PayPal credit for car sales

[rjk]

hi all.

Selling my S2000 and finally have an interested buyer looking to agree a price.

He has asked if he can purchase half bank transfer and half via PayPal using their credit facility.

I’m dubious with PayPal as I don’t want anything potentially reversible. Especially when it would be around £4K

Has anybody got experience with this? I have been insisting on bank transfer up until now but my worry is accepting this opens me up to potential comeback/frozen funds etc if the account isn’t legitimate.

 

[Maccy]

No chance.

 

[Howard]

No chance.

 

[~Divine~Wind~]

Id not flat our refuse it tbh just needs to be done differently

If hes wanting to use paypal credit then have him pay a friend or family member the 2k or w/e and then have them remove the cash.
He then has 4K cash to give you, 4K cash cant be reversed

You get a sale
He gets the Money he needs at the interest rate he wants

If it's this or no sale then I'd be tempted to go 50/50 on any fees with his as well to sweeten it for him

win/win

 

[Diagro]

As above.

 

[rjk]

This is my concern. I didn’t think about him getting the funds to a family member. I’ll try him with that. Not gonna jump through hoops for him as I’ve got some other interest from elsewhere too but this offer is too close to asking price not to consider seriously. Just want it to be risk free my side and I can only see that being the case with a bank transfer.

 

[Dav4]

No way cash only when I’m selling. And if you want to be even more cautious and live near a city centre with your local bank drive down with him and put the cash into your account before he gets the keys.

 

[Cookeh]

Ive taken cash, PayPal and BT as payments. No issues with any of them. IF you have a dodgy person payment can get messed up regardless of method, and vice versa.

 

[bloodiedathame]

I paid for a car using my credit card linked to Paypal. Admittedly to a dealer but hey ho.

 

[~Divine~Wind~]

No way cash only when I’m selling. And if you want to be even more cautious and live near a city centre with your local bank drive down with him and put the cash into your account before he gets the keys.

It would be cash only...

buyer of car buys "something" from a family member for the value he needs to get his interest rate/offer from Paypal - 2k
buyer then has family member remove 2k from bank and give to him

Buyer then gives his current wodge of cash and the new wodge of cash attained through paypal to rjk
rjk has kinldy offered to pay 50% of the paypal fees for the buyer as a sweetner isnt he great

RJK gets his cash with no worries of chargeback or any other issue with paypal.

The only way I can see the buyer not acceptign the above was if he planned to claim not as described or do a chargeback at a later date

 

[Vanquish-Storm]

Can you even use PayPal credit in such a way?

I always thought you had to process it through a website payment gateway to access any PayPal Credit features.

 

[Janesy B]

As above I don't even think you can use paypal credit to send money, just when you purchase things.

 

[rjk]

I’m not entirely sure. I’ve used it myself to pay invoices sent from private parties but only on small purchases.

 

[~Divine~Wind~]

just send an invoice yes
Easy engouh

 

[Tom|Nbk]

He can't afford it in other words and it will ruin him

PayPal credit only works for business purchases at merchants?

 

[Scania]

The only way I can see the buyer not acceptign the above was if he planned to claim not as described or do a chargeback at a later date

Exactly.

For this reason I wouldn’t accept such a transaction.

Tell him it’s cash or bank transfer only, how he raises the cash isn’t your problem.

 

[Tom|Nbk]

Exactly.

For this reason I wouldn’t accept such a transaction.

Tell him it’s cash or bank transfer only, how he raises the cash isn’t your problem.

It simply won't work anyway PP credit is for merchants not sending it to your m8 for a car

 

[~Divine~Wind~]

PayPal credit is for paying an invoice from anywhere. I've used it a numer of times with people I've sold car mods too

I get my money they get their apr/bnpl

 

[SilverTongue]

Used it like this before as well.

Family member sends invoice for the amount that buyer needs. Buyer pays this using PayPal credit. Money goes into family members PayPal account. They then withdraw this to their bank account, then withdraw cash or bank transfer to the buyer. Buyer then has cash needed.

Only part you need to watch is that if the amount being sent to the family member takes them over their limit that they can withdraw (£2500 if memory serves) they may need to send ID in to PayPal to remove limits.

 

[snapdragon69]

Even if you trust the buyer, I wouldn't trust Paypal. If they send credit to your Paypal, expect an email from Paypal saying they are going to hang onto it for 28 days for Fraud Prevention reasons or whatever.