New Security System on the Way for Second-Hand Vehicle Purchases
The Ministry of Commerce is launching a new payment system that will secure second-hand vehicle sales. This application, which will come into effect as of September 27, aims to completely eliminate fraud and make second-hand vehicle purchases safer. This new regulation is being implemented within the scope of the cooperation with the Turkish Notaries Association and is seen as an important turning point in the second-hand vehicle market.
How Will the New System Work?
The Ministry of Commerce announced the details of how this new system will be implemented. This method, called the Secure Payment System, will ensure that second-hand vehicle sales are completed more securely for both the buyer and the seller. The seller will completely eliminate the risk of fraud by starting the transaction process through secure payment. The buyer will make a payment to an intermediary institution before the sale is completed and the money will be transferred directly to the seller’s account after notary approval. In this way, both parties will be able to trade securely.
The system requires that transactions be made through a secure account instead of direct money transfers between the buyer and the seller. Until the vehicle sale transaction is approved by the notary, the money is kept in a secure account and transferred to the seller’s account after the notary approval. Thus, fraud cases that may occur during the vehicle purchase and sale process will be eliminated.
An End to Fraud Cases
For years, fraud cases in second-hand vehicle sales have been considered one of the biggest problems in the sector. Buyers generally encountered problems such as not being able to take the vehicle after delivering their money to the sellers or the seller making transactions with forged documents. Similarly, sellers could face the risk of not receiving their payments on time. The new Secure Payment System aims to make fraud a thing of the past by preventing such cases.
According to the announcement by the Ministry of Commerce, this system will not only prevent fraud cases, but will also reduce informality in the sector. The system will allow all transactions to be recorded securely, thus preventing tax losses for the state.
Fight Against Informality
The Secure Payment System not only prevents fraud cases, but also aims to prevent informality in the sector. Informal transactions that have been ongoing in the second-hand vehicle market for years were causing significant tax losses for the state. Thanks to the new system, each transaction will be recorded and all processes will be carried out within the legal framework. This will ensure that both consumers and the state benefit in a safer trading environment.
Ministry of Trade officials state that the new system will also make a significant contribution to reducing unregistered vehicle sales. A more transparent structure in second-hand vehicle trade will also increase the trust environment in the sector and allow vehicle shopping to be done more professionally.
Becoming Mandatory on September 27
The Ministry of Trade announced on its social media accounts that the Secure Payment System will become mandatory as of September 27. As of this date, transactions cannot be made without using this system in second-hand vehicle purchase and sale transactions. Buyers and sellers will completely eliminate the risks of fraud by making secure payments through the system.
The promotional videos about the system also explain step by step how the application will work. Thanks to the secure payment bridge created between the buyer, seller and notary, transactions will be completed quickly and securely. Thus, the most reliable payment method will be created for both the buyer and the seller.
A New Era Begins
This new system is seen as an important step that will protect both vehicle buyers and sellers. The Secure Payment System implemented by the Ministry of Commerce offers a model that can be used not only in the second-hand vehicle market but also in different trade areas in the future. The system will strengthen the environment of trust in the sector by increasing security standards in vehicle purchase and sale transactions.
