Using PayPal To Buy/Sell Car ?

I'm not getting a car but have people ever thought of using PayPal to buy/sell a car ?

It would save so much bother, arrive out to see car, get it checked, agree price and transfer money there and then.

Or if selling, request PayPal as the only option, saves the hassle with cash, dodgy bank drafts etc.

It seems so bloody retarded these days using cash or cheques/drafts and PayPal is completely safe.

Del2005

PayPal take a commission. The seller could loose out on a substantial amount of the sale price. Also the buyer protection in PayPal means that the seller could end up loosing all the money and the car over something which isn't relevant to a private sale.

I just looked it up, in (pounds) £6,000 - 15000 there is a fee of 2.4% or £360.00 on 15.000 Pounds or £150.00 on £6,000.

That's not a huge amount really and you could add it into the sale ?

Bringing several thousand Euro's to a private sale is a pain and a lot don't trust bank drafts or fear it could be cancelled before you cash it.

Kenny Logins

Yep. I bought a van through PayPal, it was in California though so there weren't many options, and even with fees PayPal was the best option IMHO.

Kenny Logins

Kenny Logins wrote: »

Yep. I bought a van through PayPal, it was in California though so there weren't many options, and even with fees PayPal was the best option IMHO.

What type of van did you get to get it all the way over there ?

The shipping must have cost a lot ?

Kenny Logins

Mad_Lad wrote: »

What type of van did you get to get it all the way over there ?

The shipping must have cost a lot ?

1971 VW Westfalia camper. With shipping and taxes etc. it was still good buy, cheaper than buying in Europe.

Cee-Jay-Cee

I can tell you now, the vast majority of people would refuse to take PayPal when selling a car. I have taken deposits of a few hundred through PayPal but I either want cash or a bank draft when handing over the keys. 2.4% is way too big an amount to be losing in PayPal fees and you'll find very few people willing to forfeit it just to be able to use PayPal.

Another reason for not using it is that the buyer can lodge a dispute, if he/she found some niggly little problem or a major one with the car, with PayPal and PayPal then hold back the amount you were paid until the dispute is settled.

Cash or bank draft are much simpler and you don't have to pay 2.4 % commission.

Do you, by chance, work for PayPal? Why would anyone promote PayPal for large transactions which people have to pay for unless they had some ulterior motive...

AltAccount

CJC999 wrote: »

Do you, by chance, work for PayPal? Why would anyone promote PayPal for large transactions which people have to pay for unless they had some ulterior motive...

I'm pretty sure he's detail his exact reasons for considering PayPal in his posts above...

CiniO

I actually wonder why people are so much wary about using cash for buying cars.
That's the simplest, cheapest and most convenient way.
So far I've never bought or sold a car using anything else than cash. Never had any problems.

AltAccount

Some people would be nervous about receiving, and then walking/driving around with, a 4 or 5-figure amount of cash.

Either from a subsequent robbery point-of-view, or from a "can't spot a counterfeit" one.

It's not an unreasonable stance, although there aren't really any water-tight methods of being paid for a car without incurring some sort of checking or waiting.

Samba

Deleted User wrote: »

I'm not getting a car but have people ever thought of using PayPal to buy/sell a car ?

It would save so much bother, arrive out to see car, get it checked, agree price and transfer money there and then.

Or if selling, request PayPal as the only option, saves the hassle with cash, dodgy bank drafts etc.

It seems so bloody retarded these days using cash or cheques/drafts and PayPal is completely safe.

All fine and well when things go smoothly but what happens if say the clutch goes 2 weeks after the sale?

In my experience of selling goods online, PP rarely if ever side with the seller in transaction disputes, the buyer has all the power (except in the case of non-tangible goods which aren't covered).

I'd be a very nervous seller for the duration of the time they could open a dispute, particularly on what would generally be a large enough transaction with cars involved.

No, I'd never use PP to sell a car, I'd happily use it to buy though.

I'm not exactly in favour of PayPal as such, But rather electronic payment of any kind.

Kenny Logins

Mad_Lad wrote: »

I'm not exactly in favour of PayPal as such, But rather electronic payment of any kind.

Buying locally, a bank lodgement or transfer should be OK.

Kenny Logins

Kenny Logins wrote: »

Buying locally, a bank lodgement or transfer should be OK.

Ah yes you can do a bank transfer via internet banking, just enter the bank sort code and bank a/c No. and transfer. Easy.

Surely that should be more common ?

Can the transaction be cancelled later though ?

kindalen

Bought through paypal, was only a cheap car though. Went into bank with seller and transferred money, then posted off form to shannon. He was very organised!

You wouldn't need to goto bank ?

All the buyer would need is to log into PayPay and transfer, then you check your account and that's it ?

shooter88

Mad_Lad wrote: »

I'm not getting a car but have people ever thought of using PayPal to buy/sell a car ?

It would save so much bother, arrive out to see car, get it checked, agree price and transfer money there and then.

Or if selling, request PayPal as the only option, saves the hassle with cash, dodgy bank drafts etc.

It seems so bloody retarded these days using cash or cheques/drafts and PayPal is completely safe.

I wouldn't accept PayPal unless the other person took the hit on fees and a extra amount for the hassle,cash is king.
Pay pal is safe to a extent there was a post here the other day about a pay pal scam.. abd could lead to a lot of messing about if anything went wrong ie..weak signal,log in problems..
Nit everyonehas a pp account

ironclaw

few problems with PayPal as I can see it having been on eBay for a while:

Its essentially a credit card system. So you need a credit card that can take maybe a hit for €10k in a single go. Very few card companies allow such a large amount without prior notice. Granted you could ring you bank and tell them but thats hassle. You could also transfer into PayPal and then pay the seller but thats even more hassle.

Buyer protection means if the buyer opens a case for anything at all your funds are blocked straight away. And it can take weeks to straighten things out. In my experience the buyer always wins. I had one case where I strictly said an item could not be sent outside of Ireland and a guy from France bought it. Got very nasty until I could produce proof of the ad etc.

PayPal normal account has a limit of €2500k in every 12 months (I think) to avoid money laundering. If you want to up this you have to send them your details etc. Again, hassle.

The fee's alone are a reason in my mind to run away from PayPal.

Lastly I pretty sure PayPal doesn't cover large sum's for stolen cards. So if you sold a car for €5k I think off the top of my head your only protected up to €2.5k. It certainly won't cover larger amounts for the full amount.

If you wanted to do a credit card based sale, you'd be far better off setting up a CC terminal account with a bank. At least when they PIN you are absolutely covered for the entire amount.

Matt Simis

Ironclaw, while I kinda agree on your overall assessment, the specific details you mention are incorrect, don't have time to detail it all, but basically PP is not a "credit card system", it's like a bank account and they do not have a 2.5k limit. A single transaction has a 10k limit with PP.

Mad_Lad wrote: »

Ah yes you can do a bank transfer via internet banking, just enter the bank sort code and bank a/c No. and transfer. Easy.

Surely that should be more common ?

Can the transaction be cancelled later though ?

Not an instant payment type, so not usable for this. I've used PP for deposits and cash and draft for buying.. Both are quite poor.

Kenny Logins

Matt Simis wrote: »

Ironclaw, while I kinda agree on your overall assessment, the specific details you mention are incorrect, don't have time to detail it all, but basically PP is not a "credit card system", it's like a bank account and they do not have a 2.5k limit. A single transaction has a 10k limit with PP.




Not an instant payment type, so not usable for this. I've used PP for deposits and cash and draft for buying.. Both are quite poor.

Same bank is instant, others take a day or two.

Del2005

Deleted User wrote: »

I just looked it up, in (pounds) £6,000 - 15000 there is a fee of 2.4% or £360.00 on 15.000 Pounds or £150.00 on £6,000.

That's not a huge amount really and you could add it into the sale ?

Bringing several thousand Euro's to a private sale is a pain and a lot don't trust bank drafts or fear it could be cancelled before you cash it.

The seller can raise a dispute with Paypal before they drive off with the car!

If someone is going to steal your car no matter what you do they'll take it. Paypal makes it easy, as an email address is all that they use and loads of people don't have their name tied to their Paypal email account.

If someone is coming with a bank draft don't hand over the car till it clears, if they aren't happy with that then cash or bank transfer.

kindalen wrote: »

Bought through paypal, was only a cheap car though. Went into bank with seller and transferred money, then posted off form to shannon. He was very organised!

If you paid by Paypal why did you need to go to a bank? Kinda defeats the purpose using Paypal.