paypal for a car ?
Thread Starter
Drifting
Joined: Mar 2011
Posts: 1,271
Likes: 1
From: PA
paypal for a car ?
so the buyer wants to drive it home today. its sunday and the banks cant do the deal until monday morning. the bright idea is to list an ebay auction so the buyer can click buy it now and use paypal to pay so he can drive it home tonight.
i know paypal funds can be reversed but i also read that if I have him sign a notorized document stating he is happy with the condition on the car im good.
whaddaya think ?
i know paypal funds can be reversed but i also read that if I have him sign a notorized document stating he is happy with the condition on the car im good.
whaddaya think ?
Race Director
Joined: Apr 2011
Posts: 11,183
Likes: 3,334
From: North of Toronto - Ontario
Hmmm
Paypal can be done for anything regardless of ebay, both parties just need accounts
The fee is pretty substantial, keep that in mind when picking a price
They can put a hold on the payment and even though you have some signed letter, they have their money and your car until you manage to get some lawyers, courts, cops to retrieve it.
And, if you do sell it, log into your paypal acct and check, don't just look at some email that says the money has been sent, or follow a link in the email. There is a scam that they send an email that looks like it's from paypal and that the money is being held until ....
Good luck
Mooser
Paypal can be done for anything regardless of ebay, both parties just need accounts
The fee is pretty substantial, keep that in mind when picking a price
They can put a hold on the payment and even though you have some signed letter, they have their money and your car until you manage to get some lawyers, courts, cops to retrieve it.
And, if you do sell it, log into your paypal acct and check, don't just look at some email that says the money has been sent, or follow a link in the email. There is a scam that they send an email that looks like it's from paypal and that the money is being held until ....
Good luck
Mooser
Pro
Joined: Feb 2000
Posts: 741
Likes: 46
From: Hebron IN
You're setting yourself up for disaster. Unless I know the person, it's CASH or a bank check taken out at his bank while I am there.
I would take a few hundred through paypal as a deposit to hold a car for a day or two but no way in hell would I accept full payment through paypal.
I would take a few hundred through paypal as a deposit to hold a car for a day or two but no way in hell would I accept full payment through paypal.
Melting Slicks
Joined: Aug 2010
Posts: 2,487
Likes: 10
From: Palm Beach Florida
St. Jude Donor '12
If it was me, I would'nt do it. But if ya must, let him take the car but hold the title untill the $$ clears and you can safely transfer the $$ into another account.
But like I said I wouldn't.
But like I said I wouldn't.
Melting Slicks
Joined: Jun 2009
Posts: 2,709
Likes: 3
From: Savannah GA
Get cash. If the buyer changes his mind within the next 30 days you're screwed. He will file a dispute with PayPal, and PayPal will side with him almost certainly. At the very least your account will be frozen for the gross amount of the deal... PayPal will still keep the fee charged to broker the deal in the first place. I just went through a similar deal and lost even though I was in the right.
Instructor
Joined: Nov 2009
Posts: 225
Likes: 1
St. Jude Donor '12
The buyer may be a standup guy but unless you know him personally you can't be sure. There are a lot of scam artist out there that want to steal what you have worked for so don't take any chances. It's your car and you decide what conditions you will sell it under. If he really wants the car waiting 24 hours is no big deal, even if he works the banks are open at some time when he is off and the deal can be made. I personally don't accept anything except cash on large transactions, you know that stuffs good ( not worth as much as it use to be but still works). When you have the cash in hand you know the deal is done and no worries.
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Melting Slicks
Joined: Apr 2001
Posts: 3,399
Likes: 278
From: Olmsted Falls, Ohio
I'm not one to put that much trust in a complete stranger.
Take him to his bank, get cash, sign over the title to him, and give him the car on the spot.
Cash never bounces, never gets put on hold by a third party, and when it comes from a bank it's "probably" real.
Take him to his bank, get cash, sign over the title to him, and give him the car on the spot.
Cash never bounces, never gets put on hold by a third party, and when it comes from a bank it's "probably" real.
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Wait until Monday when the bank is open to assure the funds are in place. If he refuses to do that he is clearly a fraud.
Thread Starter
Drifting
Joined: Mar 2011
Posts: 1,271
Likes: 1
From: PA
he is from out of town. i had to pick him up at the airport. he rented a room for two nights but we both figured this was a good way to get him out of town before the weather turns...he is driving it home. i am keeping the title till the payment clears too. sound any better ? no ?
Melting Slicks
Joined: May 2009
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From: Port St Lucie Florida
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I wouldn't do it and I agree that if he's sincere and legit, 24hrs should not make a difference. Please let us know what you decide and how this turns out. Good luck.
Melting Slicks
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Saw your reply after I posted my comments. Curious, was there any mention of this part of the deal before he arrived?
Instructor
Joined: May 2012
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All very valid points raised which should make you very wary of accepting payment via PayPal. There's also the issue that he would have had to have had his payment ceiling raised in advance of doing the deal. I think the maximum payment you can make in a day is about $4500 unless you specifically ask for it to be higher.
1969/1971/2021 Coupes
Joined: Jan 2008
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From: Port Huron MI
St. Jude Donor '09-'10-'11-'12-'13-'14-'15
All very valid points raised which should make you very wary of accepting payment via PayPal. There's also the issue that he would have had to have had his payment ceiling raised in advance of doing the deal. I think the maximum payment you can make in a day is about $4500 unless you specifically ask for it to be higher.
Terry
Pro
Joined: Feb 2000
Posts: 741
Likes: 46
From: Hebron IN
No it doesn't sound any better. What happens if you get the money, send him the title and then three months later he files a claim? And if he used a credit card through paypal, he has that on his side too!
But you withdrew the money out of your paypal account so you're ok? Doesn't work that way, now you owe paypal that money. If you don't pay then it goes to collections and on your credit report.
If he's a nice guy, offer to take another $75 off the price of the car towards his hotel bill.
As far as weather goes, if he's driving it home, it's obviously not a trailer queen. It's JUNE so we're not talking about any blizzards moving in. It's just a car that's fully capable of being driven in the rain.
I've bought plenty of vehicles, some at far distances from home and would never consider putting a seller in the awkward situation this guy is putting you in.
But you withdrew the money out of your paypal account so you're ok? Doesn't work that way, now you owe paypal that money. If you don't pay then it goes to collections and on your credit report.
If he's a nice guy, offer to take another $75 off the price of the car towards his hotel bill.
As far as weather goes, if he's driving it home, it's obviously not a trailer queen. It's JUNE so we're not talking about any blizzards moving in. It's just a car that's fully capable of being driven in the rain.
I've bought plenty of vehicles, some at far distances from home and would never consider putting a seller in the awkward situation this guy is putting you in.
