Classic Car Ads Possible Source of Fraud

Posted on: Thursday, 17 July 2008, 15:00 CDT By Zach Fox, North County Times, Escondido, Calif. Jul. 17--Beware the bargain classic car. Advertisements on classic car Web sites and other online sales venues and print media offer what seem to be some alluring deals: Classic cars that normally fetch prices in five figures appear for a fraction of the market rate. Typically, would-be buyers are directed to transfer money to third-party sites; the seller then promises to deliver the car. Experts say the scam is snaring a growing number of victims whose money vanishes and car never arrives. Last year, consumers lost $562 million to Internet fraud generally, according to the Federal Trade Commission. Recently, some of the bogus classic car ads have crept into newspapers. A recent advertisement posted in the North County Times... [read full story]