|
|
Jan 22, 2009 21:06:14 GMT
|
...Easy Q really, I have someone interested in buying a car from me, I trust him, but don't know him so I'd just like clarification before I 100% agree to something.
He wants to pay for the bulk of the car by Paypal so he can pay it off gradually - so I assume it's Credit Card - to appease his missus.
How safe is taking large sums of money over paypal? And what would be the best steps to take to ensure a smooth transaction?
I'm sure everything will be fine but I'd just like to know from others experience.
Thankyou
|
|
Your car is not 'epic', this thread is not 'epic'....the OCEAN is epic, the UNIVERSE is epic.... please stop misusing this word!! It would appear Hotrods are the new VWs - aint fashion funny! '69 BUICK LESABRE 350
|
|
|
|
|
Jan 22, 2009 21:07:34 GMT
|
I think it's fairly safe, but you could end up paying a lot of money out in fees....
|
|
|
|
dclane
Posted a lot
Posts: 1,037
|
|
Jan 22, 2009 21:09:48 GMT
|
When I sold my Merc 300TE I paid £38 in Paypal fees for a £700 sale. And you're not allowed to add Paypal fees on the transaction for eBay sales.
Basically, if you've stated you take Paypal (i.e. if you sold on eBay) and they seem OK, you've normally got to accept it. For other sales, I'd get them to add the fees onto the amount you get.
|
|
Current vehicle collection: 2006 Saab 9-3 Aero convertible - in mid-life crisis yellow No new retro as yet ... all attempts to sneak one onto the drive have failed.
|
|
kee
Posted a lot
Posts: 4,991
|
|
Jan 22, 2009 21:11:42 GMT
|
bear in mind you are only allowed about £1.5k going through paypal in a year before they pause your account, then you have to verify it, think its a fraud prevention thing. that and the fines, i'd get check or bank transfer sorted
|
|
|
|
|
|
Jan 22, 2009 21:16:01 GMT
|
if its sent as a 'gift' or 'payment owed' you should be able to save on fees, plus he wont be able to retract it at a later date, but you say you trust him anyway... hmm, cash is always best, maybe he should get an advance or summat, though stung of Barclay at 22.9% wont be fun for him. get him round to do the washing up to help speed the debt!
|
|
it doesn't matter if it's a Morris Marina or a Toyota Celica - it's what you do with it that counts
|
|
kee
Posted a lot
Posts: 4,991
|
|
Jan 22, 2009 21:32:22 GMT
|
I had money sent to me as a 'gift' but still had to pay fines fees
|
|
Last Edit: Jan 22, 2009 21:32:38 GMT by kee
|
|
|
|
Jan 22, 2009 21:35:01 GMT
|
lots of different opinions on this but 'gift' is 1% now apparently and it might matter where the money is from, sat in the buyers paypal should be cheapest but who know i'm sure they make it up as they go along. ;D
|
|
it doesn't matter if it's a Morris Marina or a Toyota Celica - it's what you do with it that counts
|
|
Mr S
Posted a lot
10-4 Good buddy.
Posts: 2,654
|
|
Jan 22, 2009 21:44:46 GMT
|
In all honesty, if he wants to pay by paypal, I'd make him wait until you've withdrawn the money from Paypal to your bank account before I'd let him take the car - just in case!
|
|
Suzuki GSXR1000 K2 BMW R1150GS BMW K1200RS Chevy K5 Blazer Chevy Suburban LT Jaguar XKR
|
|
|
|
Jan 22, 2009 21:50:44 GMT
|
i think it can still be taken back out if a complaint is made
|
|
|
|
|
|
Jan 22, 2009 22:01:05 GMT
|
I think it can still be taken back out if a complaint is made Thats what i read
|
|
Your car is not 'epic', this thread is not 'epic'....the OCEAN is epic, the UNIVERSE is epic.... please stop misusing this word!! It would appear Hotrods are the new VWs - aint fashion funny! '69 BUICK LESABRE 350
|
|
|
|
|
Jan 22, 2009 22:13:59 GMT
|
You don't know him? How well do you trust him? Personally, I wouldnt even consider accepting paypal - far too many ways for you to loose out. Even withdrawing the funds to your bank doesnt make you safe. If the transaction is reversed, paypal will just TAKE the funds back from your bank, or if you manage to stop it, things go the way of court, bailifs and CCJ`s.
|
|
1986 Panda 4x4. 1990 Metro Sport. 1999 Ford Escort estate.
|
|
Mike
East Midlands
Posts: 3,387
|
|
Jan 22, 2009 22:15:01 GMT
|
I'd take cash only, just to be on the safe side. If he wants to pay it back gradually, let him get a loan, or transfer some money into his account from a credit card, so you can be paid in cash. There's no need to be messing about with Paypal.
I'm not saying this person is untrustworthy, just the whole paypal thing seems a bit unnecessary...
|
|
|
|
|
|
Jan 22, 2009 22:24:28 GMT
|
paypal is expensive and they seem to make rules and charges up as they go along ,money can be claimed back ,and paypal can hold money back for 21 days in certain cases, i would try another way if poss,
|
|
yes ,it started badly ,petered off in the middle and the least said about the end the better!!!
|
|
tofufi
South West
Posts: 1,458
|
|
Jan 22, 2009 23:34:56 GMT
|
I paid £900+ for my van via paypal a few years ago.
I wouldn't accept it this way though. Cash only please!
|
|
|
|
|
|
Jan 22, 2009 23:55:58 GMT
|
for deposits only! if he can't pay it in cash one way or another, he obviously cant afford it anyhoo.
|
|
|
|
|
|
Jan 23, 2009 10:24:56 GMT
|
I wouldn't take paypal for more than like a few quid. Its another one which is now too much orientated to the buyer not the seller. Means scammer buyers can rip you off
|
|
1941 Wolseley Not Rod - 1956 Humber Hawk - 1957 Daimler Conquest - 1966 Buick LeSabre - 1968 Plymouth Sport Fury - 1968 Ford Galaxie - 1969 Ford Country Squire - 1969 Mercury Marquis - 1970 Morris Minor - 1970 Buick Skylark - 1970 Ford Galaxie - 1971 Ford Galaxie - 1976 Continental Mark IV - 1976 Ford Capri - 1994 Ford Fiesta
|
|
|
|
Jan 23, 2009 11:00:27 GMT
|
I would'nt take paypal for a car sale.The fees would be high and too much risk of the buyer getting the car and his money back.
|
|
|
|
|
|
Jan 23, 2009 11:28:18 GMT
|
As has been said about twelve times already, avoid transferring large sums via paypal. They can freeze any funds in your account, and it can have knock on effects to your bank account afaik. By all means take a deposit on it, and withdraw it from paypal to your bank asap. Get the chap to put a tenner a week in a biscuit tin under his bed and when he has the balance bring it round!
|
|
1967 Morris Traveller 1971 Series IIA Land Rover 1991 Golf GL 4+e 1992 Corrado G60 1986 E28 BMW 528i
|
|
|
|
Jan 23, 2009 12:20:54 GMT
|
I wouldnt dream of accepting that much money through paypal, don't forget paypal is run by crooks and operates based on rules it makes up as it goes along. Its ok for £3 here and £10 there, but £900? NO WAI.
|
|
1974 Lancia Beta Saloon 1975 Mazda 929 Coupé 1986 Mazda 929 Wagon 1979 Mazda 929 Hardtop 1982 Fiat Argenta 2.0 iniezione elettronica 1977 Toyota Carina TA14 1989 Subaru 1800 Wagon 1982 Hyundai Pony 1200TL 2-dr 1985 Hyundai Pony 1200 GL 1986 Maserati 425 Biturbo 1992 Rover 214 SEi 5-dr 2000 Rover 45 V6 Club 1994 Peugeot 205 'Junior' Diesel 1988 Volvo 760 Turbodiesel Saloon 1992 Talbot Express Autosleeper Rambler 2003 Renault Laguna SPEARS OR REAPERS
|
|
|
|
Jan 23, 2009 12:31:52 GMT
|
a mate of mine kept all his eBay sales money in Paypal as he was saving up to buy a car with it, and he had like £8K in Paypal in one go at one point and I thought that was way more risky than I'd have liked...
|
|
1941 Wolseley Not Rod - 1956 Humber Hawk - 1957 Daimler Conquest - 1966 Buick LeSabre - 1968 Plymouth Sport Fury - 1968 Ford Galaxie - 1969 Ford Country Squire - 1969 Mercury Marquis - 1970 Morris Minor - 1970 Buick Skylark - 1970 Ford Galaxie - 1971 Ford Galaxie - 1976 Continental Mark IV - 1976 Ford Capri - 1994 Ford Fiesta
|
|
|