Sold the car XD, how to collect pmt safely . .

[Cashizslick]

Ok so the car sold last night.

I have received my required $500 deposit via paypal, and have withdrawn this ammount to my bank account (damn paypal fees).

How do i avoid getting scammed by the buyer here? I figured that if i w/drew the money to my bank of america account, i could quickly tell if the funds were legit or not (2 to 3 day transfer time).

Obviously, i will not ship my car w/out confirmation from my bank that the money is legit. And i will not ship untill the remaining balance is in my bank account, and is confirmed/legit/a-ok.


Also, how would you suggest avoiding the paypal fees on the remaining balance of the car?



BTW, im not revealing what it sold for just yet, as this transaction is not complete and there is a slim chance that I may have to relist the car . . . . i dont want to give out my reserve price just yet.

 

[hosmer]

get a bank check Fedex'd to you

deposit and wait til it clears

 

[Cashizslick]

The only problem here is paypal.

I dont know of any other payment system that will do as good of a job re-assuring the customer that they are safe . . .

Maybe ill have to eat the fee. There is no way i could charge the customer for it - they have to ship the vehicle.

 

[klyph]

Tell him to send you a check or money order. Wait til it clears before delivering the vehicle. Fuck PayPal.

 

[posol]

escrow.com

its expensive... but both parties are secure. he puts payment there. they tell you its secured and legit you ship. he ays he got the car. they release the funds to you

 

[klyph]

Or meet in a dark parking lot late at night. Tell him to bring a case full of cash. You should bring the title, a handgun, and a midget who's good at math to count it. You might also think about snipers...

 

[totalburnout]

Its difficult to be done securely.

Paypal won't protect you or him for that matter (trust me, read up on all the loopholes in paypal, its become convenience not protection) and if you receive a check/money order in the mail there's no way of telling whether the check is real or not until the check makes its way to the banks home office.

Listen closely here, if you receive a check, its possible that its fraudulent and that your bank will clear the check without realizing that the check is fraudulent, deposit the money in your account, and then two weeks later automatically withdraw the money from your account. This is how the Western Union money order scam works.

 

[phyregod]

Pay paypal their fees. They suck, but its legit. And quick, and mostly painless. And if you start switching up the payment method on the buyer, he'll think its a scam and go totally screwy on you. Can't blame him for that, he is in the exact same boat you are.

 

[Cashizslick]

The buyer just agreed to send me a MO.

I told him i would have to w8 till it clears the bank, he said that was ok . .

 

[Airjockie]

Nigeria???

 

[Cashizslick]

Haha nope . . . down south.

 

[reckedracing]

money orders are the worst dude
they can come back to bite you in the ass as much as 2-3 months down the road
certified check or bank check from a bank you can physically go to to cash it

i would have said that you take paypal, but the buyer pays an extra 3% to cover the fees

and where is the guy located?
drop the car off, get cash and fly/take a bus/train back

 

[Cashizslick]

Cant get to him easily - hes WAY down south.

I will suggest to him that he pay the paypal fee and send thru paypal. MO's really are that bad?? Damn i never had any idea.

He does not have Bank of America . . . can he still go to one and get a MO from there? I also have BoA - that way it would clear quickly.

 

[TurboMirage]

never had a problem with money orders...

 

[reckedracing]

google money order counterfeit

never had a problem with money orders...

and whats the biggest money order you ever had?
all i'm saying is if it were my 8K i wouldn't be so fast to accept one

 

[Cashizslick]

True true . . .

I dunno really what to do here. Its either a MO or paypal.

When i bought the car, i had flown down to Tampa to pick it up.

I give the guy a money order from out of state (obviously). It was from a very small bank in my old hometown. The tellar tells him (at his bank) that it will not clear for 1 week. Hes like, "well sorry bro i cant just let u leave with the car . . ."

I call my bank and put the branch manager on the phone with the sellar of my car, they talk for a while, and then he concedes to accepting it as pmt. Thank God for quick thinking!!

 

[reckedracing]

how are you shipping it and how much is it?

 

[Cashizslick]

how are you shipping it and how much is it?

He is shipping the car, i have no idea what it is costing him.

 

[eg6sir]

i'd have him get a US post office money order.. and when you get it take it there to have them verify its real.. those are the only money orders i'll accept nowadays

 

[dveit]

He does not have Bank of America . . . can he still go to one and get a MO from there? I also have BoA - that way it would clear quickly.

So wait... he does or doesn't have BoA.

If you both have BoA, then get a certified bank check.