Hi guys, I'm selling a car via word of mouth and the potential buyer has asked if I would accept paypal or bank transfer as payment. I'm cautions of buying things via bank transfer as there is no going back, but accepting it should be okay? Is paypal also okay to accept?

He doesn't want to do cash since it's not an insignificant amount of money to him and wants to be safe

As a fall back, would it be better to create an eBay listing that the buyer can use to buy the car and enter a proper sales contract (I'd then be stung for eBay fees)

Sale price is around £5000

Thanks

Dave

I wouldn't, both could be reversed? Bitcoin is a better choice, 100% non-non-reversable.

Ebay listing and paypal will both cost a fortune... if the buyer contests paypal could refund him the money.

I have sold many cars over the years using a bank transfer... Get them to transfer the money at least 24hrs before they are due to collect...

It is pretty hard for a bank transfer to be recalled once gone in.

If you are concerned why not take a photocopy of the persons driving license and a utility statement with their address on it... that way if they do try and do a fast one you will know who they are and where they live...

I've bought and sold a few cars using bank transfer. I usually set up the transfer before the event and send £1. Then on the day if the sale goes ahead the transfer of the full amount has been instaneous. Think most banks do faster payments now.

Bank transfers fine as said PayPal payments can be reversed very easily.

I would be very reluctant to accept a Papal payment.

100% not if the buyer is collecting in person or via a 3rd party.

Sadly a very common scam on ebay.
Buyer pays via paypal, collects & then promptly files a non receipt claim with paypal ( Claims they have not received the item )
This more often than not, results in a repayment of the buyers cash.
Leaving you with no cash & no item.

If the buyer is reluctant to pay cash on collection or via bank transfer, I would question if they are a genuine person to deal with.

Not saying that this is the case with your buyer, just be very wary.

Yes, I have been a victim of this scam.

I have paid with bankers cheque when bank would not give me my own money so did not change me either, they are guaranteed but the seller did ring the bank to make sure the cheque was genuine.
Matty

Do not take PayPal. It can be reversed, and it's a very common scam.

He can pay cash straight into your bank. He can view the car, photograph you and the docs, and then come back with cash if he doesn't trust you.

EU wide (besides UK) common to pay everything by banc transfer.....definately more safe and less expensive than paypal....also more safe for the buyer: if he carries cash, can he be sure that there isnt "somebody" waiting to rob his money?

if the buyer is from abroad this will also safe him excgange fees





[Edited on 7/1/17 by alfas]

Not Paypal

Accept either cash or a bank transfer

When i bought my Audi a year or so back I paid via bank transfer.

I got the train ask the way to Norwich to his house.

After agreeing a price I used his laptop and logged into my bank account. I set up the payment and it was instant.

You can only do 10k at a time do I had to do 2 transactions.

No ability to fake it. I used his laptop and he saw that I had the money and then I didn't. He logged into his account and it showed up.

I thought the purchase of vehicles with PayPal excluded the buyers' right to open a dispute/case? Plenty of scams on eBay where sellers advertise false vehicles, requesting payment by PayPal; money gets sent, no contact or car, then PayPal refuses to refund the money because vehicles are excluded under their T&C's.

Either way, I wouldn't be overly happy accepting PayPal for sale of my car. Perhaps the seller wants to use their credit card as a payment method due to cash flow? But I'd be asking for either bank transfer, or bankers draft (?) - and only release the vehicle after cleared funds in your account! Personal cheques might show in an account straight away, but actually take 3-5 working days to clear.

Thanks for the very helpful replies, it has confirmed my suspicion with paypal payments. We have agreed on instant bank transfer, and only letting the car leave once it is confirmed and cleared in my account.

Dave

Bank transfers cannot be reversed. How I know this - my account was once hacked and even the bank could not reverse pending transactions although they knew I hadn't made them. Last ptivate car I bought I paid a deposit then paid the remainder by bank transfer while the seller witnessed on his computer.

[Edited on 7/1/17 by wylliezx9r]

Just sold my car yesterday and accepted bank transfer faster payment.

Just sold the car, transferred £1 as a test, then the full amount.

Thanks for all the advice

I sold my MK Indy and the buyer paid using a bank transfer. It worked perfectly with both he and myself happy. He'd visited twice to view the car and the payment method avoided having to deal with cash (better for both of us).

PayPal has it's benefits, but it would not be my preferred choice in your case!

Do make sure that if you are being paid by bank transfer that the funds showing in your account are an actual transfer.

There was a scam going around where funds were deposited by a third party at a bank branch via cheque which looked like a transfer but which was promptly reversed when the cheque did not clear.

On-line bank statements don't always make it clear how funds were deposited in your account.

dont accept cheques and everthing is ok.

why "banc transfer" has such a "negative reputation" in UK?

cheques, postal-order etc are things from the past. totally uncommon (or even unknown) outside UK.

besides chash, we pay since 30years everything by banc-transfer. and i dont remember that there was a single problem in our family or my friends / mates with that.