[SwingLo]

Ok, so after listing my Moke on eBay, I have a buyer. This was outside of the auction - we exchanged contact info and worked out a deal.

I'm in Chicago. He's in FL. He's lining up transport to come and get it.

I've sent him a paypal invoice (per his request) for the price of the car.

Questions:

- How should I handle payment? If he sends me the full amount, easy. If not, how do I deal with a deposit? I'm assuming I should get full payment before the car gets handed to the car hauler. Not sure I'd feel comfortable doing that if I wast the buyer, but what other options?

- Paperwork - should I send the title with the car deliverer? Or do I mail the title to the owner so that I can be signed over to him once it arrives there?

Any and ALL info is appreciated. I've never done it this way and I don't want to screw it up (for me or the buyer - good guy!)

 

[Me!]

When I purchased me car from San Diego here is what we did:

1.) Pre-purchase agreement was signed by both parties. You can find various ones on the internet. I may have a copy of the one I used too. PM me for it.
2.) PPI was performed at a Lotus dealer. If it passed I would pay it, if not it would be up to the seller.
3.) He sent a picture of the signed title.
4.) I sent a picture of the check made out to him & overnighted it. The beauty of the check was that it could be cancelled if I never got the title.
5.) He overnighted the signed title once my check arrived.
6.) Shipping was arranged
7.) car was shipped

Regardless it takes a lot of trust to sell & buy a car long distance! Good luck!

 

[Pooter]

If he pays via paypal, be sure to clear the money with your bank before you hand over the car. Money in paypal basically hangs in limbo for a while. The dude could pay you (it'll look like he pays you), then you ship the car, then he backs the money out. Super common scheme. Just make sure everything clears before you ship anything.

 

[Lowtush]

I would not do a paypal transaction for this. Paypal always favors the buyer. so example, he pays through paypal and then when he gets the moke he says its not as advertised he files a claim through paypal he will get his money back. You will be **** out of luck.

Here is how I usually do it....
-draw up a purchase agreement (I have one I can send you)
-Have him wire the money or over night a certified check
-Nothing gets on a trailer until payment clears
-overnight him the title once payment has cleared so he has it and he can sleep at night
-ship the moke

Any questions you have my number.

 

[bri3d]

My family have bought and sold a few cars on eBay Motors.

In my experience PayPal is only used to put down a small good-faith deposit, which indicates to the seller that the buyer is prepared to go forward with the deal.

Then, things go exactly as any other car purchase would, as outlined in Me!'s post.

Don't take the full balance via PayPal. As a buyer it's easy to lock up or reverse a PayPal transaction, and then you'll have to fight for the money. Plus, if the PayPal account used to send you the funds turns out to be a stolen one, PayPal will unceremoniously reverse the transaction and you're screwed out of the money unless the police catch the thief.

Some people choose to use an escrow service (I think escrow.com is the eBay Motors official one) so that there's no time where the seller has money and the buyer doesn't have the title. But that costs extra money, and, for the most part, things go as Me! outlined - the seller gets the money before the title gets sent.

 

[Zen Dude]

In my experience PayPal is only used to put down a small good-faith deposit, which indicates to the seller that the buyer is prepared to go forward with the deal.

:up:

Speaking from the other side of this ...I bought a car on ebay and only put down a good-faith deposit. When I picked up the car, I looked it over and handed over the rest of the cash. The deal was completed at that point.

 

[sturgeongeneral]

Email or fax a signed copy of the title as soon as he wires the money to your bank. Wire transfer is the only safe way to protect a seller. Don't release the car or title until money is in your account.

 

[qu1Z]

Hold on to the title until you get the money in the bank. Overnight the title when the money is secure. Keep insurance on your car until the title and car arrives in the buyers hands.

 

[Lancia]

His representative can go to the bank with you, money and title change hands.

Yes, get money in hand.

Last time I waited while he went to the bank, clearing the title I think.
But I was in his store with the car.

 

[Jack FFR1846]

His representative can go to the bank with you, money and title change hands.

Yes, get money in hand.

Last time I waited while he went to the bank, clearing the title I think.
But I was in his store with the car.

This.

And it is HIS bank. His rep presents his check to you (drawn at that bank). They verify the check and you then ask that a bank check be separately made out to you.

I've done exectly this. I've also done cash, but it's understandable when people get squeemish about bringing piles of 100's.

 

[JWA]

I would not do a paypal transaction for this. Paypal always favors the buyer. so example, he pays through paypal and then when he gets the moke he says its not as advertised he files a claim through paypal he will get his money back. You will be **** out of luck.

Here is how I usually do it....
-draw up a purchase agreement (I have one I can send you)
-Have him wire the money or over night a certified check
-Nothing gets on a trailer until payment clears
-overnight him the title once payment has cleared so he has it and he can sleep at night
-ship the moke

Any questions you have my number.

I agree about PayPal, other than a relatively small deposit. I've purchased three or four cars from out of state, and sold a number of others and the above process is what I've always followed. The buyer takes some risk, but that's the way it works.

 

[luxige]

Escrow.com. Split the fee with the buyer; money well spent.

https://escrow.com/services/vehicle-escrow/how-vehicle-escrow-works.aspx

 

[derrek1280]

To reiterate what others have said, and expand, DO NOT GO THROUGH PAYPAL. Certainly not for the full amount.

As previously stated, PayPal does ALWAYS favor the buyer, and they can always redact a transaction AFTER you have the money. This includes PayPal taking money out of your bank account because it does have that information. They WILL get your money if they want. This was found through personal experience. Granted, this could be helpful in making the transaction smoother where he knows he has the backup of PayPal if you let him do a deposit through it.

Another huge reason... PayPal takes 3% of everything that is transacted! So you're paying PayPal $300 per $10000 received? No thank you.

I sold an old Z32 convertible remotely once... I was actually living in Nebraska, had a buyer in Maryland, and the car was in Florida (wow, that sounds complicated). I took a deposit through PayPal on eBay of only about $500. Once that was done, he sent me the money for the car. I sent the title separate from the car, but did NOT send the title until I had the full payment amount (done outside of PayPal). As for shipping... I just gave him the address of the car and let him take care of the rest.

 

[fitfan]

If he pays via paypal, be sure to clear the money with your bank before you hand over the car. Money in paypal basically hangs in limbo for a while. The dude could pay you (it'll look like he pays you), then you ship the car, then he backs the money out. Super common scheme. Just make sure everything clears before you ship anything.

i would NOT use paypal - it is NOT secure! also - they will charge you a lot. just have him send a check, and cash it, and when it clears you have money.

paypal is way too easy to scam. also - YOU are liable for paypal, not paypal (basically they are un-insured) so at anytime, the buyer can get his money, and you are left holding the bag and paypal will tell you to go pound sand.... happens, a lot!

 

[fitfan]

+100 !!! hasn't happened to me, but has happened to more than one friend of mine - and for big money. not little 100 dollar things.... this exactly what happened to one friend, paypal seized like 25k out of his account and he was out of the goods too - robbed 2x !!!

if you have already done the paypal transaction - just reverse it. that candles it and send him his transaction back.

To reiterate what others have said, and expand, DO NOT GO THROUGH PAYPAL. Certainly not for the full amount.

As previously stated, PayPal does ALWAYS favor the buyer, and they can always redact a transaction AFTER you have the money. This includes PayPal taking money out of your bank account because it does have that information. They WILL get your money if they want. This was found through personal experience. Granted, this could be helpful in making the transaction smoother where he knows he has the backup of PayPal if you let him do a deposit through it.

Another huge reason... PayPal takes 3% of everything that is transacted! So you're paying PayPal $300 per $10000 received? No thank you.

I sold an old Z32 convertible remotely once... I was actually living in Nebraska, had a buyer in Maryland, and the car was in Florida (wow, that sounds complicated). I took a deposit through PayPal on eBay of only about $500. Once that was done, he sent me the money for the car. I sent the title separate from the car, but did NOT send the title until I had the full payment amount (done outside of PayPal). As for shipping... I just gave him the address of the car and let him take care of the rest.

 

[Lotusmotion]

I have sold several cars remotely domestically as well as overseas...just sold my '71 Karmann Ghia last month to a remote buyer. There are a lot of scammers and douche bags out there just dying to rip people off, so be very wary!

I agree with prior comments.

Payment for sale price should be bank check or wire transfer. Be sure to verify that funds have cleared and have been full credited (no holding period) to your account.

Preferably release the car and title of ownership at the same time. Otherwise, if you have to release the car to facilitate shipment, then release the title of ownership once all purchase conditions are fulfilled.

Cancel your insurance and release your ownership effective the date the car was delivered to the buyer.

 

[komiko]

congrats on selling the Moke!

 

[philethier]

Find the buyer's bank. Do NOT use any phone number the buyer gives you. Research it yourself. Call the bank. Give them the check number. Get them to confirm that they issued the check.

A proper USA cashier check takes the money from the buyer when the check is issued, not when they get the check back. The buyer can not stop payment and get his money back, the money is already gone. If he does not buy the car, he can get his money back when he brings the actual paper check, complete with hologram, back to his bank. If the dog eats the check, he has to submit to an investigation, and will have to wait like six months to get his money back. Part of this investigation will be the bank's rep interviewing you, the seller.

It is not easy for a buyer to screw you with a USA cashier check if you do your homework.

Foreign Bank? I wouldn't touch it with a barge pole.

 

[R4Racin]

Me and Luxige - actually almost everyone had good input. I do a lot of eBay/Paypal transactions and have dealt with a lot of scammers. Even "gifts" can be reversed so probably best to just stay away from it. About the only thin I didn't see covered was to set up a time to do instant texts and then ask for an instant text picture of his drivers license and say when he sends his, you will send yours.

 

[MotoGeek]

I just sold my truck to somebody in GA. I wouldn't deal with checks. My bank told me even if someone at the buyers bank wrote me the check in person, that they would still put a hold on it for a few days.

A wire transfer takes a day, and is more or less fool proof. If the buyer isn't willing to do this, then I would think something is fishy.