Selling a Car to USA buyer
Discussion
I have a buyer from the USA interested in buying a Land Rover from me. I am aware of some of the scams, but he would want to pay by Paypal, and would cover my fees to receive the money as he says it's still cheaper for him than using a wire transfer.
I can see a problem with Paypal's receiving limits and monthly payout limits, but apart from that, what snags might there be? The buyer appears to have an established business over there, but is on holiday in the UK at present. I'll meet him, and he's not expecting to drive it away immediately.
What snags may I have missed, and are there better ways of his paying me - transfer agents, western union, whatever? I don't know how a US citizen would set about picking up a few £k in cash in the UK.
What experience do others have of such an arrangement and payment methods?
I'm fine with the rest of the paperwork side of it.
I can see a problem with Paypal's receiving limits and monthly payout limits, but apart from that, what snags might there be? The buyer appears to have an established business over there, but is on holiday in the UK at present. I'll meet him, and he's not expecting to drive it away immediately.
What snags may I have missed, and are there better ways of his paying me - transfer agents, western union, whatever? I don't know how a US citizen would set about picking up a few £k in cash in the UK.
What experience do others have of such an arrangement and payment methods?
I'm fine with the rest of the paperwork side of it.
Thanks to all for the replies. The potential buyer looks to be as good as you could hope to find: a gentle google comes up well. I am not too worried about a "not as described" chargeback - Paypal's terms are clear enough on that for vehicles - and I think that fraudulent account use is also unlikely, given the fairly relaxed timescales in this case.
My biggest concern is therefore Paypal's strangely impenetrable process for increasing account receiving and withdrawing limits: I'm getting nowhere with it at the moment. I gather others feel the same, and I don't fancy spending the next few years either buying 2p headphones off ebay to get through the balance, or fighting Paypal.
It's difficult to compare costs of transferring the funds - though the buyer would pay, regardless. As well as the headline percentage, there's the question of what exchange rate is on offer to the buyer. I believe some international transfer companies - Transferwise, Currency Direct, HiFX, Travelex, and others - offer decent rates and are FCA authorised. Anyone used one of them? Especially to receive money? I'd be quite happy with SWIFT.
The Landy itself is not a worry: it's within a few months of being old enough to be imported to the USA, and, as unsprung says, there'll always be another buyer.
Thanks for the advice: I'll make sure I don't accept an extra £2000 to pay the shipper via Western Union. As for who sets the terms: many years ago I was involved in some tense negotiations over a big technology licensing contract, when the man from across the pond threw down his draft contract saying "Buyer sets the terms, seller sets the price - but you lot want to set both". And we did, too.
My biggest concern is therefore Paypal's strangely impenetrable process for increasing account receiving and withdrawing limits: I'm getting nowhere with it at the moment. I gather others feel the same, and I don't fancy spending the next few years either buying 2p headphones off ebay to get through the balance, or fighting Paypal.
It's difficult to compare costs of transferring the funds - though the buyer would pay, regardless. As well as the headline percentage, there's the question of what exchange rate is on offer to the buyer. I believe some international transfer companies - Transferwise, Currency Direct, HiFX, Travelex, and others - offer decent rates and are FCA authorised. Anyone used one of them? Especially to receive money? I'd be quite happy with SWIFT.
The Landy itself is not a worry: it's within a few months of being old enough to be imported to the USA, and, as unsprung says, there'll always be another buyer.
Thanks for the advice: I'll make sure I don't accept an extra £2000 to pay the shipper via Western Union. As for who sets the terms: many years ago I was involved in some tense negotiations over a big technology licensing contract, when the man from across the pond threw down his draft contract saying "Buyer sets the terms, seller sets the price - but you lot want to set both". And we did, too.
An update, from the OP.
"Buyer" viewed the car, we agreed a price, I said "Not Paypal", he appeared to try to set up an online payment via his phone. Said he'd call round the next day, and did. Said he was going to arrange a series of transfers to my local Western Union agent, and drove off to collect the first tranche of cash. Phoned an hour later to say he'd found WU doesn't work like that. Said he'd try another method. Emailed today to say the deal was off.
At least I've still got the car, and haven't paid the shipper in used notes behind the pipes, third cubicle along.
Why sell abroad? Because, despite the hype ("they've stopped making them, so prices will rocket") 25 year old Land Rovers still seem to be more attractive to USA buyers than British.
Caveat auctor.
"Buyer" viewed the car, we agreed a price, I said "Not Paypal", he appeared to try to set up an online payment via his phone. Said he'd call round the next day, and did. Said he was going to arrange a series of transfers to my local Western Union agent, and drove off to collect the first tranche of cash. Phoned an hour later to say he'd found WU doesn't work like that. Said he'd try another method. Emailed today to say the deal was off.
At least I've still got the car, and haven't paid the shipper in used notes behind the pipes, third cubicle along.
Why sell abroad? Because, despite the hype ("they've stopped making them, so prices will rocket") 25 year old Land Rovers still seem to be more attractive to USA buyers than British.
Caveat auctor.
I think most Western Union scams involve being asked to send money, rather than toddling along to Asda to collect wodges of cash, but the very name usually seems to produce a Pavlovian response.
I don't think he'll be back to steal it - he didn't quietly take an impression of the garage key with a bar of soap - but if he does, it's insured. Besides, he would have seen all he needed to on the first visit, and could have sized up a load more in the time he spent faffing around here.
None of this whole episode stands up to logical analysis. Nowt so queer as folk.
I don't think he'll be back to steal it - he didn't quietly take an impression of the garage key with a bar of soap - but if he does, it's insured. Besides, he would have seen all he needed to on the first visit, and could have sized up a load more in the time he spent faffing around here.
None of this whole episode stands up to logical analysis. Nowt so queer as folk.
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