Question of selling a vehicle

bcgreen · bcgreen's Garage

I have someone who is interested in one of my vehicles and says he wants to pay for the entire vehicle through PayPal. The only question he has asked of me is "what is the lowest price I will take for the vehicle?" We have agreed on a price.
I've called PayPal and they assured I would be okay, but I am still suspicious because I am used to people asking me all kinds of questions on the vehicle before they even talk price.
The person is in the USA, just south of Mississippi.

jdarends · 08-03-2017, 07:16 AM

Quote:

Originally Posted by bcgreen

I have someone who is interested in one of my vehicles and says he wants to pay for the entire vehicle through PayPal. The only question he has asked of me is "what is the lowest price I will take for the vehicle?" We have agreed on a price.
I've called PayPal and they assured I would be okay, but I am still suspicious because I am used to people asking me all kinds of questions on the vehicle before they even talk price.
The person is in the USA, just south of Mississippi.

Most transactions through paypal are protected. Your buyer may only have funds available to a credit card. The downfall is the patpal fees you have to pay.

Sent from my SM-G930U using Tapatalk

bcgreen · bcgreen's Garage

[QUOTE=jdarends;9686905]Most transactions through paypal are protected. Your buyer may only have funds available to a credit card. The downfall is the patpal fees you have to pay.

Can you elaborate on the funds may be available to a credit card?

union · 08-03-2017, 07:38 AM

If you are buying something and paying with PayPal, you have 2 options as a buyer on how you want to pay. First is a withdraw from your bank account. Usually this has low fees for the seller. The 2nd option is paying via credit card. The seller will absorb the fees associated with the buyer using a card. This is somewhere between 5-8% depending on the amount.

Mad Max · Mad Max's Garage

Quote:

Originally Posted by bcgreen

I have someone who is interested in one of my vehicles and says he wants to pay for the entire vehicle through PayPal. The only question he has asked of me is "what is the lowest price I will take for the vehicle?" We have agreed on a price.
I've called PayPal and they assured I would be okay, but I am still suspicious because I am used to people asking me all kinds of questions on the vehicle before they even talk price.
The person is in the USA, just south of Mississippi.

My concern with PayPal is if the customer later complains the vehicle has an undisclosed issue and requests a (partial) refund.

I would use PayPal only for a down payment and require the buyer to pay the balance in cash or cashiers check on a bank you trust.

bcgreen · bcgreen's Garage

Quote:

Originally Posted by Mad Max

My concern with PayPal is if the customer later complains the vehicle has an undisclosed issue and requests a (partial) refund.

I would use PayPal only for a down payment and require the buyer to pay the balance in cash or cashiers check on a bank you trust.

Good suggestion

bcgreen · bcgreen's Garage

Just found out from PayPal is that they don't cover cars.

SalParadise · 08-03-2017, 08:05 AM

Quote:

Originally Posted by bcgreen

Just found out from PayPal is that they don't cover cars.

Never, ever take Paypal for anything like a motorcycle or car. Not even a deposit. Go the old fashioned way. This can come back and bite you. Have the guy take a cash advance on his card and wire you the money.

Due to buyer protection, which is now extended for 6 months (or more) depending, they could 1) Say they never got the car (how are you going to prove it? It has no tracking number, delivery confirmation, etc. 2) They can pretty much rent the car for six months and return it or say it doesn't work.

Run, don't walk away from this one.

350 SIX · 350 SIX's Garage

Run away, I would not even consider him as buyer if he wanted to PayPal anything more than a $500 deposit.
Smells like a scam, have you even had a phone conversation with him?

bcgreen · bcgreen's Garage

Quote:

Originally Posted by SalParadise

Never, ever take Paypal for anything like a motorcycle or car. Not even a deposit. Go the old fashioned way. This can come back and bite you. Have the guy take a cash advance on his card and wire you the money.

Due to buyer protection, which is now extended for 6 months (or more) depending, they could 1) Say they never got the car (how are you going to prove it? It has no tracking number, delivery confirmation, etc. 2) They can pretty much rent the car for six months and return it or say it doesn't work.

Run, don't walk away from this one.

I am out of this scam, due to overwhelming/unanimous response to move on.

Matt Monson · 08-03-2017, 02:56 PM

Nope. Pay pal shyte seller protections. If it's over a couple hundred bucks I don't accept it for anything.

Tarek307 · Tarek307's Garage

Never heard of someone wanting to pay through paypal for a big transaction like this! If he likes your price and he is serious you guys can draw up a bill of sale and can do cashiers check or wire- also if he pays through paypal he can get his money back at any time by filing a claim and they will withdraw against your bank account even if your account has nothing in it!

bcgreen · bcgreen's Garage

Quote:

Originally Posted by Tarek307

Never heard of someone wanting to pay through paypal for a big transaction like this! If he likes your price and he is serious you guys can draw up a bill of sale and can do cashiers check or wire- also if he pays through paypal he can get his money back at any time by filing a claim and they will withdraw against your bank account even if your account has nothing in it!

Isn't that lovely.

Alan A · 04:41 PM

Quote:

Originally Posted by bcgreen

I have someone who is interested in one of my vehicles and says he wants to pay for the entire vehicle through PayPal. The only question he has asked of me is "what is the lowest price I will take for the vehicle?" We have agreed on a price.
I've called PayPal and they assured I would be okay, but I am still suspicious because I am used to people asking me all kinds of questions on the vehicle before they even talk price.
The person is in the USA, just south of Mississippi.

Scam. Dollars to donuts it turns into an advance fee fraud if you reply.
Lowest price is an AFF 101 bait word.

Unobtanium-inc · 08-05-2017, 07:34 AM

I've had people try and do this but it's not nefarious, just bad business. A guy explained it to me when he was trying to convince me to take the deal. He had three credit cards and if he maxed them out on Paypal he could buy my 356, and then hope to re-sell it within 30 days before he has to pay interest on the cards.
I declined and would never take more than a deposit through paypal. If he gets the car and doesn't like something he could tie up a lot of money. Not to mention the 3% adds up.

---Adam

billh1963 · billh1963's Garage

Sold an MGB on eBay a few months ago. I clearly stipulated how payment was to be made...no paypal. Auction winner tells me he wants to pay via PayPal for his protection. I informed me that my protection was more important to me and he needed to come up with the cash or the deal was dead.

He wound up borrowing on his credit card and wiring the money.

touringteg · 08-06-2017, 08:36 AM

Same thing happened to me last year with a 1999 Honda Civic SiR with 41k miles. Sold it on ebay and was crystal clear that it was wire transfer or cash in person only. The buyer refused to use anything but paypal for the entire purchase.

After talking to ebay and paypal they confirmed that paypal offers no protection for the seller.

Buyer left negative feedback but luckily I had him ask ebay to revise it while we continued to talk about other forms of payment. The deal died because he refused to pay any other way.