Are elderly buyers at higher risk for auto fraud? 

On Behalf of | Feb 18, 2022 | Auto Dealer Fraud

Your elderly parent is in the market for a new car, and you’re worried about them. You know they’re investing a lot of their money in this purchase, and it needs to be the right vehicle. But you’re not sure if they’re actually going to get a car that is up to their standards. And it may not be their fault.

Namely, you’re worried that they’re going to be taken in by auto fraud. Maybe they’ll be sold a car with serious defects that they can’t recognize. Maybe they’ll get a lemon and not know that they deserved a better product. Maybe the car salesman will try to disguise damage, roll back the miles or take other intentional steps to sell them a car that isn’t worth nearly what they’re paying. Is this a serious concern?

The elderly are often targeted

You’re right to be concerned. Not only are the things noted above auto fraud examples, but many reports have shown that the elderly are particularly targeted for all sorts of fraud. They are seen as an age group that is easier to exploit, and so fraud is often aimed at them.

This is true for more than just auto fraud. It also occurs with email fraud, phone fraud and other sorts of financial scams. But auto fraud is just one more type of financial scam, where the dealer gets money that they don’t deserve and would never have gotten from a younger buyer.

If this happens to your parents, or if you’re an elderly individual who has been taken advantage of in this way, it’s very important to know about all of your legal options. Auto fraud is more common than people realize, and you must know how to make things right.