Do people use Venmo to buy used cars?

[Anonymous]

Say I want to buy a car for $8000 from an individual. What method of payment is advised? Cash, check, cashiers check, Venmo? Other? Thanks for the info.

[Anonymous]

I sold an old car for $2K last year and the buyer paid me via PayPal.

Venmo has no seller or buyer protection. A big Venmo scam is for someone to initiate the Venmo transaction, but then cancel it before the money officially settles in your account.

Further, PayPal specifically excludes motorized vehicles from buyer or seller protection.

In hindsight, I should've just done a cash transaction or a cashiers check from a bank.

[Anonymous]

For $8k get a cashiers check. Anything less than $3k get cash. No venmo, cashapp, pay pal etc. Not worth it.

[Anonymous]

Anonymous wrote:For $8k get a cashiers check. Anything less than $3k get cash. No venmo, cashapp, pay pal etc. Not worth it.

Agree with this

[Anonymous]

Last I checked, Venmo had a $2000 per day limit.

[Anonymous]

Cashier’s checks are vulnerable.

I wire amounts like that. It is very easy.

[Anonymous]

Anonymous wrote:Cashier’s checks are vulnerable.

I wire amounts like that. It is very easy.

PP here: forgot to note how to do it. I call my banker and tell them who I want to wire the $$$ to, their info and bank account #s. I always can wire it same day. Last year I bought a horse by wire transfer from a foreign country.

[Anonymous]

Anonymous wrote:Cashier’s checks are vulnerable.

I wire amounts like that. It is very easy.

You go into the bank with the buyer and watch them get the cashiers check. This way you know it is legitimate.

[Anonymous]

Anonymous wrote:Last I checked, Venmo had a $2000 per day limit.

Yes, this is true. I sold my old car to my brother and we had to do it in chunks. It might have been 4k though... I can't remember. But we couldn't do the whole transaction in one day.

[Anonymous]

Be cautious utilizing Venmo.

Starting next month/year, anything over $600 will require a 1099 and will be subject to tax.