’re stuck in your home for months on end. And owning an RV seems like the perfect way to enjoy some freedom after the lockdown months. The possibility of getting misled by an online scammer after making such elaborate plans for a trip is quite disheartening.

To avoid such an eventuality, it’s very important to learn as much as you can about online RV scams. This way, you’ll know things to look out for so you don’t become a victim.

How do online RV purchase scams work?

Usually, fraudsters make copies of legitimate RV listings on websites and then ask interested buyers to make a payment into a holding account before they deliver the vehicle. This formula usually works, because thanks to the pandemic, buyers are unable to physically inspect the vehicles before making payment.

They have to rely on pictures posted online to satisfy their curiosity as to the condition of the vehicle. After making the payment into the holding account, buyers are assured that the money will not be released until they finalize the deal.

However, the money is immediately withdrawn by the fraudsters, and the potential buyer is left with nothing.

Are there RV financing scams targeted at sellers?

Yes. No one is left out. Some ‘potential buyers’ with dishonest intentions will reach out to sellers, showing interest in their RV listing.

Unfortunately, they often come up with strange and bogus requests concerning payment, all in a bid to make away with the advertised vehicle without actually paying a dime.

How can I avoid RV financing scams?

RV financing scams often affect thousands of unsuspecting customers, and a sure way to avoid them is by contacting reputable dealerships or online lenders when you want to purchase your RV.

A good example of such trustworthy businesses is My Financing USA RV financing, which is a platform designed to make the financing process quick and convenient for you.

To be safe, here are a few helpful tips to keep in mind;

  • Be wary of sellers who ask for payments in the form of eBay or iTunes gift cards. It’s a popular method used by fraudsters, and it suits them because gift cards cannot be traced or refunded.
  • Avoid RV listings with prices that are much lower than the market rate of the vehicles. The rationale is to entice buyers with the prospect of saving money that they don’t stop to question the seller’s intentions.
  • Any requests for your personal and financial information that’s not relevant to the sale is a warning sign.
  • Avoid making deposits by wire transfer. Reputable escrow services are a much safer option.
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