js292
Well-known member
Anybody know if there are any risk selling a car overseas and taking payment via paypal?
it's yours...no way to get it back.
What you should do is have the person wire the money directly into your account. When it is in there, it's yours...no way to get it back. With paypal the fees are insane and with the bank transfer you only have a 2 side bank fee (which in all fairness the buyer should pay for on both ends0
What you should do is have the person wire the money directly into your account. When it is in there, it's yours...no way to get it back. With paypal the fees are insane and with the bank transfer you only have a 2 side bank fee (which in all fairness the buyer should pay for on both ends0
I agree
I sold a 1981 Mercedes-Benz 380 SL to a guy in Germany.I told him to only put a $250 deposit in my PayPal account and had him wire the balance of the money directly into my bank account. I've heard and witnessed horror storys about scammer buyers using PayPal so as for risk do not release the car until money is in your BANK account. With PayPal if they can't collect the money from the buyer (because of bad CC,fake bank account...etc) they will take it from you.
What you should do is have the person wire the money directly into your account. When it is in there, it's yours...no way to get it back. With paypal the fees are insane and with the bank transfer you only have a 2 side bank fee (which in all fairness the buyer should pay for on both ends0
I agree
I sold a 1981 Mercedes-Benz 380 SL to a guy in Germany.I told him to only put a $250 deposit in my PayPal account and had him wire the balance of the money directly into my bank account. I've heard and witnessed horror storys about scammer buyers using PayPal so as for risk do not release the car until money is in your BANK account. With PayPal if they can't collect the money from the buyer (because of bad CC,fake bank account...etc) they will take it from you.
That's the best way.
I instructed my buyer via email to do the same, but he went ahead and did the total amount by PayPal anyway, so there was a pretty big fee deducted.
Told him that he still owed me the fee and held the car till I got it.
Use a special bank account for Paypal and withdraw the money from it completely. In the fineprint you agree to let Paypal litterally have free access to your account and they can come back months later and withdraw from it. Unfortunately, I had to evict a tenant, supposedly because PayPal took all his money for months and he ended up broke.
Also be careful of wiring with banks, Bank America wanted to hold the wire for 2 weeks, Wachovia 2 days.
The buyer can also use his importer/exporter as his agent and give you the money and he gets the car and title.
Always hold the car until the funds are in your hand as good as cash. If wanting to keep it in a bank, have separate accounts at separate banks.
I don't trust any of them anymore. :hunter:
I thought once it was in your paypal it had already been cleared of any problems.
I thought once it was in your paypal it had already been cleared of any problems.
No....A friend of mine sold a Suisse 100 gram pure gold bar($2,700),the bid ended on a Thursday and he got a message from the POS buyer that the money will be in his PayPal account on Saturday and it was. The POS buyer said he would be in town on Sunday and could stop by and pick it up. Three days later PayPal took the money back out of his account due to the POS buyer using a stolen/cloned or something of that nature CC#. He got screwed.
I thought once it was in your paypal it had already been cleared of any problems.
No....A friend of mine sold a Suisse 100 gram pure gold bar($2,700),the bid ended on a Thursday and he got a message from the POS buyer that the money will be in his PayPal account on Saturday and it was. The POS buyer said he would be in town on Sunday and could stop by and pick it up. Three days later PayPal took the money back out of his account due to the POS buyer using a stolen/cloned or something of that nature CC#. He got screwed.
Thanks... I have a guy in Mexico buying my 78 and through a friend here in the US has sent $200 deposit which I have in hand now. He wants to send $5600 through paypal and send his US friends to pick up the car, I guess if I stall the pickup of the car until I get the money OUT of paypal I should be OK.
This really concerns me but I can't find reference to this in the Paypal agreement. Can you tell me where this is ?In the fineprint you agree to let Paypal litterally have free access to your account and they can come back months later and withdraw from it.
If you mean Europe by "overseas".
How much money are we talking about ??
I thought once it was in your paypal it had already been cleared of any problems.
No....A friend of mine sold a Suisse 100 gram pure gold bar($2,700),the bid ended on a Thursday and he got a message from the POS buyer that the money will be in his PayPal account on Saturday and it was. The POS buyer said he would be in town on Sunday and could stop by and pick it up. Three days later PayPal took the money back out of his account due to the POS buyer using a stolen/cloned or something of that nature CC#. He got screwed.
Thanks... I have a guy in Mexico buying my 78 and through a friend here in the US has sent $200 deposit which I have in hand now. He wants to send $5600 through paypal and send his US friends to pick up the car, I guess if I stall the pickup of the car until I get the money OUT of paypal I should be OK.