Paypal for a car? - PeachParts Mercedes-Benz Forum

t walgamuth · #1 02-09-2015, 10:19 AM

I am selling my formula ford to a fellow who wants to pay by paypal. Is this a problem for me? its thousands of dollars. How can I get the money out of paypal?
Will I have to pay paypal a fee to get my money out?

rscurtis · #2 02-09-2015, 10:32 AM

You will be charged a fee just as if you were a credit card merchant. There isn't any cost to get your money from PP, but there may be a monthly restriction on how much you can transfer to your listed bank account.

DieselPaul · #3 02-09-2015, 10:34 AM

Do you have a paypal account? If you're paypal account is particularly new, and not directly linked to your checking account they have/had a $500 monthly limit on withdraws. I had that removed from my account a few years ago, but I don't recall how. Something worth investigating.

You will pay a fee of 2.9% plus $.30.

https://www.paypal.com/us/webapps/helpcenter/helphub/article/?solutionId=FAQ690&m=HTQ

Its 2.9% to receive the money, but free to transfer back to your linked account.

Sometimes paypal transfers into your account take forever for some reason, I sold my SLC on eBay and I didn't have my listing set up right and the guy paid in full on PayPal and it sucked and for some reason it took like 10 days for the money to clear back into my checking account.

I personally would not do it. No reason he can't just give you a cashiers check, or cash.

You may remind him buyer protection does not apply to cars, and used cars, especially used race cars are always sold as-is, no warranties, stated nor implied. No need for you to pay 2.9% for his peace of mind, that actually does not apply.

KarTek · #4 02-09-2015, 10:43 AM

No way on Gods green earth would I take PayPal for a vehicle or anything that I can't afford to lose the money on.

The way I understand it, people use PayPal as a sort of "buyer protection" plan. They buy the car, transfer the money and then come pick it up and take it home. After they get miles away from you, they find something they don't like and dispute the payment, tying the money up and preventing you from accessing it.

This can go on for months and meanwhile, they have your car. I may be wrong about this but I'm old fashioned: bring cash, take car home after you look it over. You have the option to back out after seeing the car in person with no penalty.

Again, I may be wrong but even though buyer protection doesn't extend toward used vehicles, they may still be able to tie up your money.

Another edit: I believe that if you instruct the buyer to "transfer money to a friend or family member" no fees apply and it also restricts their ability to screw up the transaction after the fact.

JB3 · #5 02-09-2015, 10:59 AM

Quote:

Originally Posted by KarTek

No way on Gods green earth would I take PayPal for a vehicle or anything that I can't afford to lose the money on.

The way I understand it, people use PayPal as a sort of "buyer protection" plan. They buy the car, transfer the money and then come pick it up and take it home. After they get miles away from you, they find something they don't like and dispute the payment, tying the money up and preventing you from accessing it.

This can go on for months and meanwhile, they have your car. I may be wrong about this but I'm old fashioned: bring cash, take car home after you look it over. You have the option to back out after seeing the car in person with no penalty.

Again, I may be wrong but even though buyer protection doesn't extend toward used vehicles, they may still be able to tie up your money.

Another edit: I believe that if you instruct the buyer to "transfer money to a friend or family member" no fees apply and it also restricts their ability to screw up the transaction after the fact.

X2.

I would accept a non refundable deposit through paypal since its immediate, but balance should be cash or bank check

Phillytwotank · #6 02-09-2015, 11:01 AM

x3 KarTek

DieselPaul · #7 02-09-2015, 11:02 AM

Quote:

Originally Posted by KarTek

The way I understand it, people use PayPal as a sort of "buyer protection" plan. They buy the car, transfer the money and then come pick it up and take it home. After they get miles away from you, they find something they don't like and dispute the payment, tying the money up and preventing you from accessing it.

This can go on for months and meanwhile, they have your car. I may be wrong about this but I'm old fashioned: bring cash, take car home after you look it over. You have the option to back out after seeing the car in person with no penalty.

Again, I may be wrong but even though buyer protection doesn't extend toward used vehicles, they may still be able to tie up your money.

This is from PayPal's site

Quote:

Items Not Covered
Intangible items like digital goods or services, real estate, motorized vehicles (of any kind), custom made items – we may cover you in the event that a custom made item is not received – travel tickets, industrial machinery (for manufacturing), prepaid cards, or items that violate our policies or eBay’s policies, anything you buy in person, or money transfers to friends or family. You must open any dispute within 180 days or you will not be covered.

https://www.paypal.com/webapps/mpp/paypal-safety-and-security

However I totally agree with you, based on my dealings with paypal even in the claimants situation is blatantly not covered, they will still seize the sellers account while they do their "diligence" which is an epic pain in the ass.

KarTek · #8 02-09-2015, 11:07 AM

Quote:

Originally Posted by DieselPaul

However I totally agree with you, based on my dealings with paypal even in the claimants situation is blatantly not covered, they will still seize the sellers account while they do their "diligence" which is an epic pain in the ass.

This in and of itself is reason enough to stay away.

t walgamuth · #9 02-09-2015, 11:12 AM

OK, thanks guys! I'll ask for cash.

iwrock · #10 02-09-2015, 11:32 AM

I bought my Ducati via PayPal.

Did the complete deal over the phone, and used PayPal to pay for it.

BWhitmore · #11 02-09-2015, 12:09 PM

The safest way to be paid for a car is a bank wire transfer. The buyers bank will charge the buyer around $35 for the transfer. Normally takes 3-4 hours to complete. The seller is able to confirm with their bank that the money is secure in their account before the car is released or the title is signed over. Paypal is OK for a small deposit but even then a bank wire transfer is good for the deposit also. Remember there are a lot of fake cashiers checks out there.

DieselPaul · #12 02-09-2015, 12:33 PM

Quote:

Originally Posted by BWhitmore

Remember there are a lot of fake cashiers checks out there.

I had a guy get really offended when I called to verify a cashiers check he handed me. He told me cashier checks were very safe. I asked if he had a laser printer at home... He replied "ye... oh.... okay I see what you mean." It ended up being good, as I expected, but you've got to check. My father is a car dealer and has been handed his fair share of home made ones.

daw_two · #13 02-09-2015, 12:48 PM

Accept Cash and have your pistol tucked in your back.
OR

Accept Cash and go to one of those Quick Market Gas Pump places that has LOTS of cameras.

spdrun · #14 02-09-2015, 01:11 PM

Quote:

Originally Posted by BWhitmore

The safest way to be paid for a car is a bank wire transfer.

Safest (and cheapest) way ris to meet at a bank and exchange cash for title. Banks also generally have a notary on hand if the title needs to be notarized.

gatorblue92 · #15 02-09-2015, 03:34 PM

I did buy a car once via paypal but it was from a friend (and forum member) and IIRC there were a few small fees involved. I paid a bit extra to cover those fees but the rewards on the credit card more than made up the difference.