O/T car sale and PayPal payment

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nic.day
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O/T car sale and PayPal payment

I have agreed to sell my BMW X3 and the buyer has asked if he can pay using PayPal?

I have no idea if this is good or bad??? My wife has a PayPal account that she uses with ebay. 

So is it safe? is it easy to move the money from PayPal to our normal accounts? is there any charges for this??

Thanks

7_Malc
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For small purchases, not usually a problem, but for a car? I would insist on a BACS transfer or Cashiers Cheque personally.

 

1800 K-series, Roadsport 140

https://www.youtube.com/channel/UCLyMVPqGXnNasgXYVeZYhkQ/

simon_h
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Seeing that, as I understand it, a PayPal transaction can be reversed by the person paying I'd say absolutely not unless they pay friend and family as I think that is not reversible. Paying a couple of hundred as a deposit is one thing but a bank transfer to you is the only way forward I would say. 

David_Long
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Agreed, one scam is to make the PayPal payment and then default on the bank clearing process that is funding it. Paypal then debit your account to recover the money (which you can't withdraw until it cleared). The fees are a bit high any anyway - bank transfer is the way to go.

JP
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Agree.  I cannot see any reason why a bank transfer or cash could not be used.  Definitely avoid PP for the reasons above.

Ed White
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Bank transfers are also reversible, or certainly used to be. I sold a 7 like that, and my bank manager at the time dropped that into the conversation. Car was going abroad, so maybe that affected the transfer? Chap ended up putting car on his trailer, and leaving the lot for a week while the payment cleared, and then came and collected.