Section 175. About Accepting Payment for Your Vehicle

175. About Accepting Payment for Your Vehicle

BEFORE YOU BEGIN

147 About Accepting Payments

SEE ALSO

148 About Accepting Escrow Service Payments

149 About Problem Buyers

The hard work is over. You created your auction, you watched the bids come in, and you have a high bidder. Now all you need to do is collect the money.

Well, not quite. It's a little more complicated than that because selling an $8,000 car is a bit different from selling a $4.75 Yu-Gi-Oh card.

Many of the basics are the same, however, so for information about completing an eBay sale, go to 145 Track Your Auction .

However, some differences exist between completing a regular sale and collecting the money on eBay Motors, and completing a regular sale and collecting the money on eBay:

• You should collect the down payment as detailed in your terms When you created your listing, you most likely asked that a down payment (or a partial payment) be made within a certain amount of timefor example, 48 hours after the close of the auction. As soon as the auction ends, send an email to the high bidder, reminding him when the down payment is due and of how he can pay you. The quickest and easiest way is using PayPal. For details, go to www.paypal.com.

  In instances where the buyer is financing the car, he gets the loan money from a financial institution and then makes a payment to you. In instances where the buyer is using an escrow service, the escrow service serves as a go-between. See 148 About Accepting Escrow Service Payments for more details.

• You should have the title and other papers ready The buyer will require the title to the vehicle; depending on your state and the terms of the sale, the buyer might ask for other paperwork as well, such as a contract showing the selling price of the car (this information might be required so he can pay the proper amount of taxes on the car). Make sure that all your papers are in order and that the sales price was also printed on the title.

• Arrange for final payment After you have received the down payment, make arrangements for final payment. Again, this depends on the terms you've asked for. In some cases, the buyer might not want to make final payment until he has seen the condition of the vehicle. If the buyer is financing the sale, he might first get the money from his financial institution and then pay you; in some instances, the buyer might want the financial institution to pay you directly.

• Arrange for the vehicle to be picked up After payment, make arrangements for the vehicle to be picked up by the buyer. If you've agreed to ship the car, make it clear who is responsible for getting the shipping done, you or the buyer.