I've never sold a car on eBay but is PayPal a safe way to get funds for a vehicle? If not what options other than face to face can I source so I don't loose my *** or my vehiclr
I sold a car out of state. The buyer wired the money into a bank account I had just for that purpose. Once the bank confirmed the deposit, the car was picked up.
The Paypal fees will add up when you withdraw the funds. I sell 60 cars per month. Bank wire is safest, fastest, easiest.
I bought a truck off ebay and used paypal. I felt I got bent over on the fees. I also felt the seller should have eaten half of them anyways.
I would not involve Paypal in a large transaction. They are on the side of the buyer. If the buyer complains, Paypal will lock up your funds until you prove the case. They also will hold your funds until they are satisfied the buyer isn't going to back out. Small stuff only. Bank wire is the answer. Cash is king.
PayPal? No ****ing way. Don't even THINK about it. Wire transfer into a separate account, then I think it's 3 days they have to reverse a wire. Cash is safest.
I recently sold a car for my Dad on ebay, he took a $500 deposit through Paypal and the rest was by wire transfer to his account. Everything went smooth as gl***.
I bought a car on eBay and made a deal with the seller before bidding that if I won I'd be there within his 5 day payment period and pay cash. Worked great that way for me but not everybody is honest about stuff like that.
if you do it with paypal have him send it as a gift not a pay on goods they dont tag you with fees if its a gift i sell allot of my art work here on the H.A.M.B. if they send me 40ty for one of my wallets i sell i get 37 out of if but have sold some 1000,00 + things here and the gift works out the best .. also if you pay for you're the fee are relly low
just did this, worked great, i paid small fee on 500.00 the rest wired to bank, but make sure buyer only sends 500.00!!! other wise fees go up.
If your buyer is demanding that he pay thru PayPal, it is most likely a SCAM. I just experienced this SCAM with a car I listed on CL. Buyer had to use only PayPal. It turned out to be the traditional "send extra money to cover a agent fee because the buyer was outside the US, but send the fee first and you will get the rest of the money". I received a very realistic looking email from PayPal telling me the money was in my account, but send the fee first. I checked my PayPal account and of course their was no money, or request for fees in my account. Called PayPal, the said is was definitely a "phishing scam". Bank wire transfer is the only way to go.
A similar "realistic email from eBay" also recently happened to me when listing two different vehicles. eBay email told me that I was delinquent on paying for an item. The item was MINE, that I was trying to sell. SCAMS everywhere with very realistic email from PayPal and eBay. Also notified eBay, another phishing scam. Be very careful out there with selling to someone you don't know!
My wife (the banker) says wire transfer is the best way to go. Once it goes out of one account.. it's gone and therre's no turning back. She's seen some eBay scams happen before using bank checks and other less-secure money transfer methods. She had one buyer come to deposit a bank check (out of the USA) and he had his su****ions and she called the bank the check was written against... no such sequence number, so it was a stolen or forged check. They'll look good, clear YOUR bank in 3 days, but ultimately come up as bogus. I would take paypal only as a down payment. Bob
Paypal is safe, but do your own due diligence!!....I've used it for years on more than ebay. But regarding your question.....I only use PP for deposits...usually $500.00. This way you get a small quick deposit.....to make sure the buyer is real!! The balance? choose your method....Long Distance...Wire Transfer is best by far. Closer...CASH or Certified funds that can be verified before the vehicle is shipped. Also, on PP...you can send the funds under "Personal" then no fees are charged. Again, PP works well when you use it correctly. If you think you have a scammer? send any messages and all su****ious emails to s****@paypal.com....they will get back to you quickly. Murph[/B]
Only wire money into a bank account. If you have to secure a vehicle then use Paypal for a small deposit. The crooks know every angle to their advantage to screw you and for any sale not just a car you need to have shipping proof when you use Paypal. Without it Paypal can rule against you if the person claims they never received the item. Paying in advance with that service and the person picking up in person is a big red flag for that sort of thing. Even if you get the person to sign a paper saying they received it means nothing to them. Be careful and use secure means for money transfer for large amounts. Paypal is not one of them when some schmuck working there can become judge & jury.
Perhaps you don't care, but using the Paypal "gift" method, when in fact it isn't, is theft by deception. It's one thing to not be happy with Paypal fees, but the answer to that is use a different method, i.e. USPS money order. Dishonest is dishonest...... Ray
I have done that as well and as soon as the money was in the account I moved it. The other way I have sold and bought cars was with cash. Carrying that much cash will make you nervous, but when someone pays me cash, I take a counterfeit marker with me and check each bill.
I bought my 41 IHC on ebay, sent deposit by paypal,,,seller wanted the rest in cash..Not everyone is convinced that I can wire transfer cash to their bank account on the internet????
PayPal is fine for a deposit - say up to $1k max. Definitely open a separate bank account for the transaction - that way there is no danger of anyone getting your regular account information and doing whatever with it. It's your safety and your inden***y you should be concerned with....
i dont understand. i have used pay pal for buying and selling. the only time i had fees was when i sold stuff... that being said i have never had a problem with them. hell i just used pay pal the other day.
A day late and a dollar short...as always for me..but here's some more info for everyone using PayPal. I supposedly reached my limit of buying stuff using Pay Pal. Pay Pal sent me a notice they wanted my Checking Account number to verify it was me. Pay pal would send a small amount to my checking account, and I was to E:mail them back to let them know they had the right account. NO WAY, am I going to give out my checking account number to some one over the internet, that sent me a E:mail wanting my checking account number. SO...There is a PAY PAL outlet over in Omaha. I go there and want to talk to someone "IN PERSON" about this. Can't do it. They all hide behind a closed door. I was ushered to a phone in the lobby to talk with someone. I went around and around with them. They said it was for "Security" that I give them my checking account number This was so they could verify that it was me.?????????? I told her.."on the other end of the phone", if she could guarantee me that no one there at Pay Pal, had a criminal background, or ever would in the future, then they could have my account number.... You know what her answer was to that!!!! Pay Pal wants a one way street. All for them and nothing for you or me. Ever notice now in E:bay that all of the adverti*****ts say pay by PAY PAL???? They will charge the seller by using E:bay, then again by having to accept payment by Pay Pal...a double whammy. PayPal was started by and is also run by E:Bay. So you guess who is running the store. I had used Pay Pal system, but it was linked to my credit card. I have a Hell of a lot higher limit there, than what I keep handy in my checking account. Plus I can keep better track of what my balances are in my credit card account. Another plus side of doing it that way is...If and when something goes wrong, you can always call the credit card company and cancel the transaction, instead of trying to contact Pay Pal and have them intervene. (Pay Pal does not like that. That a transaction they could get paid from is cancelled) So, the bottom line is, the good old fashion way of a postal money order, direct wire transfer bank to bank, even a personal check, if the buyer is willing to wait for it to clear. (Advantage there is you will have something saying they received the money) (I have the advantage over most, my checking account is with a POLICE Credit Union, so when someone receives a check from me...Don't screw with me). Anyway,, my 2 cents about using PAY PAL. HellRaiser
paypal is not safe. every transaction as a seller is a roll of the dice as to whether the buyer will get a refund. the general rule is never accept paypal for more money than you are willing to lose to scammers.
Wire Transfer or traditional money order or cashiers check...as long as its drawn from a US based bank. If you get a money order or cashiers check wait for it to clear before the car goes away. Why does it need to be drawn from a US based bank? I sold a waterpump to a guy in Canada once...he sent me a business check...my bank says it will clear in 4-5 days or whatever it was..I wait that period of time. At the end of the wait, the check clears. I sent the guy the waterpump and TWO MONTHS LATER it came back that it bounced. Guess who got screwed? Dont take Paypal for more than a deposit as others have said. He can file a dispute with them for a million reasons..it wasnt as described, this is bad or that..I never got it... etc. Dont go down that road! Additionally if he funds the payment with his credit card he can dispute it with them even if Paypal agrees with you...the great majority of the time they will side with the cardholder.
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