Nov 18, 2020 Gumtree, Nedbank, MFC
Nedbank, MFC and Gumtree Protect online car shoppers
With a spike in online shopping scams, Gumtree has partnered with MFC, Nedbank’s vehicle finance division, to offer consumers additional protection when buying or selling vehicles on its platform.
This offering is aimed at individuals interested in buying or selling privately owned vehicles instead of using more traditional channels like motor dealerships and addresses the concerns people have when going this route. Through a unique digital process, users can have their vehicles verified by MFC and attach a ‘Verified by MFC’ badge on the advert. ‘With people now relying more on online shopping, opportunists have emerged seeking to prey on unsuspecting individuals through a variety of scams locally and abroad,’ says Douw Leadley, Head of Sales at MFC.
‘For instance, in a buyer scam a false proof of payment is generated and sent to a seller, usually for high-value goods such as laptops, gaming consoles and even vehicles. In seller scams, substandard or counterfeit goods are delivered for the full price, and this is detected only after conclusion of the deal,’ says Leadley.
To get the ‘Verified by MFC’ badge, sellers must input specified information on Gumtree, which then sends the information to MFC to conduct the following checks:
· Police checks – to indicate if a vehicle has not been stolen or wanted.
· Accident checks – to assist in verifying if the car has been in an accident.
· Finance checks – to show that the car is under finance and the finance is in good standing.
Once the vehicle has passed all these checks, the badge is added to the advert, giving potential buyers assurance that both the vehicle and seller are legitimate.
When browsing the advert, potential buyers can click on the MFC finance application link and apply for finance through MFC online. This, in turn, offers protection and credibility to the seller as the transaction is done through an established intermediary.
Once the buyer has been approved for finance, with the assistance of MFC the seller will take the vehicle for a technical and roadworthy inspection. This ensures that both parties are comfortable with the condition of the vehicle and allows ownership of the vehicle to be transferred. Following this, the buyer will sign the finance contract and arrangements will be made with both parties to deliver the vehicle.
The MFC team will ensure that the funds are transferred to the seller. If the vehicle is financed by another financial institution, the team will ensure that the outstanding finance is settled with that institution. MFC will also help the buyer transfer ownership of the vehicle through the licensing department. ‘Although the Gumtree platform is popular and generally trusted, the advantage of having vehicles verified before advertising them is that it gives potential buyers comfort that the vehicle exists and was not stolen, and that they are dealing with a reputable seller and not being conned,’ says Leadley. ‘The seller has access to potential buyers who qualify for finance, and the process ensures that these buyers exist and are legitimate.’
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