ShawnR Posted June 26, 2012 Report Share Posted June 26, 2012 I am selling my CBR ($2900) and I have a guy who wants to pay half cash / half Paypal. I assume it is so he can put it on a credit card.Of course I would much rather have cash, but I can understand his request. He said that he can buy it a lot sooner if he can do half paypal.As long as he adds the 3% to cover paypal fees, how else can I get screwed on this?Thoughts? Quote Link to comment Share on other sites More sharing options...
Bad324 Posted June 26, 2012 Report Share Posted June 26, 2012 make the paypal a deposit on the bike and once it clears to your actual bank account (not the paypal account) then let him pay the rest in cash and transfer the titleor dont give him the title until all the funds clear your account Quote Link to comment Share on other sites More sharing options...
Omnislash16 Posted June 26, 2012 Report Share Posted June 26, 2012 make the paypal a deposit on the bike and once it clears to your actual bank account (not the paypal account) then let him pay the rest in cash and transfer the titleor dont give him the title until all the funds clear your account^ThisPayPal is great but with how ppl are now a days I wouldn't do anything till the $ clears in your account. Write a contract if it makes you or him feel better. That you will agree to transfer the title once the funds clear...or whatever Quote Link to comment Share on other sites More sharing options...
magley64 Posted June 26, 2012 Report Share Posted June 26, 2012 i have nothing to add...question answered Quote Link to comment Share on other sites More sharing options...
namtugeoj Posted June 26, 2012 Report Share Posted June 26, 2012 Or suggest he get a cash advance on his cc? Quote Link to comment Share on other sites More sharing options...
ShawnR Posted June 26, 2012 Author Report Share Posted June 26, 2012 make the paypal a deposit on the bike and once it clears to your actual bank account (not the paypal account)How long would this typiclly take if he puts it on his CC?Hours, days weeks? Quote Link to comment Share on other sites More sharing options...
2talltim Posted June 26, 2012 Report Share Posted June 26, 2012 If he sends it as a gift he will have to pay the PP fee Quote Link to comment Share on other sites More sharing options...
Bad324 Posted June 26, 2012 Report Share Posted June 26, 2012 How long would this typiclly take if he puts it on his CC?Hours, days weeks?it depends on the amount and the "level" of your account if I recall correctly. If you look through paypal or email/call them they can tell you for sure Quote Link to comment Share on other sites More sharing options...
turnone Posted June 26, 2012 Report Share Posted June 26, 2012 Remember that anyone paying with PayPal or a CC can file a claim and ask for a refund.I'd sell as cash only. Deal done. No going back.Chris Quote Link to comment Share on other sites More sharing options...
Mary#17 Posted June 26, 2012 Report Share Posted June 26, 2012 Remember that anyone paying with PayPal or a CC can file a claim and ask for a refund.I'd sell as cash only. Deal done. No going back.ChrisThey would have to prove an issue and also return the goods to get the money back. If you have documentation of selling the bike "as is", you should be covered. The deposit idea above and waiting until it clears makes sense to me. Mary Quote Link to comment Share on other sites More sharing options...
J_Copeland Posted June 26, 2012 Report Share Posted June 26, 2012 Make him pay the 3% papal fee ! Quote Link to comment Share on other sites More sharing options...
APCh8r Posted June 26, 2012 Report Share Posted June 26, 2012 Make sure you have a bill of sale documenting all the paying info, details of bike, etc and have a witness sign it with both of you. Quote Link to comment Share on other sites More sharing options...
Scruit Posted June 26, 2012 Report Share Posted June 26, 2012 They would have to prove an issue and also return the goods to get the money back. If you have documentation of selling the bike "as is", you should be covered. The deposit idea above and waiting until it clears makes sense to me. MaryIf they file a dispute then your account can be locked until it is sorted out. Quote Link to comment Share on other sites More sharing options...
Mary#17 Posted June 26, 2012 Report Share Posted June 26, 2012 If they file a dispute then your account can be locked until it is sorted out.Yup, that is very true. I had that happen to me and it was very annoying so it is a risk. Cash is much better but I wouldn't discard this option entirely. Mary Quote Link to comment Share on other sites More sharing options...
JStump Posted June 26, 2012 Report Share Posted June 26, 2012 Also check into how much you are allowed to transfer to your bank per month, I think regular users is like $500 max per month. Quote Link to comment Share on other sites More sharing options...
ShawnR Posted June 26, 2012 Author Report Share Posted June 26, 2012 I did some more research and have decided that I'm not going to risk it. Cash is king.I need to buy myself one of those counterfeit pens, so when there is a stack of cash, I can check any that seem questionable.Thanks for the advice. Quote Link to comment Share on other sites More sharing options...
JStump Posted June 26, 2012 Report Share Posted June 26, 2012 I did some more research and have decided that I'm not going to risk it. Cash is king.I need to buy myself one of those counterfeit pens, so when there is a stack of cash, I can check any that seem questionable.Thanks for the advice.Make the deal at a bank, they can check the money, notarize the title, and deposit your money all at the same time. Also eliminates shady people trying to rip you off. Quote Link to comment Share on other sites More sharing options...
fireman_343 Posted June 26, 2012 Report Share Posted June 26, 2012 I wouldn't do it unless you know the person! Too much at risk and unless you have a business PayPal account, you can't withdraw more than $500 a month. I've got a business account with them and have sold a car with Paypal.. But I knew the guy and I was ok with it.. Quote Link to comment Share on other sites More sharing options...
J.W. Posted June 26, 2012 Report Share Posted June 26, 2012 I doubt there is anything necessarily "shady" about it but you have the only problem already singled out: Anyone wanting to pay for 1/2 of a bike using paypal obviously does not have the money for the bike and is about to over-extend themselves. Two months down the road when that payment is looming, who knows what excuses might pop up.Full disclosure, we have bought a bike (years ago) on ebay using paypal because the seller insisted. Of course we turned around and payed of the credit card immediately and there were no problems with the sale at all. But I could see an issue with someone that has bitten off more than they can chew. .02 Quote Link to comment Share on other sites More sharing options...
turnone Posted June 26, 2012 Report Share Posted June 26, 2012 Not everyone who uses PayPal is borrowing. I use PayPal as my CC processing service and the money collected is available in my account and on a PayPal debit card. Sometimes I prefer to spend that money directly instead transferring to another account. Quote Link to comment Share on other sites More sharing options...
granda080 Posted June 26, 2012 Report Share Posted June 26, 2012 Just a possibility https://www.paypal-community.com/t5/Fraud-phishing-and-spoof/Latest-fraudulent-scam-about-buying-your-car-from-Craigslist/td-p/90880FYI paypal only covers you if you have the vehicle shipped. They will not protect you if the item is picked up. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted June 26, 2012 Report Share Posted June 26, 2012 www.squareup.com if it is that he wants to use a credit card. Quote Link to comment Share on other sites More sharing options...
JStump Posted June 26, 2012 Report Share Posted June 26, 2012 www.squareup.com if it is that he wants to use a credit card.Don't know why I didn't think of that. I have one and it works great for getting buddies to pay up on debts they owe there is still a 2.75% fee though. Quote Link to comment Share on other sites More sharing options...
ShawnR Posted June 26, 2012 Author Report Share Posted June 26, 2012 www.squareup.com if it is that he wants to use a credit card.I just signed up for this. The "Verify your identity" questions were freakin' scary? They already have a disturbing amount of information on me that I needed to confirm. My address from back in 1991 when I lived in Colorado? Where in the hell did they get that?Assuming it's legit, it should make selling things a LOT easier. I don't even really care if they can afford it or not, NMFP. Quote Link to comment Share on other sites More sharing options...
Eric1951 Posted June 26, 2012 Report Share Posted June 26, 2012 I am one and done with PayPal involving a large purchase or sale. I sold a bike on the 17th, buyer was present, used my computer to handle the transaction. My account was limited, opened, closed, opened, limited, funds returned, finally resolved and in my bank account on the 25th. Not again! Quote Link to comment Share on other sites More sharing options...
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