Indy-Guy
Indy-Guy UberDork
4/27/19 8:04 p.m.

I'm in Indianapolis, and I've agreed to buy a car in Central Florida.  Seller wants a $500 deposit sent via PayPal, to hold car until I can fly down to pick it up.  

Tips and advice please. I've never used PayPal except to buy junk on eBay.

BoxheadTim
BoxheadTim MegaDork
4/27/19 8:07 p.m.

I've done it as a seller in that exact situation. Same as every other PayPal transaction.

If I were you I'd fund by credit card and also would make sure that it's for goods & services, not for "a friend".

Sine_Qua_Non
Sine_Qua_Non SuperDork
4/27/19 8:13 p.m.
BoxheadTim said:

I've done it as a seller in that exact situation. Same as every other PayPal transaction.

If I were you I'd fund by credit card and also would make sure that it's for goods & services, not for "a friend".

+1

Crackers
Crackers Dork
4/27/19 9:05 p.m.

As a buyer go for it. Definitely do it under goods and services to get covered under buyer protection. 

PayPal is really easy to deal with if you have a dispute, if a bit "hands off" (you have to wait for the systems algorithms to run their course, period.) and you get a ridiculous amount of time to dispute a purchase. (6 months! Which makes me nervous as a seller.)

Stampie
Stampie PowerDork
4/27/19 9:09 p.m.

Yeah I wouldn't have a problem with it as a buyer. I've offered to do deposit on PayPal and then they refund it when I pay in full cash on pickup. Seems to ease worry on both sides. If seller is offering I'd do it no problem. 

93gsxturbo
93gsxturbo SuperDork
4/28/19 6:46 a.m.

Ive done it a ton of times.  No worries.

 

The flight down and incidentals are going to be more than $500 and you are on the hook for those no matter what, so don't sweat a $500 deposit too much.  

Knurled.
Knurled. MegaDork
4/28/19 6:52 a.m.

I've bought a car in whole on eBay with PayPal.

 

This also may qualify as "buying junk on eBay", but okay.

WonkoTheSane
WonkoTheSane Dork
4/28/19 10:19 a.m.

I paid for my racecar via PayPal, and that was in person.  The fee to go it as a real purchase (with protection) was about about half of what a wire transfer would have been on the $7,000 if I recall.

z31maniac
z31maniac MegaDork
4/28/19 10:45 a.m.

The only out of state car transaction I've done, we used a bank wire escrow. 

 

This was also with an old "internet" friend that I wasn't too worried about messing things up. You can actually see the build thread of what he did for me on R3Vlimited.com. 

93gsxturbo
93gsxturbo SuperDork
4/28/19 12:26 p.m.

As the buyer, Paypal transactions are fine for big ticket items.  As the seller on something like a car I would want a wire transfer or a bank check drawn on a local bank.  Sure, you can do a reverse on a bank check from a local bank but its a whole lot harder to prove the reversal was in the right if you are right there on camera withdrawing the money.  

 

I wouldnt take Paypal on a car as a seller.  Would take a refundable deposit, hold it until the car is paid for in full.

californiamilleghia
californiamilleghia HalfDork
4/28/19 2:21 p.m.

Is there anyway to send payment to a third party who accepts the title for the payment ?

Is that something a bank would do ?

$500 is not fun to lose , but $5000-$10,000 is a real hurt !

BoxheadTim
BoxheadTim MegaDork
4/28/19 2:34 p.m.

In reply to 93gsxturbo :

That's what I did the last time I sold a car halfway across the country. $500 non-refundable deposit via PayPal, balance via wire transfer.

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