I have one person (scammer?) that wants to pay for the 4Runner with PayPal. At this point I've told him no, cash works just fine, but it got me wondering. What are the risks with using PayPal for something like this? Are there common scams I should look for? Anybody use PayPal for a transaction of a few thousand (or more) dollars?
http://www.fraudguides.com/internet-cra ... -scams.asp
I would contact the buyer and agree to list the truck on eBay with a "buy it now" price and let him pay for it with Paypal via eBay. It will cost you $80, but if he doesnt agree, you know its a scam. I would feel completely comfortable doing that.
How does ebay offer additional protection?
One thing to watch out for is the Paypal fee. Depending on how the buyer classifies the payment the seller may be subject to Paypal's fees.
Some people use paypal cause the can pay with a credit card. But like Fred says, charge them an additional 3% for paypal fees.
I've used paypal for transactions up to about 2500, but I've never bought a vehicle using it. The fees were my main concern. I believe it offers additional buyer protection. What if he doesn't like how the 4runner drives so he holds your paypal transaction? That could be a pain.
Google search:
How the Car Buying Scam Works Through PayPal
PayPal informed her that some clients purchase an expensive item and then do what they call a “charge-back” – that is they call their credit card company afterward to inform them that they will not authorize that charge. Even though PayPal assured her that she would receive her payment, once a credit card company refuses a charge, then there will be a dispute that could take who knows how long to settle.
Read more at Suite101: Car Buying Scam Using PayPal: Watch Out for Scammers When Selling a Car Online http://www.suite101.com/content/car-buy ... z1BUwvdJfJ
Maybe the guy only has a credit card to buy the 4-runner? What other options does he have?
Can a bank accept a credit card payment as part of a vehicle transfer?
im with John......CASH ONLY
[quote="BKGM Jeepers"]Maybe the guy only has a credit card to buy the 4-runner? What other options does he have?
Yea, maybe he has a stolen credit card.
I wouldn't hesitate to accept the money from him via Paypal as long as he pays for your fee that Paypal will charge you. Just make sure he is a verified member and don't turn over the Runner until the funds have been transferred from Paypal to your bank account. I use Paypal all the time. I just sold my old Iphone 3 (8 Gig) to a guy in Vietnam for $282.50. I used Paypal and didn't ship the Phone until the funds were sitting in my bank account.
I've used Paypal for small items on ebay and Craigs list, but a truck, it would have to be cash or a certified bank check.
"SHOW ME THE MONEY"
😁
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