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using Pay Pal for selling a Motorcycle
- Thread starter woody99
- Start date
deilenberger
A bozo on the bus
No. They don't do cash.
Ponch1
Ponch
I did that and kept the money. So I broke even but I get collection letters and my credit is dinged. Since I'm 78 and finance nothing, I could care less. Only real loss to me is I can no longer use pay pal or e-bay. I'll survive.
I am glad it worked out. I think.
Gruesome
New member
I bought my R1150GS on eBay. The down payment/deposit of $500 was via Paypal (using a credit card), the balance with a cashier's check when I received the title and picked up the bike. I believe eBay got its fee based on the full purchase price.
I think this was safe for both the buyer and the seller.
As a buyer, you don't need to link your bank account to your PayPal account, although they really would like you to. Credit card is sufficient. But to get money out of PayPal (without spending it on eBay), you either need a linked bank account yourself, or transfer to somebody with a linked bank account.
I think this was safe for both the buyer and the seller.
As a buyer, you don't need to link your bank account to your PayPal account, although they really would like you to. Credit card is sufficient. But to get money out of PayPal (without spending it on eBay), you either need a linked bank account yourself, or transfer to somebody with a linked bank account.
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Pay-pal and linked bank account
Don,
unfortunately this is not the case. A bank-to-bank wire transfer can be revoked. But if i remember correctly the period is only like 10 days or something like that.
sdc
What works? I believe a wire-transfer bank to bank is irrevocable, and avoids the problem with bogus cashiers checks. The bank makes certain the money IS in the buyers account before wiring it to the other bank (no money really moves - it's all done via the handling houses AFAIK).. and you can immediately withdraw the money from the bank it was wired to (or move it to another account.) I've bought/sold several cars that way - and it went flawlessly.[/QUOTE]
Don,
unfortunately this is not the case. A bank-to-bank wire transfer can be revoked. But if i remember correctly the period is only like 10 days or something like that.
sdc
What works? I believe a wire-transfer bank to bank is irrevocable, and avoids the problem with bogus cashiers checks. The bank makes certain the money IS in the buyers account before wiring it to the other bank (no money really moves - it's all done via the handling houses AFAIK).. and you can immediately withdraw the money from the bank it was wired to (or move it to another account.) I've bought/sold several cars that way - and it went flawlessly.[/QUOTE]
JDOCKERY132445
OldBMWMaster
Pay Pal disputes
If you are persistent enough with paypal and call them constantly about a buyer pulling a scam, you will prevail. But if you let them take the easy way out, they will.
If you are persistent enough with paypal and call them constantly about a buyer pulling a scam, you will prevail. But if you let them take the easy way out, they will.
Rinty
New member
Is there a typo in your first statement? Bank wire transfers are certified.
Pay Pal scares me
I have used PayPal, but it always scares me because you really have no recourse when it goes bad. In legal terms, they basically state this when you sign up. I just sold a sailboat to a family from out of state and when he asked what form of payment I would accept I told him cash. He could bring it or meet me at a branch of his bank in my home town once he arrange for the cash to be there. He chose to show up with hundred dollar bills in $5000 bundles. He told me he had to go to five banks to get it all, and that was after prearranging it. Wife wanted to spread it out on the bed and lay on it....she's sixty and man I never saw that coming. Needless to say, you have to sign papers when you deposit anything over $10k and your banker looks at you funny and wants an explanation. I told him just to put down proceeds from transaction and didn't give him the satisfaction of a deeper explanation, which is not required.
I have used PayPal, but it always scares me because you really have no recourse when it goes bad. In legal terms, they basically state this when you sign up. I just sold a sailboat to a family from out of state and when he asked what form of payment I would accept I told him cash. He could bring it or meet me at a branch of his bank in my home town once he arrange for the cash to be there. He chose to show up with hundred dollar bills in $5000 bundles. He told me he had to go to five banks to get it all, and that was after prearranging it. Wife wanted to spread it out on the bed and lay on it....she's sixty and man I never saw that coming. Needless to say, you have to sign papers when you deposit anything over $10k and your banker looks at you funny and wants an explanation. I told him just to put down proceeds from transaction and didn't give him the satisfaction of a deeper explanation, which is not required.
Transactions under $10K I always ask for cash. Over $10K I'll accept a cashiers check at my bank, and have the bank verify availability of funds. One time I wasn't able to do it this way (bank was closed by the time we met) I signed over the title but held it for a week pending confirmation of the cashier check clearing, and made out a bill of sale that the buyer signed stating that the sale was pending clearance of the check - I figured if it went south I could at least have backup for filing a stolen vehicle claim. I've wired funds into my kids' accounts when they were overseas, but I've never sold a vehicle that way. Might be a good option.
JayJay
JayJay
awagnon
Member
I've bought many bikes out of state and always paid cash. I once tried to do a direct bank-to-bank transfer, but the seller was too paranoid to give me his bank account information.
I live in Utah and recently bought a bike in San Francisco for $12,000. As always, I hid the cash in the liner of my helmet and carried it on the airplane when I flew out to pick up the bike. It sailed through security fine, but I later heard it was illegal to carry more than $10,000 on a plane without declaring it first. I don't know if that's true or not.
Al
I live in Utah and recently bought a bike in San Francisco for $12,000. As always, I hid the cash in the liner of my helmet and carried it on the airplane when I flew out to pick up the bike. It sailed through security fine, but I later heard it was illegal to carry more than $10,000 on a plane without declaring it first. I don't know if that's true or not.
Al
It is ilegal to carry that much cash on international flights but I don't know about domestic flights.
wyman.winn
i should be out riding!
Never have used paypal for a motorcycle purchase. Both in & outside my home state no matter $ 1,000 or 20,000 always have used a cashiers check from my credit union or received one from their bank or credit union. Takes only a few minutes to verify the money is there and have never had a problem. Wouldn't think of carrying large amounts of cash, that is without being armed and then your still a target!
