[Z06] Selling My Z06 Is Paypal Safe?
#1
Racer
Thread Starter
Selling My Z06 Is Paypal Safe?
I have someone who wants to pay for the car using paypal. It's a lage sum of money changing hands. The buyer is in the usa and is covering the fees. Texting back and forth has been the only communication. The price plus the fee is set. Is there anything I need to look out for?
#2
Drifting
I have someone who wants to pay for the car using paypal. It's a lage sum of money changing hands. The buyer is in the usa and is covering the fees. Texting back and forth has been the only communication. The price plus the fee is set. Is there anything I need to look out for?
#4
I wouldn't do it either. Need some ID. Drivers license, plus a contact at local bank (verifiable phone number).
You might also discuss this with PayPal, see what they think.
You might also discuss this with PayPal, see what they think.
#6
Racer
Thread Starter
He said he would send an agent to pick up the car once the payment has cleared. I did speak to paypal and I was told once someone sends payment they cannot pull it back. I did do a reverse look up on the phone number and it's a Houston Texas number. He told me he lives in Houston. Aledgedly, hes in the military and cannot access the phone or internet. It does sound fishy, but if the money gets to my account and then is transferred to my bank.......
I do have a name and a phone number. Any law enforcement care to look this guy up?
I do have a name and a phone number. Any law enforcement care to look this guy up?
Last edited by mhoglund; 05-19-2014 at 08:54 PM.
#7
Le Mans Master
let me guess, conversation went like this - " I'm just offshore, your price is fine, please send me your paypal acct. email ". SCAM !!!!
#8
Drifting
#9
Burning Brakes
Money transferred thru PayPal does not give you the same protection that you would normally be afforded by state laws governing used car sale transactions. Pretty sure that PayPal can rescind the money transfer--assuming your account is linked to your banking accounts--if the buyer challenges the deal. On top of that, the deal sounds like a variation of the common scam that's been around for years. If you want to continue to try to close the deal, I'd think seriously about looking for a safer way to make it work.
#10
Racer
Thread Starter
Thanks everybody for your comments and advice. I sent one more text to telling him I needed to verify him. I asked for a valid drivers license and permanant address. I have heard nothing back. I think you guys are right. It's a scam.
#11
Le Mans Master
Ask for his full name and address, just to verify he's legit with the local authorities..........best he won't reply to you after that request.
#12
Melting Slicks
I've been using Paypal since it's early days, and while it's a great system, there's no way I'd use it for anything of that value...Maybe a couple of thousand dollars, but nothing more...
Good luck with the sale!! You'll find a good buyer!
Good luck with the sale!! You'll find a good buyer!
#13
Burning Brakes
You wer Saved by the good guys here.
#15
Tech Contributor
Member Since: Oct 1999
Location: Charlotte, NC (formerly Endicott, NY)
Posts: 40,084
Received 8,926 Likes
on
5,332 Posts
When I was moving last year I put a lot of stuff up for sale on a local Craigs List site. All of a sudden I started getting text messages from some guy 1500 miles away who wanted to buy some of my stuff. He would use PayPal to pay me more than I was asking and then I was supposed to pay the extra money to the agent who came to pick up the stuff. The use of the word agent made me suspicious right away. It isn't normally used in these types of transactions. It sounded like a scam and when I checked with PayPal they thought so as well. By the way did your guy offer to pay the 3% PayPal fee?
Bill
Bill
#16
Team Owner
No way in hell.
#18
Race Director
There's nothing wrong with Paypal in itself. Paypal is just a bank an online bank so it's really no different than wiring the money or paying your mortgage on-line.
Just make sure you follow all the rules of a safe financial transaction. Don't ever send any item or let anyone pick up and item until the funds have cleared and the money is in your pocket.
Scams happen everywhere, every day so you need to know what to look for and 'agent' or 'representative' are keys words that someone is trying to scam you. Always stay away if someone uses those 2 key words.
If someone else agrees pay 2.X% fees on a $40+K car stay away. Its Paypal....if you have the funds to PP someone that means you have the funds to 'wire transfer' the money as well. And there are ways around the fees.
I sell things to people all over the world, last year I sold to almost 20 different countries, a lot of these people soley rely on PP because they live in **** hole countries and its the only safe and convenient way to transfer money.
Would I take PP as payment for a car? Yes I would but the car would never leave my possession until the funds were in my pocket. I always tell people. "yes, I'll take it, but there's a 3 week hold until the payment clears and I withdraw the money." I never hear from them again.
Just make sure you follow all the rules of a safe financial transaction. Don't ever send any item or let anyone pick up and item until the funds have cleared and the money is in your pocket.
Scams happen everywhere, every day so you need to know what to look for and 'agent' or 'representative' are keys words that someone is trying to scam you. Always stay away if someone uses those 2 key words.
If someone else agrees pay 2.X% fees on a $40+K car stay away. Its Paypal....if you have the funds to PP someone that means you have the funds to 'wire transfer' the money as well. And there are ways around the fees.
I sell things to people all over the world, last year I sold to almost 20 different countries, a lot of these people soley rely on PP because they live in **** hole countries and its the only safe and convenient way to transfer money.
Would I take PP as payment for a car? Yes I would but the car would never leave my possession until the funds were in my pocket. I always tell people. "yes, I'll take it, but there's a 3 week hold until the payment clears and I withdraw the money." I never hear from them again.
Last edited by jim2527; 05-20-2014 at 07:21 AM.
#19
Burning Brakes
I think PayPal is just as safe as using your bank. When someone is buying something from you through PP you never send them anything but an invoice. Then the money is put in your PP account at that time you transfer the funds into your bank account. The buyer can say that what they bought wasn't what they thought but their screwed as far as getting the cash back. PP does provide a guarantee for 30 days but you better do your homework because your not getting your cash back. I'd do it.....but that's just my thoughts.
#20
Safety Car
Money transferred thru PayPal does not give you the same protection that you would normally be afforded by state laws governing used car sale transactions. Pretty sure that PayPal can rescind the money transfer--assuming your account is linked to your banking accounts--if the buyer challenges the deal. On top of that, the deal sounds like a variation of the common scam that's been around for years. If you want to continue to try to close the deal, I'd think seriously about looking for a safer way to make it work.
Paypal is very, very "buyer" orientated: all that person would have to do is file a claim that the car was not as advertised (whether he stripped it down for parts and then took photos or not); and challenge you for a hefty refund. There are probably more ingenious ways of doing bad things there also, but who knows where that money is coming from.
Short answer, Paypal is not a great way to sell a car. The fees alone would be insane plus sending an "agent" - so that alone should have warned you.
Glad you asked first, OP!