Payment dilemma & concern from a rookie

[paw_and_bark]

Hello community, I am bidding on a classic Car, I'm excited and unsettled. The seller has this listed on their page:

"There is a $500 deposit required immediately at bids closing and the remaining balance is to be paid with cash or bankcheck (cashiers check)."

My questions:

1. Is this shady, or unusual ?

2. Why not accept PayPal ? (the amount is over 10K fyi)

3. This is a 1970 year Car, so is it NOT covered by "Purchase Protection Program" ? or, is it covered by another safeguard from Ebay ? 

[atikovi]

1. Nothing shady, or unusual.

2. The fees alone for the seller would be over $300.

3. No purchase protection for cars over 10 years old except for the title.

[lacemaker3]

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@paw_and_bark wrote:

Hello community, I am bidding on a classic Car, I'm excited and unsettled. The seller has this listed on their page:

"There is a $500 deposit required immediately at bids closing and the remaining balance is to be paid with cash or bankcheck (cashiers check)."

My questions:

...

2. Why not accept PayPal ? (the amount is over 10K fyi)

...

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Good answer already, I just wanted to expand a bit on this one:

• The maximum amount that can be sent through PayPal is $10k
  
  
• vehicle purchases do not qualify for PayPal purchase protection, nor does any purchase where the payment is made in two transactions (i.e. deposit plus balance)

What’s not covered with PayPal Purchase Protection

• ...
• Motorized vehicles
• ...

[legitimate_bidder]

Like Mr. Kovi says....

$500 deposit is the norm. Know what you're getting into though, as deposits are non-refundable.

No one in their right mind would take PayPal for a large sum of money. Too expensive, and too much risk of fraud (e.g. someone funding the payment with a credit card and then doing a chargeback)

No purchase protection. Even on a <10 year-old, if you read the fine print, there really isn't much in the way of purchase protection, as it is reliant upon you having the vehicle inspected first, and there are tons of exclusions, and huge deductibles.

Make sure you know what you're getting, by either inspecting it (and it's title!) first...or having a trusted third-party do so....or there is a very high likelihood that the car will not be what you are expecting.....  But other than that, everything sounds very typical so far.

[mr.elmwood]

You are bidding blind? Balls to the walls!

With no inspection, you have no recourse. 48 year old vehicle pretty much precludes any implied warranty.

Is this being sold by a title jumper, or, the legal, registered, title in my name, my wife approved this, owner?

[legitimate_bidder]

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@mr.elmwood wrote:

Is this being sold by a title jumper, or, the legal, registered, title in my name, my wife approved this, owner?

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Yes.

😉