Register now to get rid of these ads!

Is it safe to receive paypal payment for a truck for sale?

Discussion in 'The Hokey Ass Message Board' started by RoadFarmer, Oct 4, 2010.

  1. RoadFarmer
    Joined:
    Jun 15, 2009
    Posts:
    2,824
    Location:
    Earth, Texas (yes it really is the town's name)

    RoadFarmer Member

    I've got somebody that wants to guy a vehicle from me..... Just curious is it safe to receive payment over paypal??? Never done this. He said he just wants me to email him a copy of the title. Thanks in advance
  2. stude54
    Joined:
    Jan 9, 2008
    Posts:
    41
    Location:
    michigan

    stude54 Member

    Personally, I prefer a bank transfer. That way you know the cash is in the bank and you don't have to deal with Paypal if he tries to get the money back do to something he decides to do to reverse the deal.

    I only take bank transfers and cash. Paypal will also charge you a fairly stiff fee for the transaction.

    Emailing a copy of the Title is pretty common as it proves you have it.

    For a few hundred bucks Paypal might be ok but I still only take bank transfers

    JMHO

    Bob
  3. kustombuilder
    Joined:
    Sep 18, 2002
    Posts:
    7,737
    Location:
    Grand Ledge, Charlotte, Milford.

    kustombuilder Member

    If ya don't mind sharing some of your profits with Paypal... Also depends if theu pay by e-check or have the funds in the account (or a linked account). E-checks take a few days to clear.
  4. caletcb
    Joined:
    Aug 18, 2007
    Posts:
    153
    Location:
    alabama

    caletcb Member

    paypal will charge a pretty hefty fee...but it is safe. bank transfer would be the way to go, if its a scam your bank will handle it.
    Register now to get rid of these ads!

  5. Cruiser
    Joined:
    May 29, 2006
    Posts:
    2,228
    Location:
    SLO Town, CA

    Cruiser Member

    Bank transfer is the best way to go and safe.

    CRUISER :cool:
  6. slickschoppers
    Joined:
    Mar 15, 2007
    Posts:
    160
    Location:
    Iowa

    slickschoppers Member

    yep.... gotta agree with everyone else.. if he has paypal,, he can do a bank transfer. if he does paypal, he may complain and get his money back... lockin up your account and all the hassle that goes along with it WHILE he has your truck.

    ON the other hand, a bank transfer is ONE WAY. you tell the bank the payment is comming in,,, they won't let him take it back out...

    OR... good old fashioned CASH works great too!!
  7. Black Panther
    Joined:
    Jan 6, 2010
    Posts:
    715
    Location:
    SoCal

    Black Panther
    ALLIANCE MEMBER

    Aside from paying Paypal a ridiculous fee, the buyer can file a dispute with Paypal about the transaction and if he used a credit card to fund the purchase can dispute it with the credit card too. He might not like something or see something maybe he didnt expect and get all pissy.....Might not happen but I wouldnt chance it...
  8. 117harv
    Joined:
    Nov 12, 2009
    Posts:
    5,026
    Location:
    Medford Oregon

    117harv
    ALLIANCE MEMBER

    I agree with the above posters, paypal charges 3% and using them it can get sticky if the buyer complains. I do hate paypal sometimes as i have to pay 3% on a sale, including the shipping.
  9. 4Door54
    Joined:
    Oct 24, 2009
    Posts:
    250
    Location:
    Nor*Cal

    4Door54 Member
    1. 1952-59 Ford Social Group

    DO NOT DO IT. I read in a thread here about a bunch of stories where cars were payed for over paypal, then once the buyer had the vehicle, Reversed the payment, and kept the car.
  10. stillrunners
    Joined:
    Aug 27, 2009
    Posts:
    3,019
    Location:
    dallas

    stillrunners
    ALLIANCE MEMBER

    following...thanks for all the posts...
  11. Mr48chev
    Joined:
    Dec 28, 2007
    Posts:
    17,566
    Location:
    Yakima Valley, WA

    Mr48chev
    ALLIANCE MEMBER

    You might think paypal for a certain percentage as a down payment with the rest due on pickup in the form of a bank transfer or cash green money. The bad thing about paypal is the amount you have to pay them to do the transfer. It can add up in a hurry if the car is worth several thousand dollars.

    I can't fault him for wanting to see a copy of the title and he may need it to be able to insure the vehicle but I think I would photo copy it an then write something in the form of (for reference purposes only, not transferable ) on it before sending it to him. That way he has the vin and can insure the car plus it is proof that you actually have the title in your possession for him.
  12. Royalshifter
    Joined:
    May 29, 2005
    Posts:
    15,244
    Location:
    California

    Royalshifter Moderator

    Three business days and the money is yours....just wait until it clears. I have been using Paypal for years and no problem. I don't understand why some have such a challenge and no offense to anyone particular.$.02

  13. meatball
    Joined:
    Oct 20, 2005
    Posts:
    4,848
    Location:
    tucson (Picture Rocks) arizona

    meatball Member

    I agree with RoyalShifter,its the way to go just build in the fee into the price.still worth it to cover your ass thru PP,and have the money in your hand from PP before the car leaves
  14. dubcee
    Joined:
    Jan 24, 2008
    Posts:
    482
    Location:
    Enumclaw Wa.

    dubcee Member

    Bank Transfer covers your bacon! They can Dispute Pay-Pal and get the money back if they are shady ( or you are) bank wire is solid and happens on the same day... No looking back!.Pay-Pal may take up to 3 days to post...Plus I just hate sharing $30.00 for every $1000.00 I get with E-bay/Pay-Pal empire. Hell.. my bank only nicks me $15.00 for a bank wire no matter how much it is or isn't.
  15. barqsnut
    Joined:
    Jun 11, 2008
    Posts:
    179
    Location:
    Pearl, MS

    barqsnut Member

    Bottom line-the buyer can dispute the transaction with Paypal and guess who Paypal sides with?????? I've seen it happen numerous times. Paypal nor eBay (and yes, I realize this isn't an eBay transaction) either one has any backbone when it comes to doing right by the seller. I wouldn't even take a deposit on a large transaction by Paypal. Just my free advice.
  16. HOT40ROD
    Joined:
    Jun 16, 2006
    Posts:
    964
    Location:
    Easton, Pa

    HOT40ROD Member

    As for the copy of the title Right in large print Sample or Not Transferable. I seen people try to transfer copies.
  17. THR1LL3R
    Joined:
    Feb 4, 2007
    Posts:
    1,404
    Location:
    St. Louis

    THR1LL3R
    ALLIANCE MEMBER
    1. The St. Louis MO Crew

    Paypal charges 3% and bank transfers can take a while..I think if they send it as a gift there is no charge. I just used paypal for a Model A pickup from a gentleman in the UK...a bank transfer could have taking up to 3 months I was told.
  18. oldguard
    Joined:
    Jul 6, 2007
    Posts:
    1,947
    Location:
    Waterloo Community, North Edmond , Oklahoma.

    oldguard
    ALLIANCE MEMBER

    I have done quite a few bank transfers and never had to wait more then 48 hours, in most cases 24! The next best thing to cash! Paypal is for small things in my mind and like has been stated, why share your money?
  19. Soviet
    Joined:
    Sep 4, 2005
    Posts:
    712
    Location:
    Dickinson, ND

    Soviet Member

    Yes, but I would go a different route.
  20. flatoutflyin
    Joined:
    Jun 16, 2010
    Posts:
    373
    Location:
    Milford, Ohio

    flatoutflyin
    ALLIANCE MEMBER

    You are correct, sir. Have your bank open a new checking account and use it for electronic fund transfers only. Provide your buyer with the bank name, address, and the routing number for the new account. Have your banker notify you when the funds arrive. He can tell you how long it takes for the transfer to become "collected funds". I've never waited longer than 24 hours. Once the funds are "collected", the transfer is irrevocable, and the money is available in your account. Set it up to have the money immediately transferred to your other account. If it's a scam and the scammer has created checks on your new account, or attemps an electronic debit, your exposure is limited to your minimum balance in that account, $20.00 in my case. $20.00 is cheap insurance for a multi-thousand dollar deal. Certified checks can come back and bite you weeks later.
  21. BulldawgMusclecars
    Joined:
    Jul 15, 2010
    Posts:
    509
    Location:
    Acworth, GA

    BulldawgMusclecars Member

    For something like a vehicle, I would accept some "earnest money" from Paypal, but the transcation costs are too high to run a lot of money through there. The last vehicle I sold, I got a $500 deposit through PayPal and the rest was done by wire transfer. Once I received the transfer, the buyer sent a transport to pick it up. You can't reverse a wire transfer, so its by far the safest way to go. Much safer than anything, really, since there is no possiblility of counterfeit bills, MOs, or cashier checks.
  22. Von Rigg Fink
    Joined:
    Jun 11, 2007
    Posts:
    13,436
    Location:
    Garage

    Von Rigg Fink Member

    its an Oxy Moron..Pay pal....not yer "pal"..

    I had a merchant acct. with these theifs..i cant wait until they screw up and get investigated by the feds..
    or everyone in this world that uses them brightens up and sends them packing
    Last edited: Oct 5, 2010
  23. Truckedup
    Joined:
    Jul 25, 2006
    Posts:
    3,285
    Location:
    Western NY hillbilly

    Truckedup Member

    Yes,send it as "personal" with Paypal and there are no charges to either party.I have done if for a vehicle and recently here on the Hamb when buying an part from a guy.This won't work if it's an Ebay item.And yes,Paypal backed by a credit card is subject to the same rules as a credit card.
    Money wire transfer? That costs money to the sender,takes half a day but is safe for the guy getting the money
  24. FritzJr
    Joined:
    Feb 11, 2007
    Posts:
    297
    Location:
    Massachusetts

    FritzJr Member

    I have done many transactions through PayPal with good results on small amounts. I will never again use them for large amounts. I once did a transaction for over $10K that turned into a real problem. Since this transaction was larger than normal, PayPal decided it was unusual and locked up the money. It took a couple of weeks before they would release it back to me. In the meantime, I had to cover the transaction with another $10K through a wire transfer.
    I was not a happy camper.
  25. TMunster
    Joined:
    Oct 4, 2010
    Posts:
    116
    Location:
    Las Vegas

    TMunster Member

    i have used paypal many times..but only when recieving/sending money. anything of higher value i would suggest bank trans. also
  26. brad chevy
    Joined:
    Nov 22, 2009
    Posts:
    2,629
    Location:
    webster,florida

    brad chevy Member

    Have him go to his bank and transfer funds to your bank and let your bank know whats going on,PayPal has a policy of the buyer is always right,don"t lose your vehicle and your money to ,PayPal,E-bay and Western Union are all just hotspots for scammers and crooks. There is a fake E-bay and Fake PayPal site on the internet so how secure is that.U.S Postal money order,cash,or bank transfer is the only way to go and keep your vehicle until you have cash in hand ,not in a bank account.
  27. isettajohn
    Joined:
    Oct 18, 2009
    Posts:
    1,108
    Location:
    North Jersey & Catskill Mtns, NY

    isettajohn Member

    I wouldn't ever accept Paypal for a vehicle and it sends a red flag to me. You can always dispute that something isn't as advertised when you get it, and with Paypal they usually decide on the buyers behalf. Don't ever do it with something you can't afford to lose. This is the time of year ALL the scammers come out of the woodwork for free holiday money. I just went thru this with a good friend of mine this week. Someone in Canada responded to his ad wanting to buy his vehicle with Paypal. He doesn't have a Paypal account and wasn't interested in starting one for this sale. I told my friend to get a direct bank transfer only and if the guy was legit he should accept those terms. The guy insisted Paypal only. Scammer!!! Anyone accepting full payment with Paypal is a fool!
  28. Motorhead Extraordinaire
    Joined:
    May 19, 2009
    Posts:
    217
    Location:
    Chelmsford, MA

    Motorhead Extraordinaire Alliance Vendor

    We use PayPal as the credit card transaction handler in our business. PayPal, like credit card companies have policies that allow disputes to be handled. For a merchant, like us, it is a valuable process for fairness on both sides, albeit it can be painful and sometimes not to our liking. However, I would never use PayPal when selling a car.

    A small deposit, using PayPal is understandable to seal the deal but take the bulk in a wire transfer or cash. If paid by a check, allow one week to clear before releasing the vehicle or paperwork. A lot of bad scam artist play the "official bank check" game.

    IMHO
    Joe
  29. 1stGrumpy
    Joined:
    Jan 1, 2008
    Posts:
    3,803
    Location:
    Clarksville, Ar.

    1stGrumpy
    ALLIANCE MEMBER


    I agree with Royalshifter. I have been using them for over 10 years and several hundred transactions and NEVER had a problem! Just don't give him anything until till the money clears your bank. As far as the 3% goes, just tack it onto the sale. Those horror stories people talk about usally leave out some important facts, such as the item was mis-represented in the first place! That is my opinion and you know what they say about opinions....
  30. why would you accept payments for your vehicle from a stranger or worse from somebody that has "hollow word" possibly? your setting yourself up for possible huge headaches. i won't let one ever leave again on any type of credit as i seem to bring the flakes out of the woodwork. have the buyer borrow the money from somebody they know and then your done. huge red flags!

Share This Page

Register now to get rid of these ads!

Archive

Copyright © 1995-2013 The Jalopy Journal: Steal our stuff, we'll kick your teeth in. Terms of Service. Privacy Policy.

Atomic Industry
Forum software by XenForo™ ©2010-2014 XenForo Ltd.