PayPal for Payments
Thread Starter
Melting Slicks
Joined: Sep 2000
Posts: 2,406
Likes: 418
From: Chester Virginia
PayPal for Payments
Has anyone sold their C3 Corvette or other vehicle and used PayPal to collect the money?
I am not worried about the PayPal charge, just wonder how secure it is?
I am not worried about the PayPal charge, just wonder how secure it is?
Melting Slicks
Joined: Jan 2007
Posts: 2,589
Likes: 5
From: Salisbury Maryland
Pretty secure, however, I use it for smaller purchases. I did sell my wife's 91 Miata a few years back and took a $3800 Paypal payment. For anything larger than $5000, I would go with a Cashier's Check, or better yet, a bank draft/EFT.
Typically, the buyer is the one at risk with Paypal. Once the $ is in your account, it's yours(less the stiff penalty of course).
Typically, the buyer is the one at risk with Paypal. Once the $ is in your account, it's yours(less the stiff penalty of course).
Drifting
Joined: Oct 2007
Posts: 1,254
Likes: 5
From: Brown Summit North Carolina
He is an option to discuss with the buyer. This can help both parties
If the buyer uses a national bank chain like Bank Of America or Wachovia etc.
Have the buyer call a local branch of their bank in your city.
Work out an agreement to have you come in with your title. Go the the branch magager and sign the title in the managers present to be noatrized once the manager has issued you a cashiers check for the funds.
You have a check you can trust and the seller has his / hers bank handing the funds over ocnce a title is present.
I almost bought a 21K car from California in 2006, and I called the BOA branch in the city where the car was and they had no problem with this.
In the end, my bid was too low to win.
The bank was not asked and would not look at the car to verify condition however.
The buyer will just give his bank his account info and they will verify the funds , he may be asked to mail his bank a letter of request or a check made to the seller. The selelr signs in the bank and gets his cashiers check.
This is kinda like pay pal, Pay Pal is a middle man operation. But the bank option will save major Pay PAl fees.
Good luck
David
If the buyer uses a national bank chain like Bank Of America or Wachovia etc.
Have the buyer call a local branch of their bank in your city.
Work out an agreement to have you come in with your title. Go the the branch magager and sign the title in the managers present to be noatrized once the manager has issued you a cashiers check for the funds.
You have a check you can trust and the seller has his / hers bank handing the funds over ocnce a title is present.
I almost bought a 21K car from California in 2006, and I called the BOA branch in the city where the car was and they had no problem with this.
In the end, my bid was too low to win.
The bank was not asked and would not look at the car to verify condition however.
The buyer will just give his bank his account info and they will verify the funds , he may be asked to mail his bank a letter of request or a check made to the seller. The selelr signs in the bank and gets his cashiers check.
This is kinda like pay pal, Pay Pal is a middle man operation. But the bank option will save major Pay PAl fees.
Good luck
David
Pro
Joined: May 2002
Posts: 689
Likes: 0
From: MI
i've heard horror stories about paypal, but like was said earlier, it's always been from the buyer because of their protection guarantee not being upheld when the seller turned out to be shady.
i've sold 3 motorcycles, and my old 82 vette on ebay. all four times, i used paypal for the down payment and on one bike i used it for the whole amount. it's instant, and i've never had an issue with it, FWIW.
i've sold 3 motorcycles, and my old 82 vette on ebay. all four times, i used paypal for the down payment and on one bike i used it for the whole amount. it's instant, and i've never had an issue with it, FWIW.
Melting Slicks
Joined: Dec 2006
Posts: 2,483
Likes: 1
From: Bay Area CA
Safety Car
Joined: May 2008
Posts: 3,753
Likes: 721
From: Lafayette Louisiana
Sold a 93 on ebay
Sold my 93 on ebay recently with a $500 Paypal deposit and the balance with a "certified" or "bank check".
I learned something about "certified" or "bank checks". I thought a "certified" check (they now call that a "bank check") was as good as green money. However, Chase tells me that it is purdent to wait a couple of days for the "bank check" to clear.
I would really not want to use Paypal for a large amount, too high on the fees.
If you can trade green US money at a bank, that is likely the best way these days, I think. dmayhew's option sounds pretty close to that.
I learned something about "certified" or "bank checks". I thought a "certified" check (they now call that a "bank check") was as good as green money. However, Chase tells me that it is purdent to wait a couple of days for the "bank check" to clear.
I would really not want to use Paypal for a large amount, too high on the fees.
If you can trade green US money at a bank, that is likely the best way these days, I think. dmayhew's option sounds pretty close to that.
Last edited by 20mercury; Jan 10, 2010 at 11:07 AM.
Melting Slicks
Joined: May 2005
Posts: 2,486
Likes: 71
From: Elkhart Lake, Wisconsin
This is not always true. My son took a Paypal and sent the item. The buyer used a stolen credit card to put the money into Paypal and Paypal took the $600. back from my son. He was out $600. and Paypal would do nothing for him.
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Team Owner
Joined: Mar 2004
Posts: 24,202
Likes: 17
They will suck 3%!
Paypal is great for buyers, and those demanding buyer protection! Paypal/Ebay, has become a giant controlling bureaucracy just like the Fed!
When Ebay demanded Paypal as the only payment option, I knew I was screwed!
Paypal is great for buyers, and those demanding buyer protection! Paypal/Ebay, has become a giant controlling bureaucracy just like the Fed!
When Ebay demanded Paypal as the only payment option, I knew I was screwed!
Last edited by 67tripwr; Jan 10, 2010 at 11:24 AM.
Former Vendor
Joined: Aug 2006
Posts: 76,656
Likes: 1,853
From: Jeffersonville Indiana 812-288-7103
St. Jude Donor '08-'09-'10-'11-'12-'13-'14-'15
The one that had me furious was my wife purchased something off eBay and the seller sent a empty box! Paypal did nothing! Their response wast that it did not affect the value of the item sold... go figure.
We've sold a bunch of cars on eBay and in all cases we only used paypal for a 10 percent deposit. The remainder was do upon pick up.
Willcox
Burning Brakes
Joined: Jan 2007
Posts: 1,164
Likes: 1
From: Port Clinton Ohio
St. Jude Donor '08-'09-'10-'11-'12-'13
I used to sell a lot of stuff on Ebay. I prefer not to use it or paypal anymore. One of the last transactions that I did, the buyer paid with paypal, I shipped the item, then he reversed the payment. Paypal did nothing about it and I didn't get the item back. Too much risk for the seller these days.
Former Vendor
Joined: Aug 2006
Posts: 76,656
Likes: 1,853
From: Jeffersonville Indiana 812-288-7103
St. Jude Donor '08-'09-'10-'11-'12-'13-'14-'15
I used to sell a lot of stuff on Ebay. I prefer not to use it or paypal anymore. One of the last transactions that I did, the buyer paid with paypal, I shipped the item, then he reversed the payment. Paypal did nothing about it and I didn't get the item back. Too much risk for the seller these days.
I have an account rep with them and I can't get any support from them when we have a problem.
And you have to remember the bumbling idiots at Ebay own them!
Willcox
