sinbad Posted August 24, 2007 Share Posted August 24, 2007 Ive agreed a price to sell the Zed, however he would like to pay for part payment via his credit card. Ive agreed that i would only release the car once payment has cleared. Obviously i aint a business, how can he pay for the car with his credit card? Can he do a balance transfer or something straight into my account? Link to comment Share on other sites More sharing options...
martinmac Posted August 24, 2007 Share Posted August 24, 2007 He could use a credit card cheque, some cards push these to get you to use them to pay tradesmen etc who couldnt normally accept a card. Card company trying to generate trade. As far as I know most cards will allow cash withdrawal up to half the limit so this tells you something. I in no way wish to comment on specifics, if I wanted a Zed I would be busking in town to get every penny to finance it so understandable. If its a cheque just treat it as such. Link to comment Share on other sites More sharing options...
Digsy Posted August 24, 2007 Share Posted August 24, 2007 Can't see any way other than a cheque. None of my credit cards allow me to "transfer" money as such. Just be careful, Chris. Link to comment Share on other sites More sharing options...
sinbad Posted August 24, 2007 Author Share Posted August 24, 2007 I know what your saying. The guy is coming from Maghull in Merseyside so not far from me. I'll probably get the remaining cash checked out at the bank too. He asked if i knew anyone who could accept a credit card payment or if i have paypal, but they charge 2.4% and thats alot of cash! Ive never heard of a credit card cheque before, if he cant get one of them, can he do a balance transfer? Link to comment Share on other sites More sharing options...
sinbad Posted August 24, 2007 Author Share Posted August 24, 2007 Can't see any way other than a cheque. None of my credit cards allow me to "transfer" money as such. Just be careful, Chris. Ok will do mate, i'll ring my bank tomorrow and see what can be done. I don't wanna get screwed! Link to comment Share on other sites More sharing options...
NWZ Posted August 24, 2007 Share Posted August 24, 2007 Paypal is defo your best bet - if your desperate to sell then take a hit on the 2.4%. Or even negotiate with him! If it was me I'd rather take a hit on a couple of hundred quid knowing the money is in my bank Link to comment Share on other sites More sharing options...
lomoto Posted August 25, 2007 Share Posted August 25, 2007 Dont accept Paypal whatever you do they can come back at you for money up to 3 months after the transaction tok place if they have been scammed with a credit card transaction or if your buyer complains about the quality of the item they bought Link to comment Share on other sites More sharing options...
Guest prescience Posted August 25, 2007 Share Posted August 25, 2007 Ive agreed a price to sell the Zed, however he would like to pay for part payment via his credit card. Ive agreed that i would only release the car once payment has cleared. Obviously i aint a business, how can he pay for the car with his credit card? Can he do a balance transfer or something straight into my account? I think the answer is straightforward. He needs to take his credit card into any bank and they will provide him with cash against any request provided he can validate who he is. They may charge (not your problem) or they may refuse (not your problem but indicative of an issue with validation or credit limit) Having got the cash - back to the bank and pay it in and when you get a receipt for it, off you go Link to comment Share on other sites More sharing options...
sinbad Posted August 25, 2007 Author Share Posted August 25, 2007 He's offered to pay the paypal fees if we use that route. I have asked him to withdraw the cash from his account. i dont know what else to do? After Tims advice i'm reluctant to accept paypal.... Link to comment Share on other sites More sharing options...
WoREoD Posted August 25, 2007 Share Posted August 25, 2007 I think you are right to avoid PayPal. As an internet retailer it seems that if anything goes wrong its the seller who suffers - they lose the goods and dont get the money. Link to comment Share on other sites More sharing options...
mugwump Posted August 25, 2007 Share Posted August 25, 2007 Could use an escrow service like http://www.escrow.com , there are many others too (Google is your friend). I have never used one myself so this is no sort of recommendation, just an option you might like to look into Link to comment Share on other sites More sharing options...
rmmackfc Posted August 25, 2007 Share Posted August 25, 2007 Ive agreed a price to sell the Zed, however he would like to pay for part payment via his credit card. Ive agreed that i would only release the car once payment has cleared. Obviously i aint a business, how can he pay for the car with his credit card? Can he do a balance transfer or something straight into my account? I think the answer is straightforward. He needs to take his credit card into any bank and they will provide him with cash against any request provided he can validate who he is. They may charge (not your problem) or they may refuse (not your problem but indicative of an issue with validation or credit limit) Having got the cash - back to the bank and pay it in and when you get a receipt for it, off you go Spot on, there is nothing stopping him withdrawing cash on his credit card... I'd be looking for a bankers draft though. Link to comment Share on other sites More sharing options...
sinbad Posted August 25, 2007 Author Share Posted August 25, 2007 Ive agreed a price to sell the Zed, however he would like to pay for part payment via his credit card. Ive agreed that i would only release the car once payment has cleared. Obviously i aint a business, how can he pay for the car with his credit card? Can he do a balance transfer or something straight into my account? I think the answer is straightforward. He needs to take his credit card into any bank and they will provide him with cash against any request provided he can validate who he is. They may charge (not your problem) or they may refuse (not your problem but indicative of an issue with validation or credit limit) Having got the cash - back to the bank and pay it in and when you get a receipt for it, off you go Spot on, there is nothing stopping him withdrawing cash on his credit card... I'd be looking for a bankers draft though. Even then, ive heard theirs tons of fake bankers drafts doing the rounds. Even some car companies wait until the draft fully clears in the bank before releasing the car. Link to comment Share on other sites More sharing options...
Guest prescience Posted August 25, 2007 Share Posted August 25, 2007 Ive agreed a price to sell the Zed, however he would like to pay for part payment via his credit card. Ive agreed that i would only release the car once payment has cleared. Obviously i aint a business, how can he pay for the car with his credit card? Can he do a balance transfer or something straight into my account? I think the answer is straightforward. He needs to take his credit card into any bank and they will provide him with cash against any request provided he can validate who he is. They may charge (not your problem) or they may refuse (not your problem but indicative of an issue with validation or credit limit) Having got the cash - back to the bank and pay it in and when you get a receipt for it, off you go Spot on, there is nothing stopping him withdrawing cash on his credit card... I'd be looking for a bankers draft though. Even then, ive heard theirs tons of fake bankers drafts doing the rounds. Even some car companies wait until the draft fully clears in the bank before releasing the car. Money in the account beats all Why are you (he) so time-constrained, and if you are being forced to be, walk away, this is a big commitment, so take your time, get your money and sleep easy Link to comment Share on other sites More sharing options...
Sarnie Posted August 25, 2007 Share Posted August 25, 2007 all my cc's allow me to transfer money directly to my bank account. Why can't he do that? Don't accept anything other than hard cash or funds cleared (and confirmed as cleared by the bank) via a cheque or bankers draft. Link to comment Share on other sites More sharing options...
sinbad Posted August 25, 2007 Author Share Posted August 25, 2007 Well could have been a scam, i'll never know: ""As I said earlier needed to purchase a Z this weekend as work away, CC Cheque would of taken 5 working days and there is a daily limit on cash withdrawals, which again would take a few days to get cash together. I have therefore sourced another Z which I can get this weekend from a Dealer.. Many Thanks for time and good luck with the sale"" Link to comment Share on other sites More sharing options...
sinbad Posted August 25, 2007 Author Share Posted August 25, 2007 Looks like its going on ebay, and autotrader.. Link to comment Share on other sites More sharing options...
Guest prescience Posted August 25, 2007 Share Posted August 25, 2007 Step back a minute, do you really think this guy closed a deal at the dealers for a Z in such a short time. No, of course not, this guy was a scammer and you're well rid, but beware, he might be back as an aside, provided you can prove who you are there is NO restriction on how much you can withdraw as cash on your credit card at a bank counter - that is why you have a credit limit, it's your limit of credit I have personally drawn out £10,000 on a credit card over a bank counter to cover a short-term (very short-term ) need. Those days are about 15 years behind me now Link to comment Share on other sites More sharing options...
Chesterfield Posted August 25, 2007 Share Posted August 25, 2007 Sounds like a scammer to me. Its bank holiday Sunday/Monday and to put that ammount on a credit card many banks will require a telephone call to confirm security details - not going to happen on a Sunday in my opinion. Beware of him returning with some **** and bull story about the dealer car falling through. Link to comment Share on other sites More sharing options...
sinbad Posted August 25, 2007 Author Share Posted August 25, 2007 The paypal thing did it for me, especially as he drove a hard bargain on the price of the car yet was easily willing to pay for the fees. And again at the fact that he was reluctant to get the cash from the bank. At the end of the day their was noooo way i was letting go of the car until the cash was in my bank. Link to comment Share on other sites More sharing options...
Guest prescience Posted August 25, 2007 Share Posted August 25, 2007 The paypal thing did it for me, especially as he drove a hard bargain on the price of the car yet was easily willing to pay for the fees. And again at the fact that he was reluctant to get the cash from the bank. At the end of the day their was noooo way i was letting go of the car until the cash was in my bank. i can appreciate that you feel somewhat like a sale has fallen through, but in reality you have averted a nasty brown-trouser moment in the future IMO Link to comment Share on other sites More sharing options...
sinbad Posted August 25, 2007 Author Share Posted August 25, 2007 The paypal thing did it for me, especially as he drove a hard bargain on the price of the car yet was easily willing to pay for the fees. And again at the fact that he was reluctant to get the cash from the bank. At the end of the day their was noooo way i was letting go of the car until the cash was in my bank. i can appreciate that you feel somewhat like a sale has fallen through, but in reality you have averted a nasty brown-trouser moment in the future IMO Thanks! I do feel like that alittle bit. I didnt get my hopes up too much though, i knew that my car wasn't sold until the money was in my bank. Anyway she got a treating to some V power and a full valet today. took me 3 hours! with the rubbish weather we've had she's not looked this good in a while Link to comment Share on other sites More sharing options...
Sarnie Posted August 25, 2007 Share Posted August 25, 2007 Report him to the police. Although no actual crime has taken place it will at least log a report on record, which may help some other poor soul/help the police nail him if they ever catch hold of him Link to comment Share on other sites More sharing options...
martinmac Posted August 26, 2007 Share Posted August 26, 2007 Very dfficult stuation bud but even I, the king of impulse buys would have had cash in place if needed. I think anyone who can afford your car would have been abe to raise some guaranteed cash if needed. The bank holiday weekend timing also botheres me. You still have the car, would hate to think how this thread could have gone. Link to comment Share on other sites More sharing options...
signwizard Posted August 26, 2007 Share Posted August 26, 2007 The paypal thing did it for me, especially as he drove a hard bargain on the price of the car yet was easily willing to pay for the fees. And again at the fact that he was reluctant to get the cash from the bank. At the end of the day their was noooo way i was letting go of the car until the cash was in my bank. i can appreciate that you feel somewhat like a sale has fallen through, but in reality you have averted a nasty brown-trouser moment in the future IMO Thanks! I do feel like that alittle bit. I didnt get my hopes up too much though, i knew that my car wasn't sold until the money was in my bank. Anyway she got a treating to some V power and a full valet today. took me 3 hours! with the rubbish weather we've had she's not looked this good in a while Just as a PS.... Even if you use cleared funds for a transaction ie cheque/bank draft and wait for clearance, if it was a fraudulant transaction ie stolen cheque/draft you may still lose your money...the bank wont lose theirs! As for a bank TT (transfer) you should wait at least 24hrs after you receive your cleared payment as it can be recalled within this period and there is nothing you can do!! This was a new one on us - we had received payment into our business account and were about to ship the goods when I noticed a bank recall transferring the money back out of our account about 3 hours later...advice from the bank is wait 24hrs at least as the recall request needs to be presented within this time. PayPal - forget the 90 days, if the payee disputes the transaction through their card company you will lose, PayPal will not defend the claim on your behalf. Its a minefield - if you're not 100% happy with the transaction walk away, always better to lose the sale than lose the goods and the money. /Paul Link to comment Share on other sites More sharing options...
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