Paypal advice needed
Thread Starter
Pro
Joined: Oct 2006
Posts: 564
Likes: 0
From: London
Paypal advice needed
Hi,i need some advice
I'm based in the Uk and just sold a car on ebay to a guy in France for £5500(a 75 corvette) about $10-11k.
He paid me a deposit of £500 by paypal.
Now he just sent me an email that his coming tomorrow morning 01/06/2007 to pick the car up,
and wants to pay the balance £5,000 by paypal from my home computer.
The question is do i release the car?,
can he drive down the road and cancel his payment,
do i need to wait for funds to clear before i release car.
Have been onto paypal but still waiting and time is running out.
Any Advice
I'm based in the Uk and just sold a car on ebay to a guy in France for £5500(a 75 corvette) about $10-11k.
He paid me a deposit of £500 by paypal.
Now he just sent me an email that his coming tomorrow morning 01/06/2007 to pick the car up,
and wants to pay the balance £5,000 by paypal from my home computer.
The question is do i release the car?,
can he drive down the road and cancel his payment,
do i need to wait for funds to clear before i release car.
Have been onto paypal but still waiting and time is running out.
Any Advice
Drifting
Joined: Mar 2004
Posts: 1,450
Likes: 40
From: Panama City Beach, Florida
I would not take Paypal for the balance, first you have to pay the fee, second even if it's in your account you have to wait to get it transferred, third CASH is KING.
Tell him to withdraw the money himself, no fee for you and no waiting.
I would not give up the car until you have the money in hand. Too many scams out there
Frank
Tell him to withdraw the money himself, no fee for you and no waiting.
I would not give up the car until you have the money in hand. Too many scams out there
Frank
Melting Slicks
Joined: Sep 2006
Posts: 3,381
Likes: 2,605
From: Burning Jet-A
I agree. The fee is a problem. I would do as the above, except use a cashiers check or bank check for the funds. Paypal should be accurate enough should you want to do it that way. However once its in your paypal account you have to use paypal again to put it in your checking account. It then takes a day or two to clear for good.
Le Mans Master
Joined: Jan 2006
Posts: 5,921
Likes: 0
From: GA "When I grow up, I'm gonna get a Trans Am and run from the cops". Direct quote from my 4yo son.
Paypal is great, but either the funds would clear or he would be paying me cash, and I'd prefer the latter!
Melting Slicks
Joined: Jul 2005
Posts: 2,740
Likes: 3
From: Aurora Ontario
You should be okay. Just make sure you get the same confirmation that proceeds have been received.
I suggest you punch in the address for paypal so you know he has gone to the official site.
Let him do his thing. Get all the necessary confirmation. even transfer the money from YOUR paypal to your bank account. Once you are good an comfortible release the car. Draw up a good invoice...get him to sign a copy and keep it for your self.
Another way would be for you to get him to call his bank and transfer money to your bank. Same level of dificulty as paypal. At least you can verify with your bank manager that the money is there.
Here is what you need to watch for and the laws are pretty well international. When you sell something you take payment at the moment it was sold. If you don't get your money its theft. If you allow someone to post date payment even for a day it is now a loan. If you don't get your money it is not theft but a civil matter...you need to collect on the loan...it is not theft.
Jim
I suggest you punch in the address for paypal so you know he has gone to the official site.
Let him do his thing. Get all the necessary confirmation. even transfer the money from YOUR paypal to your bank account. Once you are good an comfortible release the car. Draw up a good invoice...get him to sign a copy and keep it for your self.
Another way would be for you to get him to call his bank and transfer money to your bank. Same level of dificulty as paypal. At least you can verify with your bank manager that the money is there.
Here is what you need to watch for and the laws are pretty well international. When you sell something you take payment at the moment it was sold. If you don't get your money its theft. If you allow someone to post date payment even for a day it is now a loan. If you don't get your money it is not theft but a civil matter...you need to collect on the loan...it is not theft.
Jim
Melting Slicks
Joined: Jul 2005
Posts: 2,740
Likes: 3
From: Aurora Ontario
7th Gear
Joined: Jan 2007
Posts: 7
Likes: 0
From: Princeton Illinois
Sounds too fishy.Cash is always the best answer.If he refuses to change the payment method he does not want the car he just wants to rip you off.There are way to many cons out there using fake pay-pal sites and hijacking others accounts.
Just my 2 cents as I have been burned on smaller items.
Just my 2 cents as I have been burned on smaller items.
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Le Mans Master
Joined: Oct 2004
Posts: 5,269
Likes: 54
From: Orlando Florida
St. Jude Donor '05
Paypal is fine but not for that amount 
What's Paypal's fee ? 3% ?? now that's $300 on $1000. He can buy travellers checks for less than that (like a cashier's check, can be fake too)
Anything can be fake nowadays.....
Maybe it's the safest to just test drive the car, stop at the bank and do a wire transfer/credit card cash advance right there - does his bank have branches in the UK ?
What's Paypal's fee ? 3% ?? now that's $300 on $1000. He can buy travellers checks for less than that (like a cashier's check, can be fake too)
Anything can be fake nowadays.....
Maybe it's the safest to just test drive the car, stop at the bank and do a wire transfer/credit card cash advance right there - does his bank have branches in the UK ?
Thread Starter
Pro
Joined: Oct 2006
Posts: 564
Likes: 0
From: London
Thanks guys,
you have all made very good points.
I think its best if he comes tomorrow sees the car
and if he wants it he can come back next weekend with the cash.
Ater all France is only 40 minutes away by plane,
some of your states cover more distance than from France to the UK.
Thanks for the advice
you have all made very good points.
I think its best if he comes tomorrow sees the car
and if he wants it he can come back next weekend with the cash.
Ater all France is only 40 minutes away by plane,
some of your states cover more distance than from France to the UK.
Thanks for the advice
Instructor
Joined: Oct 2005
Posts: 228
Likes: 0
From: Colorado Springs CO
I sold my Vette to a punk on Ebay. He paid the same way - deposit of $1500 and the balance later. This is a common Paypal scam. See, once he gets home, he will deny the charges on his card. Paypal will recover your $1500 down payment, because that was the original payment. Because he then paid you a second time, that second transaction is not covered (even though it is the bulk of the payment). The guy that bought my Vette used his parents credit card. They then refused the charges on their card, but he had the car for almost a month at that point. Paypal then came after me for the balance of the payment ($6500) because they had all of my bank accounts and routing numbers, and only had a stolen credit card number from him. Which one would you go after? The person that you had easy access to their money, or the one that you could barely find an address for and would most likely not pay up? To make a very long and painful story short, the guy went to jail for 2 years, I got my Vette back (with the aid of the local police) and Paypal ruined my name with my bank.
DON'T DO IT!!!
DON'T DO IT!!!
Drifting
Joined: Nov 2005
Posts: 1,795
Likes: 1
bank wire transfer or cash at pick up.when i sold my 69 coronet in 05 i took the wire transfer
and my bank made sure the funds were there and clear
before i released the car to the new owner i was especially
weary because my car was going to sweden and if the
funds failed there would be no way to get it back.
DO NOT ACCEPT THE BALANCE VIA PAYPAL!!!!!
remember Paypal is owned by Ebay and we all know
how "great" Ebay is at handling fraud
Thread Starter
Pro
Joined: Oct 2006
Posts: 564
Likes: 0
From: London
MAN HOW THE HELL DO I GET MYSELF INTO THESE SITUATIONS!!!!
Heres the whole story:
The auction ended on 30/11/06.
He bid, he won.Then after he won he emailed me that he could not pay untill the sale of his house went through,and if i could wait untill the 18/12/06.As im not in a rush to sell the car,i agreed but asked for £500 deposit which he paid.Well the 18/12/06 came and went but no sign of him,no replies to emails no nothing then today 12 hours before he intends to pick up the car,he sends me the email that his comeing.Which coincidentally is going to be on a Saturday and the banks shut at midday.
You know this reminds me of the saying:
IF SMELLS LIKE A RAT AND WALKS LIKE A RAT THEN SURE AS HELL IT AIN'T NO FRENCH POODLE.
Heres the whole story:
The auction ended on 30/11/06.
He bid, he won.Then after he won he emailed me that he could not pay untill the sale of his house went through,and if i could wait untill the 18/12/06.As im not in a rush to sell the car,i agreed but asked for £500 deposit which he paid.Well the 18/12/06 came and went but no sign of him,no replies to emails no nothing then today 12 hours before he intends to pick up the car,he sends me the email that his comeing.Which coincidentally is going to be on a Saturday and the banks shut at midday.
You know this reminds me of the saying:
IF SMELLS LIKE A RAT AND WALKS LIKE A RAT THEN SURE AS HELL IT AIN'T NO FRENCH POODLE.
Former Vendor
Joined: Nov 2005
Posts: 683
Likes: 1
From: Mounds View Minnesota
Well let him come, then tell him you have another interested buyer or two so it's cash or check but either way it has to clear at YOUR bank before the car leaves. Oh make sure to say that AFTER he hands you the check / cash.
Oh the banks are closed, Well, come back on monday.
No Paypal!
Keith
Oh the banks are closed, Well, come back on monday.
No Paypal!
Keith
Burning Brakes
Joined: Jun 2004
Posts: 872
Likes: 3
From: Cortlandt Manor New York
Watch your butt. Something sounds fishy there. He calls 12 hours before he is to show up and on a Saturday. How convenient!! Banks are closed, it is too late to do a wire transfer, you have to take what he offers. I think not! Tell him to put himself up in a hotel and get his bank to wire transfer to your bank. When you are satisfied that the transaction is complete he gets the keys. If he doesn't like that guess what he loses his deposit and you relist the car on Ebay.
Don't fall for his crap there are too many dishonest people in this world.
Don't fall for his crap there are too many dishonest people in this world.
Burning Brakes
Joined: Sep 2005
Posts: 1,139
Likes: 109
From: B'ham Alabama
Make sure the PayPal account has a verified addres. If he is not verified, he could always dispute the payment, saying he didn't make the payment.