Sold a car on auction site ,buyer wants an invoice for 10 per cent and he'll pay the balance thru PayPal before he picks up the car. Is this how it's done? Thanks rer_239
Tell him you don't play games and to bring CASH when he comes to pick the car up,it smells like a scam to me. HRP
Not as a rule. How is he paying the 10 %? PayPal fees and auction sight fees add up quick also. I have sold some larger items and required a deposit, then cash when they picked the item up.
Could be.. He may want the invoice for 10% to save on sales tax in his state. I would have him pay in full with paypal and then after you have the money secured in your account give him a 10% invoice. If he balks on that than he is scamming you.
I never take full payment for cars via paypal. Not only the paypal fee dipping into my money, but they can later dispute the sale and get the money back, you might or might not see your car back after they make the dispute! My rule has always been 100-500 deposit via paypal to secure the sale, then cash remainder upon pickup. And do yourself the favor of buying some counterfeit detector pens, cheap insurance
I also would never take Paypal for a car for the reasons listed above. Didnt you specify what kind of payment you would take? There are boxes you have to check with what types of payment you take. Dont let the buyer dictate terms...you do that. Wire transfer, cash and cashiers checks drawn from WITHIN the United States are safe forms of payments. No out of the country checks, no Paypal, no I'll send extra to pay for the transporter/agent or whatever. Couldn't he also claim that since you invoiced him the 10% of the sales price...that that was the actual sales price? Dont do anything he is suggesting.
If you have a close bank you deal with I would tell buyer cash only and meet at bank. That way you can be sure it's not counterfeit. I don't mean to sound negative but I've seen some good counterfeit $100 bills! Sent from my SM-S320VL using Tapatalk
they can later dispute the sale and get the money back, you might or might not see your car back after they make the dispute! Or worse, they tell their credit card company (VISA, etc.) to withhold payment to Paypal and you are really stuck then! Since that's where PayPal gets their money, they kiss ass to the credit card company and leave you out in the cold. Ask me how I know...?
Bank wire transfer if the man is not coming in person,I have done this several times with overseas buyers and one that went to Texas. It is the safest thing for the seller. HRP
I recently sold my 62 nova ragtop, the buyer brought me 17k in 100's. I always keep counterfeit detector pens at home for just such an occasion. I use them at casinos too, hey they check my money, I check theirs. In God we trust, all others pay cash.
Listen to these guys. There are plenty of dishonest players on interweb. If he gets the car than shoot bs that something is not right , he can dispute it and then you have a headache if he is in another state or country. The auction site is always on the buyers side and the scammers know how to work auction site and pay site. Google the buyers name and address. I have ran into a real piece of work on that site . If I would have google him you would not believe the stuff on him.
And if you take paypal for down payment , take a low payment (less to lose) and charge the paypal fees.
That is right. Only the good lord above is going to be the only one looking out for you. If your gut tells you to run , then do it.
Nope! Like said, paypal can be reversed...something is screaming "RUN, Forest, RUN" I detest when some "Mr Bigpants" tries to set his rules.. F'em.. . .
He can also cry to his bank and have that cashiers check reversed. They’re not supposed to be able to do that but I know it’s happened.
+ $0.30. Don't forget the + $0.30 To the OP: PP deposit is common, but I wouldn't EVER take balance via PP... fees, as mentioned above, plus chargebacks. Cash or certified check... and car doesn't leave the driveway until that certified check is verified by the issuing bank. /2 cents
holy crap. thanks for the info. i'll take a paypal deposit, but take cash or wire transfer for the balance. thanks rer_239
Very true...ask any bank manager about that fact...and it is pure nonsense to expect a bank call to "clear a check". Your bank getting any check, never gets notified by the other bank that the check "has cleared"...the only time your bank will get notified, is if there are insufficient funds after they submit it to that bank. in my State of Connecticut by State Banking rules, you, the depositer, are the one responsible for any check you deposit for ONE YEAR! My bank said the only non reversible thing is a wire transfer, for the long distance car sales we deal with. .
I bank with Chase. If the buyer draws a cashier's check at Chase they will guarantee the transfer. Something to consider. People are always trying to find ways to not pay our favorite uncle or dodge the SAR (suspicious activity report) that all bank's must turn in on large deposits. I haven't heard them all but in my line of work I've heard a lot.
Cash on delivery only... After you have verified payment in hand you can write a receipt. Normally I will write an invoice for the price paid and we both sign it. If they ask for a second invoice I may or may not write it depending on how much they beat me up on price, how ma y hoops they asked me to jump through, their attitude, etc... I feel like anyone that is buying a car on the up and up should know how it is normally done and not even ask about "special payment arrangements" Chappy
I get why everyone is clinching their wallets on this thread, but meanwhile, over in the "I just BOUGHT a car online and the seller wants me to wire transfer up front" thread, everyone is telling the buyer he has no recourse if the deal goes south, so best not to send money in advance. Some basic truisms-- ● Scammers sometimes look like buyers, sometimes they look like sellers ● Do your homework. If you don't get to a level of comfort where you are willing to risk losing on the deal, DON'T. ● Corollary to above, don't risk more than you are willing to lose. /2 cents
The seller always sets the terms of the deal - payment in cash, no credit cards, wampum, whatever. That's why people can refuse cash, if they want. Best to lay it all out ahead of time so there's no misunderstanding.
On da other hand, in Wisconsin, 10% is considered a legal transaction, that is, both parties are bound by it. For the other 90%? meet me at the bank.
Over here in Oztralia, I get a cash deposit to hold it for a period of time and then tell the buyer my bank branch and account number. When I see the full amount show up in the account I let them take the item. They can put money into the account, they can't take it out. No wads of cash laying around.
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