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I am a PP novice who is hoping to sell my personal automobile. Can the buyer and I transact this sale using PP or is the dollar amount too high for PP? Like I said this is a personal auto. I do not sell cars for a living nor is this a sale for a business. Also, if this is acceptable then will PP report this sale to the IRS as income? I have never sold a car online before and I am just exploring my options to see if this is the best way to proceed safely. The buyer is from out-of-state who has a personal PP account as do I. Lastly, if the buyer were to send me funds for the purchase of the vehicle, how long would it take before I receive a notice from PP that these funds are available to me?...1 hour?, 1day?,...1 week? Thanks for all replies.
Sell local for "CASH". Best solution and easiest.
As the seller, you have "no" seller protection as normally vehicles have to either picked up or delivered in person. As a buyer, there no purchase protection because vehicles are ineligible. This is clearly explained in the User Agreement.
Do not get caught up with an out of state person who:
* wants to use PayPal
* is asking for your email address
* is offering you more money than you're asking
* is also offering to have a 3rd party service pick up the vehicle
* wants to use the send money feature for "friends and family" so you have to pay any PayPal fees
- it's a scam.
The buyer intends on flying in to view the vehicle in person and inspecting it to their satisfaction. I am asking the forum if the buyer agrees to purchase the vehicle, could he use PP to pay me using his PP account? I was thinking along the lines of the buyer transmitting funds using PP on short order after the inspection. If his transferred funds can be processed by PP in a reasonable period of time then I would transfer these funds to my PP bank account at which time I would then sign the vehicle Title and transfer title over to the buyer (A two hour delay for PP to electronically process this transaction would be an unacceptable amount of time to wait). The buyer gets the vehicle and I get paid. Seems like a no brainer. I'm asking the forum whether 1) PP will permit a tranaction this large?, and 2) about how much time would PP need to process this transaction electronically and message me indicating funds are available for transfer? I believe the scenario described protects both me and the buyer financially and legally. Have others here used PP previously to do the same? Is this type of transaction permitted by PP? As I indicated earlier, this transaction is strickly a private sale. Thanks again for all relies.
If the price is over $10,000, then you would have to do at least 2 separate transactions because there's a cap of $10,000 per transaction. It's your choice to move forward with the sale however, there's no financial protection provided by PayPal. If the buyer is good and you're comfortable with the deal, then go for it. Note, it makes no difference that this is a private deal if you're concerned about getting a 1099 - there are specific requirements for a 1099, if you meet those requirements, you'll get a 1099. (Personally, don't think that will be problem.)
GG can you be more specific when you say that PP offers no financial protection? Aren't the funds paid to PP as good as gold? Isn't the dollar amount in a PP account good as gold as well? Aren't the funds that PP has on hand a tangible assest reserve for PP members? If this is not true then it seems like this service can be easily and widely abused. On another note, the car I am hoping to sell is close to 6 figures. If what you are saying is true then it seems as if pursuing this further will not achieve my objective. Seems like what you're saying is PP is for small tranactions only. I might have to try another approach. Maybe I'll just speak to my banker. There's more than one way to skin a cat. Thanks for you ideas.
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