Is a Paypal payment as secure as a cash handover?

[malbaby]

Wondering if to accept a payment [$10k] via paypal for a car......Is it as secure as a cash handover.....Once payment is in my paypal account is that it, or can the transaction be reversed for any reason......I am aware of paypal transaction fees.

[fte50]

Paypal payments can be reversed, always accept the cash.
Most car scammers on the net prefer paypal.
Even if it is legit, you stand to lose on the fees when you transfer from Paypal to your bank account - think its something like 3%, someone might confirm otherwise.

[MrEL]

No where near as secure.
Cash everytime.

[jpd80]

Thanks Russell

Just to summarise Ford in July:

Fiesta............ 491
Focus............ 1,514
Mondeo......... 429
Kuga.............. 458
Ranger 4x2.... 565
Ranger 4x4.... 1,216
Falcon............ 575
Falcon Ute...... 355
Territory......... 966
Transit ..........

[2011G6E]

Wrong...most scammers on the net prefer one thing and one thing only..."Western Union Money Transfer". That's why you are always warned sternly about making any sort of payment to anyone you don't actually know through Western Union...besides the fact it's as expensive as hell, it's about as secure as sending an envelope of cash through the mail to some unknown destination...virtually untrackable if something goes wrong, unlike Paypal.
I've sold one car and purchased one car...both through Ebay...and used Paypal for both. Why would anyone think sending cash is more secure? Even with a bank deposit transfer someone can put a stop on it.

Scammers can use any method, but when it comes down to it, there are dangers with any method of online payment...sometimes you just have to do it though. Scams usually stand out a mile away though and are pretty easy to spot.

[Matty4]

Originally Posted by jpd80

Thanks Russell

Just to summarise Ford in July:

Fiesta............ 491
Focus............ 1,514
Mondeo......... 429
Kuga.............. 458
Ranger 4x2.... 565
Ranger 4x4.... 1,216
Falcon............ 575
Falcon Ute...... 355
Territory......... 966
Transit ..........

Ummm...........wrong thread perhaps??

[wicko]

The purchaser is physically inspecting the car? And coming to pick it up? If he's doing that I can't see why he can't pay cash bank cheque or bank deposit. I would not be taking PayPal because they can dispute the transaction and PayPal side with the person wanting their money back. If he hasnt inspected the car and is buying it based on pics on eBay I'd run as fast as you can. I couldn't afford to hand over a car and the payment.

[4VCLEVO]

The problem with paypal is they use stolen credit cards to pay you, and with that, even when you have the money in your own bank account they can take it off you and your out of pocket a car.

[mr smith]

Say NO to PayPal.

[atec77]

Originally Posted by malbaby

Wondering if to accept a payment [$10k] via paypal for a car......Is it as secure as a cash handover.....Once payment is in my paypal account is that it, or can the transaction be reversed for any reason......I am aware of paypal transaction fees.

For that amount either a direct transfer or cash . Paypal can be fiddled and anything over a few hundred it simply is not worth the risk cash on pickup is best

[Fordxelisty]

Never trust paypal for any decent amount ir cars.
Stolen credic cards are common ways of tricking paypal.
Cash, cleared bank cheque or cleared bank transfer. If the buyer is not willing to do either dont risk it as it is likly a sham

Better to wait for another buyer than be sorry

[krzysiek]

Absolutely no PayPal and do not listen to anyone who proposes otherwise. Google 'PayPal sucks' and get reading.

In short, if things go south and the buyer turns out to have used fraudulent money to pay you - you will end up being liable for the $10K.

Even if the money is theirs, they can file a dispute that they never received the goods and unless you have sufficient proof - they will side with the buyer and refund them the payment. By the way, in a case like this, 'sufficient proof' is at the discretion of PayPal.

If the buyer is 'smart', he can make it seems as if someone else had accessed his account and made the payment to you. He can then say the payment was unauthorized, and if done right, PayPal will check their logs and 'agree' that it looked like his account was accessed maliciously - you will lose your money.

Or, even if EVERYTHING is legit but you do not have a good or long term track record with PayPal, they can (and many times will) freeze your account and put funds on hold for 6 months (180 days). You will not be able to withdraw during this period of time. You also don't earn any interest on the funds.

From my personal experience, do not use PayPal for this. Not only does it seem shady, but even if it isn't (read: buyer is legitimate) - PayPal themselves can screw you and put your account on hold. It may not happen, but if it does that'll be 10K you're trying to get back and you may find out that you need to wait 180 days.

TL;DR - Do not use PayPal for this transaction.

[comagutsa]

let me guess ..the bloke works away and wants the car but hes not home for awhile .. so he will pay by paypal and someone will pick up car or you send it to them.... dont do it its a scam
and as krzysiek said

[poppa smurf]

I have used paypal a lot over quite a few years for ebay purchases, never had a problem.

however would I recommend them in this circumstance, definitely not, this I would expect in cash handed over by the purchaser.......no reason, just me.

[V8 6I]

On the other hand if the bloke is fair dinkum and wants to pay with paypal because he has a $15,000 credit limit but no cash thats the only way he can pay without getting a cash advance with high interest Or take a small paypal payment as a deposit,The rest in cash or similar.Consider it.

[xisled]

If you are going to use PayPal keep your insurance policy open until you have the cash. If it all goes bad you can always report to the police and lodge a theft claim.

Don't sign any transfer papers until you have the funds.

Also cash can be counterfeited and currently there is a huge amount of fake 50s going around Melbourne.

Best method is a bank transfer directly into your bank account and confirmed with the bank the cash is yours.

[Maysik]

I would not do PayPay for what you are doing. I have tried recently to sell a car and guess what, the buyer wants money either to their PayPay account or my PayPay account email address. They got a stern, "No thank you".
They get your money, it is gone. You will know a scammer when they text you! Something is not right.

Having said that, I was saved by PayPal. Payed by PayPay $1600.00 for an item off Evilbay (my bad), ended up going through PayPay to get it resolved. They did a good job, contacted other party, put wind up him and I got money back. I think that was because he does a lot of stuff through PayPay.

I am not drunk typing:-
PayPay - cause that's all you do with PayPal
Evilbay - cause it is.

[302 XC]

Originally Posted by malbaby

Wondering if to accept a payment [$10k] via paypal for a car......Is it as secure as a cash handover.....Once payment is in my paypal account is that it, or can the transaction be reversed for any reason......I am aware of paypal transaction fees.

If the buyer asks as such before viewing, run a mile
If the buyer inspects and asks something is suss
Once payment is in your paypal account,yes it can be reversed,thats very handy for scammers

If the buyer goes to the trouble to inspect, talk the talk face to face paypal wont be something they will endure


Theres plenty of info how these paypal, off shore worker scams work , have a read of a few, youll pick up how it works

[FGII-XR6]

I use a secondary bank account for PayPal with nothing kept In it. I never send goods till the money is in my bank account and I have transferred it to my main account stopping a reversal

[XB GS 351 Coupe]

Originally Posted by au3xr6

I use a secondary bank account for PayPal with nothing kept In it. I never send goods till the money is in my bank account and I have transferred it to my main account stopping a reversal

This is the exact set up I use.

Works perfectly

[2011G6E]

So...no one here would have a problem turning up to some unknown persons house to pick up a for sale car with $10,000 or more in cash on their person...?

Interesting...and very trusting...

I thought the way sales worked was that you didn't hand over the goods until you had the money securely in your account and had signed receipts when you hand over the vehicle...?
That's the whole point with Paypal...it's a secure way of payment that doesn't give the other person any link to your bank account, and it's all completely trackable. It's certainly not as easy as some people seem to think to "reverse the transaction" and get your money back...Paypal doesn't just say "Oh, OK, we'll just take the money back off this person without a lengthy investigation...we'll just take your word for it and empty his bank account"...

[MercurySilver]

Tell him to go down the bank and withdraw ten grand.
If he can't do that you have to question why.

I certainly wouldn't do a grand let alone ten thru paypal

[2011G6E]

Originally Posted by MercurySilver

Tell him to go down the bank and withdraw ten grand.
If he can't do that you have to question why.

I certainly wouldn't do a grand let alone ten thru paypal

Ask yourself...would you do it for someone else? If you turned up and someone demanded that you bring cash (and ten grand cash can't just be "withdrawn" from your bank account) would you just say "OK", and go do it, or would you think twice?

Transactions of this size are done by bank deposit, Paypal, or bank cheque. The most cash I've ever taken to buy a car was three grand, and even then I was worried as it was an address way out in the sticks...

[Yellow_Festiva]

This problem / question come up time and time again. If it isn't Paypal it's questioning a cheque, if it isn't either then it's questioning if the cash is fake.

In any situation, someone has to put their trust in another person. I'm helping a friend sell a car. What can I tell her???

Cheques can be faked, cash can be faked, paypal can be reversed?? You would think, after all the ways / chances of being scammed that there could be a system in place, backed by the RMS / Police / Insurance companies etc where people can process a transaction on neutral ground with a 3rd party watching over the process.

Scams will almost vanish. Charge a 'transaction fee' of 1% or something?? Small price to pay to ensure you get your money or your car with minimal hassles.

You can (or used to) be able to take your items into a police station to get them engraved free... yet you want to sell a 20k car and you are on your own unless you sell it through a dealer / consignment and I'm sure that isn't cheap.

Seems with all these modern conveniences some things just keep getting harder...

[superfly]

Originally Posted by 2011G6E

So...no one here would have a problem turning up to some unknown persons house to pick up a for sale car with $10,000 or more in cash on their person...?

Interesting...and very trusting...

When I sold my WRX, the buyer dropped in with it all in cash. Not sure what the problem is? You don't buy the car outright on the first visit, you put down a deposit and then pick it up on your second visit which means you've met the seller before.

To the OP, in your case say no to Paypal for the same reasons as everyone has outlined.

[V8 6I]

Not sure how op is selling the car, via ebay or carsales?Where buyer is located or if able to talk on phone or in person.If ebay what sort of feedback do they have and what they have bought in the past.If they buy/ sell other car related items. If just small junk items,with minimum feedback I woulnt do it.If lots of good feedback no real problem.As long as you do your homework you should be right.

[poppa smurf]

Originally Posted by 2011G6E

Ask yourself...would you do it for someone else? If you turned up and someone demanded that you bring cash (and ten grand cash can't just be "withdrawn" from your bank account) would you just say "OK", and go do it, or would you think twice?

Transactions of this size are done by bank deposit, Paypal, or bank cheque. The most cash I've ever taken to buy a car was three grand, and even then I was worried as it was an address way out in the sticks...

when we bought our van I had $25,000 in my wallet.

when we sold our camper we were paid $10,000 in cash.

camper trailer went for $8,500 in cash.

bank needs two days notice for large withdrawals.

cash talks.

[xxx000]

pick your branch and you can get whatever you want over the counter esp if you push them a bit

I always pay cash and receive cash

[snowcone]

Check out this website if you think Paypal is safe
www.paypalsucks.com