Consumer Alert Roundup: Penny Auction Sites, Advance Fee Loans and Automotive ...

Penny auction users usually set up an account and offers to purchase with debit cards or credit cards. Submissions can cost less than a dollar and are often sold in packs of 100 or more. Each item is auctioned subject to a countdown, and supply more people, the cost of the item increases more time is added to the clock. But unlike regular auctions, even losing bidders are forced to pay. According to the BEC, Ameristate United Financial provides personal, commercial and home loans for which it requires that consumers over the costs advanced between $ 820 and $ 2,900 to qualify for the loan assumed.As Ally consumers warned several times, consumers should never wire money to someone you do not know. Not surprisingly, consumers who wired money BBB said they never received the loan. Read the agreement carefully. Knowing what is covered and not covered and under what conditions. If the seller does not provide a contract, do not buy it. Do the math. The cost of a contract may be more than the value of the car. Ask the seller for the names and locations of suppliers, administrators and insurers. Find out how applications are processed. Check all companies involved in the contract with the BBB at http://www.bbb.org. K.Tuccelli

Jorgen, I think we agree that consumers must be vigilant and extra careful when deciding whether to invest in a penny auction site. As you mentioned, there are some bad apples out there, but there are many legitimate penny auction sites that have a good reputation in the community, and bidders who offer their honest experience bidding fair . The key is to find _research_.While there are legitimate complaints out there, many complaints about the auctions seem to be either Penny bidders who have not bothered to read the Terms and Conditions and have not been properly diligent with their money, or who did not win an auction and therefore feel they were scammed. I think the first was the case for BidRack, we have received positive reviews for them on our Forum real bidders known in the industry.

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