PayPal for bike payment?

When they freeze the payment, get into the accounts, hold the funds for however long they want.

They seem to have their own rules and people get burned (like eBay now). No thank you.

 

out of state purchases are huge leaps of faith for buyer and seller. i would say more so for the buyer since invariably money is sent before the bike is picked up.
i can understand if a seller wouldnt want paypal.
wire transfer seems to be most secure for the seller.
nothing is foolproof for the buyer unless you agree to some escrow arrangement like with big car purchases.

 

I absolutely would NOT use PayPal. I sold some concert ticket. they were disputed 6 months later! If someone used a credit card and files a dispute with credit card company PayPal immediately debits your account and refunds the money and you have to fight the dispute. I successfully proved that I transferred the tickets legitimately through Ticketmaster to the same email as the PayPal email that paid me but it was a lot of documentation and phone calls and sitting on hold. Never again. Glad I had the proof I needed. They would rather screw you instead of fight with a credit card company. Never again.

 

This is exactly why I have 1 account I use for PayPal stuff. I transfer money in when purchasing something and within minutes of getting paid for anything I then transfer those funds to my regular checking account.

If anyone disputes something they will automatically put a hold on those funds.....if you have enough in your account. They do this while they review everything, that way if they determine you’re at fault the funds are there for them to return.

Also, I have had them also hold large transactions for a few days. Add this hold to your normal bank’s hold and it could take 7-10 days to clear into your account.



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Live and learn

 

The fz-07 in Charlotte?. FWIW, I drove to Panama City Fl from Gastonia NC and back the same day to get my R3 a few weeks ago. It wasn't bad.

 

Either way there are risks with sight unseen purchases on both ends. Wire transfer, PayPal, mailing check all have draw backs on both sides. Personally even if it’s a personal check, once the funds clear and are in your account then ship it/ paperwork, etc.

 

Dude, it's not that hard.

Do NOT do Friends and Family.

Clearly explain the bike isn't leaving your position until funds clear.

Once funds clear, you do two things:
1) Transfer the money out of your paypal acct and into an account not tied to paypal.

2) You mail the buyer a bill of sale and title.

Finally, you take video and pictures of the bike when the shipper is onsite. This verifies everything at the time of shipping. Email that video and pictures to both you and the buyer.

Done.

 

Sold a bike two weeks ago to a buyer in SLC Utah through the ADVrider website. We agreed to wire money to my bank. I simply went to the bank, called buyer, handed phone to banker, they did all the rest. Money was in my account in two hours time. His shipper arrived at my house an hour later, we loaded bike, I took a picture and sent it to the buyer. Mailed bike title next day priority mail. Haven’t heard from him since. The whole process went smoothly. The bike sold in 3 days time on ADVrider website.

I’ve been a member there for 15 years might have helped buyer believe he wasn’t about to be ripped off. I’ve been on there twice as long as him and I encouraged him to background check me if he felt the need. I stayed in constant communication with him through out the process. I’d never use PayPal for this type transaction.

 

I've done it a few times. Just sold a ZX10 to a guy in WI and he paid PP Friends and Family once he was comfy with the deal.

Just remember the cap is 9,999.00

 

I bought my SV track bike with PayPal friends and family, but it was an on site transaction. Sure there was some trust involved on both sides, but all went well and I got to fire up the bike and get the title and BOS signed right there on the spot. He got the money right away. I didn't want to carry $4000 in cash with me to meet someone I had never met before. It turns out he was really nice and the bike was as advertised and all the extras and spare parts were there for pickup as well. To buy a bike sight unseen I would at least have to have someone I trusted go check out the bike before purchasing it if I didn't personally know the seller.

The bank wire is probably the best way to go if you are the seller in a not on site transaction.

 

Ok so buyer sends the money via PayPal (not friends and family). The money “clears” and you transfer to your primary checking account (I only have one). Bike leaves via shipper. Then the buyers disputes the transaction...ie fraud claim

So the money isn’t sitting in your paypal account but what’s prevents PayPal from working with your bank to pull the money back?

Are you out the money and the bike?

 

Make an adventure out of it and drive there.

 

Shit I was contemplating buying a cheap track day bike via PayPal just to keep my wife from seeing it lol. I figured it would buy me some time to explain.

 

If your checking account is connected to the paypal account, they WILL go in and take it out of your checking account. They did it to mine when some scumbag did that with me. Ended up getting a whole new checking account number from that fiasco. Credit union guy told me that I should use a different checking account with a different bank/credit union for a paypal account since even if you have 2 accounts with the same place, they (the bank) will take the money out of the other one if its not enough in the 1st one.

 

^^^

That is exactly what i was afraid of thank you for the info.

 

Someone else had told me this too, but my brother sent me almost $30k through Paypal in a single transaction with no issue.

 

um I dont think this is accurate at all. I have multiple accounts at a local credit union and there is no way they can remove funds from 1 account into another even if they are held by the same person. I can associate the accounts but I dont. Worth the inconvenience for me to physically transfer the funds at a teller.