I sold a car on ebay and the buyer paid via PayPal. I have transferred the deposit into my bank account. Waiting for the transfer to take a place. They love sitting on your funds AND THEIR FEES ARE NUTS. My question is: THE BALANCE FOR THE CAR IS ON HOLD. I BELIEVE I GET MY FUNDS 24 HOURS AFTER THE BUYER TAKE POSSESSION OF MY CAR. I'M CORRECT ABOUT THAT? IN ADDITION, PAYPAL IS SO OUT OF IT, THEY THINK EVERYONE IS SELLING AN ITEM THE SIZE OF A BREADBOX. THEY DON'T KNOW THE DIFFERENCE. THEY WANT ME TO PRINT A SHIPPING LABEL. HOW AND WHAT DO I NEED TO DO TO ENSURE I GET MY MONEY????? THEY ARE LOOKING FOR A TRACKING NUMBER. WHAT DO I DO? THANKS NORM
I've sold a number of vehicles and a motorcycle on ebay and have had only good experiences. But, I have not nor will I ever take a payment for a high dollar item like a car using paypal. The paypal fee is only part of the reason. If the buyer's paypal account is tied to a credit card there is always the possibility that a dishonest buyer will dispute the charge or ask for a charge-back and this could hold up your money until the investigation is completed. I would have insisted in either a bank cashiers check or, better yet, a direct bank-to-bank wire transfer. Both buyer and seller are better protected that way. Unless your auction specified that you would accept paypal, I'd consider refunding the paypal payment and getting your money using a safer method before you give up possession of the car. I sincerely hope your deal is a problem free one.
I totally agree with rkammer. I recently sold a car on eBay. Payment was handled via direct bank deposit. I even had my bank set up a separate account. As soon as the fund were in the account I moved it to another account. Once I had moved the money I overnighted the title and a bill of sale. Then the car was shipped. Contact the buyer and tell him how it is. No PayPal.
Yes, I also bought my '70 GS455 last month with a bank-to-bank direct wire. Easy, safe, and can all happen within a day or so.
The account I used for Ebay/PayPal is with BMO-Harris. The agent told me, I shouldn't give anyone my routing number and account number. I told her, I would just leave a small balance. Her reply: It could be an overdraft issue. Furthermore, she said with PayPal, the buyer can't see any of your banking info. I told the buyer, he needs to acknowledge/sign a bill of sale that stated the few issues with the body. I also sent him pics. In addition to the Ebay pics. If he has an issue, it will not be that I didn't disclose any issues. I hope, I covered my bases. Give me the good old days; when you couldn't play games. Everything is too high tech for my blood. Thanks Norm
Then again, in the good old days you would have been selling in Hemmings or the local paper. Gotta take the bad with the good.
The ONLY thing someone can do with your account and routing number is put money into your account. If you accept paypal for payment, you might as well just give the buyer the car
Anyone who told you not to give out your routing number and account number is sadly misinformed. It's safe. If you really feel it's a risk, just open up another account just for the car sale and when the money hits that account, close it out.
When they send the deposit I send the title, when the rest of the funds are are secure in my account I send the car. I once sold an engine to a guy who put it in a race car. He said the engine had a problem and PayPal put a lean on the money in my account. I was able to tell the buyer how the fix the problem and PayPal finally released my money. They could have taken my money back!! So, PayPal was became judge and jury over something they knew nothing about.
Jason hit the nail on the head. You will be out your car as you will not be able to prove shipping... I would cancel the paypal as soon as possible... To take a deposit is fine but not a full payment...
I will take a small deposit via pay pal F&F to hold the car and the rest in cash at time of transfer. Weather the shipper pays at time of pick up or the buyer comes / meets me in person. Sold lots of cars , trucks and bikes over the years.
Time to cancel. Buyer can't do a wire. Maybe he has an interest free credit card or something. I don't think he was a scammer. Oh well. Lesson learned. F___ PayPal. P.S. Anyone looking for a 1973 Dodge Swinger???? LOL Thanks Guys
Amen. I had a thousand dollar sale to someone once. Had delivery confirmation their signature everything. Buyer told PayPal they didn't receive it. Took that money out of my account in a minute. Fought for months. Screw paypal.
Appears that the buyer didn't have sufficient cash and has a credit card funding his paypal account. That way, his credit card company pays 100% of what he buys and he then, pays off the card by the month. Great for the buyer, scary for the seller. Be glad the sale is cancelled.
Amen!!! PayPal is a JOKE. Thanks to everyone that jumped in. Before I agreed to use PayPal, I should have done my homework. I have sold and purchased a couple of small items years ago. Don't remember any issues. I will remember this one for a longtime.
Although I have never sold a car on eBay, I have sold many other items and PayPal has worked fine. I ALWAYS state clearly in the auction listing that the item will not ship until payment is received. Is this not possible when selling vehicles?
The last car I sold was to a board member. The cash was through PayPal with the friends and family method where no interest was taken. So, there was a certain degree of trust involved in that transaction. There was no turning back for the buyer. I honored my end of the deal. That's what I do. Jay
