Cash availability?

[Indyraz]

Hi all, I'm traveling to another state to buy a car and do not wish to carry a lot of cash, if I put $10,000 in my account and when I make the purchase transfer this to the sellers paypal account when is the money available to him?  Instantly or is there some sort of clearing time for the transaction.  AND do I have to add that $$$ to my Paypal account in advance or can I have my linked bank account transfer the same cash instantly?  Again the key here is the wait period as a seller in another state does not want to wait for his money. Thanks and happy holidays.

[Whac-A-Mole]

first ,buying car and paying with Paypal is not a good idea,seller has no protection as he cant prove with tracking showing he has delivered the car to you.

second if you use PAYPAL/bank fund,you could have trigger bank security and they could block withdrawal until you agree.

if you transfer 10k in advance and then in afew days pay the seller,seller may not have used of the fund instantly,that could be a problem on his end like he is a new seller or he is selling an item outside his price range,besides PAYPAL may want him to upload tracking.

You can either bring a cashier check made out in his name,or if you bank with a big national bank,agree to meet in that bank parking lot and then both go inside the bank and transact.

[Whac-A-Mole]

there are also silly ways to do this,like buy 10k worth of postal orders,then the two of you go to a post office and you cash them with proper ID and hand the cash to him,but yu may have to go to several post offices and the postal security guards may ask the two of you to step inside and answer a few questions??

I would ask him where he banks and if there is a branch of your bank in his area.

[DPCreations]

@Indyraz

This is an extremely risky transaction.  I would advise the seller to totally reject any payment except cash.  Risks would be different for buyer, but still high risk of problem; suppose the seller refuses to transfer title after you make the payment?  Suppose the seller has a lien on the vehicle yet.  What recourse will you have when the vehicle fails prematurely?

[Whac-A-Mole]

well,I would assume buyer has researched into title and lien before he makes the purchase,and possibly ask a local mechanic to examine the car before he travels there with his $dough$

PAYPAL is not for motor transaction,if everything goes right and then there is technical glitch like you cannot send money now,and buyer has no other way of paying the seller?his 10k is locked up with Paypal and he cant do much as he is stranded in another city?

[Whac-A-Mole]

@DPCreations

he is the buyer,we dont know who is the seller,who would accept Paypal for a car,how is he going to upload tracking to prove he has delivered the item to buyer address and signature confirmation too?  

[Whac-A-Mole]

if he loves Paypal so much and transfer 10k to his Paypal account,he could try going to an ATM and withdraw cash,but there is a daily ATM limit of 400 and daily spending of 3000. 

I  would say either a bank cashier check or even personal check if both bank with the same bank. 

[Indyraz]

Thanks for the ideas all, my idea was to use Paypal as a bank account ONLY to transfer the funds to his account IF I want to buy the car. No Paypal involvement in the sale, just holding the money !  Again this is out of state so personal checks won't work, nor will a cashiers check as once I put his name on it the check it has to go to him, if I tear it up I'm out $10k and of course being made out to him I can't put it back into my account if I don't buy the car.  CASH IS the best way of course but who wants to carry more than $10G's with them on a flight to another state, people sitting close to you, having to rent a car at night, gettting lost in a strange town with $10 grand on you? Most people won't want to do this...so. I'll figure out something, Thanks for the ideas.

[DPCreations]

@Whac-A-Mole

I know the poster is the buyer; my point was to show some overall risk the the process that the seller, if properly advised, could, suddenly abort the deal if  the seller started acting rationally.

The entire process is likely to be a big loss for one of the parties.

[sharpiemarker]

Buyer should know that PayPal Purchase Protection does not cover vehicles. The best way is to Google to make sure there are local branches of your bank in the state you are traveling to and keep the cash in the bank.  When you get there, take the car out for a spin, hopefully to a mechanic for a check up.  If everything is satisfactory, drive you and the seller to the nearest local branch of your bank and withdrawl the money for the title.  Write out a receipt that both you sign.  Paperwork is key.  You may request from the seller a warranty of some sort in writing, but other than the warranty, in small claims court, the car is an "as is" purchase.

The money will most certainly be held by PayPal so no way it's gonna be instant.