Selling overseas?

What you should do is have the person wire the money directly into your account. When it is in there, it's yours...no way to get it back. With paypal the fees are insane and with the bank transfer you only have a 2 side bank fee (which in all fairness the buyer should pay for on both ends0
 
Yeah I was planning on making the buyer cover all fees. The paypal site isn't clear as to what the exact fees are either.
 
Paypal has a terrible conversion rate and 3 or 4% paypal fees.

All the cars I bought I paid with a wire transfer. As a buyer you can't count on paypal either. With the wire transfer you'd have to deal through ebay or so to get some security.
 
Twin_Turbo said:
What you should do is have the person wire the money directly into your account. When it is in there, it's yours...no way to get it back. With paypal the fees are insane and with the bank transfer you only have a 2 side bank fee (which in all fairness the buyer should pay for on both ends0
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I agree
I sold a 1981 Mercedes-Benz 380 SL to a guy in Germany.I told him to only put a $250 deposit in my PayPal account and had him wire the balance of the money directly into my bank account. I've heard and witnessed horror storys about scammer buyers using PayPal so as for risk do not release the car until money is in your BANK account. With PayPal if they can't collect the money from the buyer (because of bad CC,fake bank account...etc) they will take it from you.
 
I've been burned by paypal before on smaller transactions, that's why this one make me nervous. I'll check with my bank tomorrow to see if there are any safety precautions I should take with wire transfers.
 
So if the money shows up in your paypal account and you transfer it to your bank can paypal take it back ? I thought once it was in your paypal it had already been cleared of any problems.
 
Douglas Mariani said:
Twin_Turbo said:
What you should do is have the person wire the money directly into your account. When it is in there, it's yours...no way to get it back. With paypal the fees are insane and with the bank transfer you only have a 2 side bank fee (which in all fairness the buyer should pay for on both ends0
Click to expand...

I agree
I sold a 1981 Mercedes-Benz 380 SL to a guy in Germany.I told him to only put a $250 deposit in my PayPal account and had him wire the balance of the money directly into my bank account. I've heard and witnessed horror storys about scammer buyers using PayPal so as for risk do not release the car until money is in your BANK account. With PayPal if they can't collect the money from the buyer (because of bad CC,fake bank account...etc) they will take it from you.
Click to expand...


That's the best way.
I instructed my buyer via email to do the same, but he went ahead and did the total amount by PayPal anyway, so there was a pretty big fee deducted.
Told him that he still owed me the fee and held the car till I got it.
Use a special bank account for Paypal and withdraw the money from it completely. In the fineprint you agree to let Paypal litterally have free access to your account and they can come back months later and withdraw from it. Unfortunately, I had to evict a tenant, supposedly because PayPal took all his money for months and he ended up broke.
Also be careful of wiring with banks, Bank America wanted to hold the wire for 2 weeks, Wachovia 2 days.

The buyer can also use his importer/exporter as his agent and give you the money and he gets the car and title.

Always hold the car until the funds are in your hand as good as cash. If wanting to keep it in a bank, have separate accounts at separate banks.
I don't trust any of them anymore. :hunter:
 
010752 said:
Douglas Mariani said:
Twin_Turbo said:
What you should do is have the person wire the money directly into your account. When it is in there, it's yours...no way to get it back. With paypal the fees are insane and with the bank transfer you only have a 2 side bank fee (which in all fairness the buyer should pay for on both ends0
Click to expand...

I agree
I sold a 1981 Mercedes-Benz 380 SL to a guy in Germany.I told him to only put a $250 deposit in my PayPal account and had him wire the balance of the money directly into my bank account. I've heard and witnessed horror storys about scammer buyers using PayPal so as for risk do not release the car until money is in your BANK account. With PayPal if they can't collect the money from the buyer (because of bad CC,fake bank account...etc) they will take it from you.
Click to expand...


That's the best way.
I instructed my buyer via email to do the same, but he went ahead and did the total amount by PayPal anyway, so there was a pretty big fee deducted.
Told him that he still owed me the fee and held the car till I got it.
Use a special bank account for Paypal and withdraw the money from it completely. In the fineprint you agree to let Paypal litterally have free access to your account and they can come back months later and withdraw from it. Unfortunately, I had to evict a tenant, supposedly because PayPal took all his money for months and he ended up broke.
Also be careful of wiring with banks, Bank America wanted to hold the wire for 2 weeks, Wachovia 2 days.

The buyer can also use his importer/exporter as his agent and give you the money and he gets the car and title.

Always hold the car until the funds are in your hand as good as cash. If wanting to keep it in a bank, have separate accounts at separate banks.
I don't trust any of them anymore. :hunter:
Click to expand...

Your right the fine print gives PayPal access to the account you have linked to them.I do the same and use a special checking account just for Paypal,once money is in it from a sale I transfer it to my personal checking account and only leave a max of $25 in it.
 
DWncchs said:
I thought once it was in your paypal it had already been cleared of any problems.
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No....A friend of mine sold a Suisse 100 gram pure gold bar($2,700),the bid ended on a Thursday and he got a message from the POS buyer that the money will be in his PayPal account on Saturday and it was. The POS buyer said he would be in town on Sunday and could stop by and pick it up. Three days later PayPal took the money back out of his account due to the POS buyer using a stolen/cloned or something of that nature CC#. He got screwed.
 
If you mean Europe by "overseas".... with the current exchange rate at USD1.47 for 1Euro these guys make a fortune buying cars here. A round trip ticket is less than $1000 USD, if I did not know the buyer I'd tell him to come over here with traveler checks or cash. I would not trust Paypal at all.

Western Union offers worldwide MoneyOrders but with these the buyer has no security and the fees are high, once the seller cashed it the money is gone....

How much money are we talking about ??
 
Actually they aren't making a dime if they can't sell it...and no one is buying these cars here. I suspect it's some kind of enthusiast wanting to buy the car?

A shipper will NOT do the money exchange for you, they don't want to be liable for the money if it somehow gets lost. Also, if the buyer arranges a carrier whoever picks it up and handles the continental transport and such is out of his control.
 
Douglas Mariani said:
DWncchs said:
I thought once it was in your paypal it had already been cleared of any problems.
Click to expand...

No....A friend of mine sold a Suisse 100 gram pure gold bar($2,700),the bid ended on a Thursday and he got a message from the POS buyer that the money will be in his PayPal account on Saturday and it was. The POS buyer said he would be in town on Sunday and could stop by and pick it up. Three days later PayPal took the money back out of his account due to the POS buyer using a stolen/cloned or something of that nature CC#. He got screwed.
Click to expand...

Thanks... I have a guy in Mexico buying my 78 and through a friend here in the US has sent $200 deposit which I have in hand now. He wants to send $5600 through paypal and send his US friends to pick up the car, I guess if I stall the pickup of the car until I get the money OUT of paypal I should be OK.
 
DWncchs said:
Douglas Mariani said:
DWncchs said:
I thought once it was in your paypal it had already been cleared of any problems.
Click to expand...

No....A friend of mine sold a Suisse 100 gram pure gold bar($2,700),the bid ended on a Thursday and he got a message from the POS buyer that the money will be in his PayPal account on Saturday and it was. The POS buyer said he would be in town on Sunday and could stop by and pick it up. Three days later PayPal took the money back out of his account due to the POS buyer using a stolen/cloned or something of that nature CC#. He got screwed.
Click to expand...

Thanks... I have a guy in Mexico buying my 78 and through a friend here in the US has sent $200 deposit which I have in hand now. He wants to send $5600 through paypal and send his US friends to pick up the car, I guess if I stall the pickup of the car until I get the money OUT of paypal I should be OK.
Click to expand...

I would say as long as you take the money out of your account, like I could, PP has NO authority to attack your other accounts at your bank, so I would THINK you are safe.....

but then again, I"m such a cynic these daze, especially here in Florida, I would not trust anything much until checked out with local knowledge...

:crap:
 
010752 said:
In the fineprint you agree to let Paypal litterally have free access to your account and they can come back months later and withdraw from it.
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This really concerns me but I can't find reference to this in the Paypal agreement. Can you tell me where this is ?
 
DWncchs said:
Douglas Mariani said:
DWncchs said:
I thought once it was in your paypal it had already been cleared of any problems.
Click to expand...

No....A friend of mine sold a Suisse 100 gram pure gold bar($2,700),the bid ended on a Thursday and he got a message from the POS buyer that the money will be in his PayPal account on Saturday and it was. The POS buyer said he would be in town on Sunday and could stop by and pick it up. Three days later PayPal took the money back out of his account due to the POS buyer using a stolen/cloned or something of that nature CC#. He got screwed.
Click to expand...

Thanks... I have a guy in Mexico buying my 78 and through a friend here in the US has sent $200 deposit which I have in hand now. He wants to send $5600 through paypal and send his US friends to pick up the car, I guess if I stall the pickup of the car until I get the money OUT of paypal I should be OK.
Click to expand...

Have him paypal his friend the $5600 and have his friend bring you cash.
 
Dont use paypal, casheirs check or any other kind of payment than wire transfer and even then open an account at a seperate bank and widthdraw the $$ right away. Like has been said let the friend bring the cash and you better get one of the money pens to make sure the cash is real. There is a good chance this is a scam. The cash deposit is an old trick to make you feel confident he has no problem paying the rest. Whoever brought the $200 should have no problem bring the rest.
js292 Id do what TT said. I think you will shit when you see paypals fees and like has been said paypal actually answers to no one. They can do whatever they want and have no problems taking $$$ out of your account
 
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Paypal's fees are 3-4% but I don't know how high they are for that amount and you're getting a bad exchange rate ...
 
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