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07-18-2012, 11:27 AM
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Join Date: Nov 2007
Location: NJ
Posts: 1,747
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PayPal gives the buyer some protection if the deal falls through. Why would you expect the buyer to be totally vulnerable by having his money wired to you? YOU could be the scammer. I think PayPal is the fairest way for both parties. And we are only talking the deposit here. When the FINAL transaction takes place, then a wire makes more sense.
__________________
My ATC opinion is NOT an official FAA recognized opinion, so any advice you get from me is ONLY my opinion.
Track my RV7A!!
Bought my flying -7A
Building an -8! (Fuse)
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07-18-2012, 11:32 AM
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Join Date: May 2009
Location: Houston, TX
Posts: 531
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Quote:
Originally Posted by tkatc
PayPal gives the buyer some protection if the deal falls through. Why would you expect the buyer to be totally vulnerable by having his money wired to you? YOU could be the scammer. I think PayPal is the fairest way for both parties. And we are only talking the deposit here. When the FINAL transaction takes place, then a wire makes more sense.
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Yeah, I'd be willing to take the 10% by paypal -- but not the 90%. Be willing to lose any money you take via paypal. (And even have your item in a normal sale destroyed by paypal's instruction if the buyer utters the word "counterfeit".)
I'd make sure the buyer understood the terms of the 90% payment prior to taking the 10% though.
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-Rick Greer, VAF #2492
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07-18-2012, 11:41 AM
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Join Date: Jun 2005
Posts: 3,275
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I would not use Paypal any more that I would access F*ceb**k. The plane is sold to the first person with cash/certified and verifiable check in hand.
Maybe a non-refundable $1000 via a secure method holds it for a week or so.
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07-18-2012, 11:59 AM
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Join Date: Mar 2009
Location: Rochester NY
Posts: 669
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Wire transfers are best. You may not have immediate funds from PayPal - you will with a wire.
I've seen "certified" and "bank" checks bounce - beware.
Dan
__________________
RV7A (N7101) - Flying 10/2008
CFI- SE/ME/Inst
A&P
KC2ZEL
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07-18-2012, 12:17 PM
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Join Date: Feb 2007
Location: syracuse ny/venice fl
Posts: 623
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wire transfer. costs around $30. i have had cert bank check bouce. the person went to a bank and had a bank check made out to my company, took it to kinkos, made a perfect copy, cut it to size and sent it to me. so far not really illegal. here's where it got me. he went back to the bank and for $4 he had the check voided. so when mine went to that bank it was rejected etc etc. he was arrested etc. so wire transfer has never bit me yet. a bank check or any check doesn't have to be on federal paper. any paper stock can be used. paul harvey wonce had a guy write a check on toilet paper and sent it to the IRS, because it had all the required bank info and numbers on it, it was legal. paul harvey, good day
oh yeah. the irs deposited the check.
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07-18-2012, 12:24 PM
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Join Date: Jan 2006
Location: Port Orange, Fl
Posts: 476
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How about going through an escrow service. I went through one when I purchased a 172. The info was given to me by the AOPA. They hold the monies, ensure any liens are taken care of and then transfer the money directly to your account. It's a bit of a hassle, but it gave me piece of mind. Just an option.
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07-18-2012, 12:50 PM
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Join Date: Aug 2011
Location: Austin TX
Posts: 347
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Plenty of scams out there even involving paypal.
If you must use paypal (wire transfer MUCH better), once the money is in your paypal account, request the funds be transferred to your CC or bank account. Once transferred and verified remove the CC or bank validation from your Paypal account. this way if there is a dispute they cannot "grab" funds to hold until dispute resolution.
if everything works out you can re-establish your account.
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07-18-2012, 12:52 PM
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Join Date: Aug 2005
Location: Los Angeles, CA
Posts: 464
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Don't use PayPal for large transactions!
Due to my fairly recent experience with PayPal and large transactions, from now on I will deal with wire transfer, escrow, or other means.
Specially if you do not regularly use your account or receive $1,000+ payments you will most likely have to provide information/proof that you own, and have in your possession the item(s). It can take 45 days or longer for them to release your money (in my case, it was almost 60 days). During this time, you are expected to deliver the item. They can, at any time during this process to return the money to the buyer and leave you SOL.
Besides their fees are high.
They are not a bank/financial institution so they don't have to follow any of the laws and can essentially do what they feel like.
buyer protection with little or no seller protection. A claim can be filed, and the money returned to the buyer, leaving you with no item, and no money for that item. Leaving you with the burden of proof that you are the party that's right. Hard to do without having the item (since you already shipped it to the buyer).
From a buyer standpoint, you are covered as long as you start the claim process within the allotted time.
Having said that, all but one worked out fine for me, it was the process that was a headache. The transactions I was involved in (both buying and selling) were all U.S. based. On the one that didn't work out, I lost nearly enough $$$ to buy the finish kit for my 7.
Good luck.
__________________
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Xavier
RV-7 build in progress
www.theaviatorx.com
" Genius is persistence in disguise"
Last edited by xavierm : 07-18-2012 at 02:11 PM.
Reason: clarified statement
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07-18-2012, 01:57 PM
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Join Date: Nov 2007
Location: Yarmouth, Nova Scotia
Posts: 2,408
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Thanks everyone, just what I was looking for.
Ron
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07-18-2012, 06:15 PM
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Join Date: Oct 2009
Location: Fort Myers
Posts: 370
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Just an fyi...i put a motorcycle on Craigslist recently. Within a week i got 8 different emails and one call all giving a variation of the same scenario, ie; i'm either a long distance buyer or buying for someone else, give me some info on the bike and your paypal address and we'll finish transaction. All are scams. From my understanding, what occurs is after giving them your email, you then get a fake email from paypal saying there is a large payment to you that is pending your verification. It includes a fake link, once you hit it and sign in, they've got your paypal ID. Be VERY careful with this.
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