Acura MDX SUV Forums banner

1 - 14 of 14 Posts

·
Registered
Joined
·
383 Posts
Discussion Starter #1
I am selling my 2006 Yamaha FZ6.

A local buyer is interested, however he wants to pay via Paypal.

What should I be careful of?
 

·
Registered
Joined
·
1,445 Posts
Screw that. You'll be paying a huge part of the deal to Paypal in fees.

The only thing I can think of is that maybe he's doing that thing with Microsoft Live Search and wants to get the 15% back from MS (not sure if that's the right %).

Either way, tell him no. It is totally normal, reasonable and expected to get paid CASH for a used MC transaction. And cash does not mean certified check. If he offers a cert check, offer to meet him at his bank and have them hand you the check, or hand you cash.

If he pays you with Paypal and then tries to reneg on the deal, you are f'd. You may eventually get your money from Paypal, but it will be a long, painful process and your account will be locked up the entire time.

I love paypal for normal stuff where I'm pretty confident the buyer/seller is on the up and up. But for a MC purchase, I'd only do cash.
 

·
Registered
Joined
·
383 Posts
Discussion Starter #3
He wants to put it on his low interest credit card.
 

·
Registered
Joined
·
2,595 Posts
There are two drawbacks:
First, Paypal charges you a 3% fee. You can require the buyer to pay this.
Second, and most important, a buyer who pays with Paypal using a credit card can dispute the payment through his credit card company. He describes how you ripped him off, you describe why you didn't, and the creidt card company decides. If, for example, the bike won't start in the next 90 days, he can dispute the purchase. He will often win.
As a buyer, I want to use PayPal. As a seller, I don't want to accept it.
 

·
Registered
Joined
·
1,275 Posts
shootist said:
There are two drawbacks:
First, Paypal charges you a 3% fee. You can require the buyer to pay this.
Second, and most important, a buyer who pays with Paypal using a credit card can dispute the payment through his credit card company. He describes how you ripped him off, you describe why you didn't, and the creidt card company decides. If, for example, the bike won't start in the next 90 days, he can dispute the purchase. He will often win.
As a buyer, I want to use PayPal. As a seller, I don't want to accept it.
Pretty much hits the nail on the head. Paypal is so buyer-friendly it's sickening. I have over 800 feedback and once sold a pair of shoes to a guy with like +10. He argued that he never got the shoes, and I provided documentation of a tracking number, etc, and paypal still sided with him. Luckily the shoes weren't worth much but it was the principle more than anything else.

If you do ask for the 3% surcharge in so many words, ebay will shut your auction down if they see that you require that.

The only protection you have as a seller against a chargeback is tracking, but if it is a local buyer, I don't know how that would work out if he tried to screw you over as you would not have shipped it.

Bottom line I'd say it's not worth it, get cash or a money order.
 

·
Registered
Joined
·
383 Posts
Discussion Starter #6
I don't use Paypal on a regular basis. I had a funny feeling about it. My motorcycle ad is on Craig's List. The buyer is local.

I will ask for cash. If he can't then so be it.

Thanks.
 

·
Registered
Joined
·
1,445 Posts
Taiwanese said:
He wants to put it on his low interest credit card.
In that case, he should call the credit card company and ask them to give him one of those checks that you can write that get charged to your CC. He can give you the check and he can have the bike as soon as the check has cleared (I'm guessing 8-10 days, depending on how douchey your bank is).

He might be able to get them to transfer the amount to one of your credit cards if you need to pay down a cc. Not sure how/if that might work.
 

·
Registered
Joined
·
383 Posts
Discussion Starter #8
Sinecure said:


In that case, he should call the credit card company and ask them to give him one of those checks that you can write that get charged to your CC. He can give you the check and he can have the bike as soon as the check has cleared (I'm guessing 8-10 days, depending on how douchey your bank is).

He might be able to get them to transfer the amount to one of your credit cards if you need to pay down a cc. Not sure how/if that might work.
I think when you use one of those checks that comes with your statement it's consider as a cash advance.

Buyer wants to charge to his credit card as a purchase.

I told him cash only and I think he is not interested anymore.
 

·
Registered
Joined
·
1,275 Posts
Ah, off craigslist, I see. Then you could add the 3% without any issue.

Even if the sale falls through, I think it's worth losing the sale over risking losing the money. If a buyer is truly sincere, then they would find a way to pay for it, especially in a local transaction where there would be no risk of your taking the money without delivery of the product.

As with most things, if something doesn't feel right, go the other way.
 

·
Registered
Joined
·
383 Posts
Discussion Starter #10
yeah

I heard so many story about Paypal. It just did not feel right so I ask for cash only.

I rather be safe then sorry.

Thanks.
 

·
Registered
Joined
·
383 Posts
Discussion Starter #12
tygger said:
IMO, it's just not worth it... do cash-only and be done with the sale.
I agree.

I also like a clean cut deal and don't want to leave a "unknown" which my bother my for a couple of weeks.
 

·
Registered
Joined
·
454 Posts
Certified cheques have been banned here in Canada anyway and now they use bank drafts instead, but the funds are held as bank drafts can be stolen and used so they are not 100% either in these types of transactions! Credit card is odd and obviously if card is stolen you are out the vehicle when they void the transaction later! Cash is always best in these types of transactions and these high payouts!

If you do accept a bank draft make sure you are at the bank with the purchaser and see the draft being created and the funds being held by the bank employee! If you lose the deal over such nonsense you are far better off and probably just saved yourself from being ripped off! If it sounds shady it usually is shady so do not be afraid to walk away especially on "Craigs List".

If they have the funds or are good for it there should not be any problem for them to get Cash from their bank, period end of discussion! If they want to get cute with payment your guard should go up! Read pay pals purchase agreement policy on vehicles if you consider that process and if it protects you from fraudulent accounts, i suspect not!

Cash, Cash, Cash, or bank draft that you personally view'd being drafted at the bank in person!
 
1 - 14 of 14 Posts
Top