Buying a car as paypal gift

Buying a car as paypal gift

Author
Discussion

stargazer30

Original Poster:

1,591 posts

166 months

Monday 24th November 2014
quotequote all
So I want to sell my more expensive car, buy a cheaper one and pay off some debt. Dealers all want to give me nothing and overprice there cars. So I am looking at WBAC and a private buy for the new motor of 4K.

Problem is I want to buy the new car first on my credit card, give me time to xfer off my private plate, put my car back to standard before it gets WBAC'd.

Only way I figure to do it is using paypal, so the question, if you were selling a car and the buyer (me) told you this offered to pay the full amount by paypal gift payment, at your house, wait for you to see the cash in your paypal account before driving off. Would you;
a) be okay with that
b) tell me to go do one
c) something else

Also does paypal allow gift payments linked to credit cards for this kind of money?

PH Disclaimer - I'm not a powerful company director, I will not throw red bull at you if you go option B, my lawns a mess and I have no frozen sausages. Oh and if Renault, you're reading, **** you too, your cars are junk.


TooLateForAName

4,746 posts

184 months

Monday 24th November 2014
quotequote all
I'd be very dubious.

Put the plate on retention, sort and sell the old car, buy new one.

BugLebowski

1,033 posts

116 months

Monday 24th November 2014
quotequote all
To be honest, If I was selling a car and got an email/text from someone mentioning payment by Paypal, I wouldn't even bother replying. So many scams going around that you automatically assume the worst.

backwoodsman

2,467 posts

129 months

Monday 24th November 2014
quotequote all
Normally, if paying as gift from paypal funds, I would think about it.

But knowing you are making that gift payment, backed by a credit card, no way.

Even a gift payment can be recalled, if paid from a stolen card.

buzzer

3,543 posts

240 months

Monday 24th November 2014
quotequote all
BugLebowski said:
To be honest, If I was selling a car and got an email/text from someone mentioning payment by Paypal, I wouldn't even bother replying. So many scams going around that you automatically assume the worst.
me too



stargazer30

Original Poster:

1,591 posts

166 months

Monday 24th November 2014
quotequote all
backwoodsman said:
Normally, if paying as gift from paypal funds, I would think about it.

But knowing you are making that gift payment, backed by a credit card, no way.

Even a gift payment can be recalled, if paid from a stolen card.
Hmm I didn't know that :-(

I can for sure get my car ready to sell, WBAC it and have cash for the new car. The problem with that though is no car for work unless I can find a good one relatively quickly. I dont want to rush a private buy ideally.

Sump

5,484 posts

167 months

Monday 24th November 2014
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If paypal ever got involved in a car purchase regardless of scam or not I'd walk.

soad

32,890 posts

176 months

Monday 24th November 2014
quotequote all
Who in their right mind would take PayPal as a form of payment when selling a car?

If the seller does accept it, then snatch his hand off!

ADEuk

1,911 posts

236 months

Monday 24th November 2014
quotequote all
If you want to downsize to pay off debt, putting the new car on a credit card before selling the old one seems a bit arse about face...

stargazer30

Original Poster:

1,591 posts

166 months

Monday 24th November 2014
quotequote all
ADEuk said:
If you want to downsize to pay off debt, putting the new car on a credit card before selling the old one seems a bit arse about face...
Not really. CC is interest free. New car is worth less then half old one. So the CC is just a temporary cash buffer in this case.

AGK

1,601 posts

155 months

Monday 24th November 2014
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FWIW I sent off to put a plate on retention last Monday and the docs were back through Friday morning.

luckystrike

536 posts

181 months

Monday 24th November 2014
quotequote all
If dealers are offering silly money why then sell to WBAC? If it's all about saving money then surely you'd want to sell privately?

WBAC seem to offer the insulting prices of dealers with none of the potential advantages, i.e. being able to drive another car away instantly.

SuperVM

1,098 posts

161 months

Monday 24th November 2014
quotequote all
stargazer30 said:
Not really. CC is interest free. New car is worth less then half old one. So the CC is just a temporary cash buffer in this case.
Can you do an interest free transfer from the credit card into a current account? Some credit cards, e.g. MBNA from memory, allow this.

stargazer30

Original Poster:

1,591 posts

166 months

Monday 24th November 2014
quotequote all
luckystrike said:
If dealers are offering silly money why then sell to WBAC? If it's all about saving money then surely you'd want to sell privately?

WBAC seem to offer the insulting prices of dealers with none of the potential advantages, i.e. being able to drive another car away instantly.
Last 3 cars I've sold, WBAC came in £500 to £1000 more than best dealer trade in. Dealers really do take the p**s up here. This time round WBAC are £800 more than the dealer.

Private sale is an option, with WBAC as the backup plan. I live in the north east and its a low milage, immaculate Type R so I will prob just get idiots/test pilots though.

luckystrike

536 posts

181 months

Monday 24th November 2014
quotequote all
stargazer30 said:
Last 3 cars I've sold, WBAC came in £500 to £1000 more than best dealer trade in. Dealers really do take the p**s up here. This time round WBAC are £800 more than the dealer.

Private sale is an option, with WBAC as the backup plan. I live in the north east and its a low milage, immaculate Type R so I will prob just get idiots/test pilots though.
I'm surprised, but of course happy for you! If it's more than a trade in I'd say it's a price worth considering to avoid mouthbreathers so fair shout.

McSam

6,753 posts

175 months

Monday 24th November 2014
quotequote all
I've been doing transactions with PayPal as a buyer and a seller for many years, both through eBay and outside it.

I would categorically never accept a gift transaction in payment for a car, whatever the source, but even more strongly so if it was backed by credit card. Absolutely no chance.

gizlaroc

17,251 posts

224 months

Monday 24th November 2014
quotequote all
McSam said:
I've been doing transactions with PayPal as a buyer and a seller for many years, both through eBay and outside it.

I would categorically never accept a gift transaction in payment for a car, whatever the source, but even more strongly so if it was backed by credit card. Absolutely no chance.
Why would you accept regular paypal but not as a gift?

The buyer has zero come back when sending money as a gift.




The only risk you have is if the card was stolen I guess, but you would ask to see photo ID and be filling in their details for the V5 anyway.

That makes no sense?

McSam

6,753 posts

175 months

Monday 24th November 2014
quotequote all
My apologies, saying "gift transaction" was a bit of a misnomer, I wouldn't accept any form of PayPal payment.

I would have more reservations about taking a gift payment as this is explicitly described as not being in exchange for goods or services, and so you have absolutely no defence if the payment is reversed.

Not that you have much to say against PayPal anyway, hence the above!

M4cruiser

3,624 posts

150 months

Monday 24th November 2014
quotequote all
So, reading all the above, that'll be a "no" then.

I concur.

If I'm selling, and the buyer starts to slide away from any direct method of payment (e.g. cash) then I give up listening.


ging84

8,892 posts

146 months

Monday 24th November 2014
quotequote all
I would kick you straight out my house