Selling my car by paypal, what should i check ?

Hi im going to sell my car and they are going to deposit me 7000$ dollars in my paypal account. what should i check ? what should i avoid? any advice will be helpful, i don't want to get scammed haha

 

My advice if your selling something of that value is DON'T use paypal, i would advise "cash on collection" only or bank transfer and only release the vehicle when the funds are cleared.

 

YOU KNOW YOU ARE BEING SCAMMED ON CRAIGSLIST IF:

1. The buyer cannot come and be part of the sale in person
or
2. The buyer is offering you large amounts of money only payable through paypal and with a cashiers check
or
3. The buyer wants to give you more and more free money to make up for taking it off craigslist and to make up for shipping
or
4. The buyer will usually always ask you to "immediately take item off craigslist"

 

Don't accept an e-Check because then you will have to wait for it to get cleared, and it may never get cleared. Are you selling it through ebay? If not, I'd be very skeptical about this whole transaction.

 

Have you sold it? I want to know the reaction :-D

 

Never sell something like that on eBay, selling a car should be an in person affair. I would say sell it on a site specific to car sales like auto trader.

 

I think its better to sale high value goods on direct ads site . Never use pay pal as your deductions will be more on the monetary value you have mentioned.

 

i agree with jonclancy. I would request a cheque/ direct deposit.
Paypal can suspend your account any time due to suspicious activity.

 

selling on ebay is quite popular, and buyers and sellers prefer it over other traditional methods.
Problem is that ebay insists that sellers accept paypal. Even if you put in the listing, cash, or direct deposit, then ebay can remove listings (has been done but rare) as well, the buyer can still pay via paypal and you cannot do anything about it.

The paypal fees on $7000 is INSANE! Even if the buyer uses paypal funds (not going to happen on $7000) paypal still takes a large commission, be in the region of 2%-3%! And yeah, they can pay and easily dispute it later and have the payment reversed.

Lets say the buyer is happy, pays for it via paypal, and 45 days later files a claim via paypal. Even if the claim is false, paypals reaction is to withdraw $7000 from your bank account, without your permission, and the money is locked up tight until the dispute is resolved, which at this point, might mean that the amount you get back might not be the full amount. (this happened to me, though not for that amount)

just IMO, look for other online sites to sell your car on, ones that dont force you to accept paypal, accept bank deposit only.

 

DO NOT USE PAYPAL for this

not sure what you check in the USA, but in the UK when we sell cars we have to see ID off the person to fill out the log book, what you call i think the pink slip?

Also as above the fees are crazy for PP. Cash or a bank draft only. Check the notes are not fake. Fill out a receipt as "sold as seen" with date and time and him/her to sign. This will stop you getting fines after they drive off.

 

also i forgot to add, you need to let the company who insure the car straight away.

 

Selling a car through PayPal can both be risky and cost you.
If the buyer opens a dispute and wins then that won't be very fun.

Also, if you received an email regarding a person that wants to send you a payment in advance and then send a car company to ship the car from you then most probably it's a 419 scam.

 

I would be afraid to sell it with paypal. As far as I know... buyer can withdraw money or so.