Jump to content

Paypal to pay for bike?


ShawnR

Recommended Posts

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?

Link to comment
Share on other sites

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 title

or dont give him the title until all the funds clear your account

Link to comment
Share on other sites

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 title

or dont give him the title until all the funds clear your account

^This

PayPal 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

Link to comment
Share on other sites

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?

Link to comment
Share on other sites

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

Link to comment
Share on other sites

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

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.

Mary

Link to comment
Share on other sites

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.

Mary

If they file a dispute then your account can be locked until it is sorted out.

Link to comment
Share on other sites

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

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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..

Link to comment
Share on other sites

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

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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!

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...