Buying used on TB and making payments?

[Selta]

I've been on both ends - making payments, and having payments be made to me. In each case, there was a non-refundable deposit. If I didn't finish paying, or they didn't fishing paying me, that deposit was the seller's to keep. In each case, it was always two payments (deposit + paying the rest), and generally just a couple of weeks apart (i.e. the buyer's next pay). It's worked out just fine in every case for me.

 

[kbakerde]

Use PayPal credit. 0% for 6 months for over $100

 

[Altitude]

Nope....



Which could not only lead to a suspended PayPal account, but the possibility of negative feedback on TB.

Come on now. I think you know I was talking about risk of payment default in a credit situation.

Also, your point may or may not be correct depending on the timing. In any number of scenarios, the money the lay-away guy leaves on the table when he walks away from the sale will offset, or exceed, the value of the money lost by delaying the sale to a new buyer. If the seller is never able to find another buyer, or not for a really long time, you would be correct, timing dependent on the rate you use for the hurdle.

 

[gln1955]

That's up to the buyer to make that decision. I'm commenting on the idea that the seller needs to take a risk in the op's scenari.

Agreed. The problem is that simple Paypal is not an escrow, which is what is needed in this situation. My understanding is that Paypal can be used with a service like Escrow.com to keep both parties safe. I don't know much about how this works, so maybe someone else can fill in the details.

 

[guy n. cognito]

Come on now. I think you know I was talking about risk of payment default in a credit situation.

You said "zero risk of loss." Other than loss of deposited funds, loss of time, loss of access to PayPal and loss of seller's reputation, you're right!!!!

 

[g4string]

But then a buyer should never, ever make a purchase that way. He has no protection against the seller walking away with the down payment.

Well....that's when you have to rely on the (seller) members feedback rating and length of membership as some sort of gauge to their honesty in completing the deal in good faith. Otherwise, what's to stop the buyer from promising a "non-refundable" deposit, then backing out, only to file an item not received claim with PayPal. All of this after the seller held the item in good faith, and prob passed up other potential buyers.

 

[maverick49]

So I will chime in here since the seller in question is me. This thread is interesting as it is very relevant to what the classifieds are about and the trust we may/may not have for other TBers (even 0 feedback ones).

The OP has been great communicating and I am sure we'll work something out.

So my personal policy in trading is this (this may change if I feel like it though )
1. If we have traded before, I am flexible in price and holding an item for a short period of time. Perhaps even with an earnest/good faith deposit that frankly I don't mind refunding.
2. If you are a new TBer with zero feedback, I treat the transaction just like I would through EBay or Reverb. I am happy to transact with newbies - where else will they start getting feedback?
3. I treat all transactions just like how I want to be treated - fairly, quickly, good communication. If I screw up, I take care of it pronto.

In reference to which category I fall into (and I know no offense was intended), I am none of them. I am a player first and a bass hobbyist second. I guess maybe a flipper but not in it at all for financial profit. I just love trying out new stuff (and even buying/selling the same thing several times) and the others on TB that trade a lot know that most of the time you break even or lose a little. This is the luxury of being old, having a nice steady income, and having a wife that supports the addiction as long as it doesn't get out of hand. I thank my lucky stars every day for this situation.

Cheers!

 

[bikeplate]

I've taken payments a couple times

 

[PortlandBass77]

Just ask. If someone gave me that proposition on TB I would probably do it.

 

[Session1969]

Ask and find out. Cabs aren't as easy to sell on TB , so you never know. If you fail to make the payments , you could lose all your money , so I'd avoid doing that and just save up. Maybe do the payment thing with a retailer but I like to buy used to save money.

 

[Spidey2112]

But we did and it's probably the smartest move we ever made. We now owe zero on anything.

Best advice ever... now, all the moolah stays where it's supposed to be... the wife's bank account.

 

[Ant Illington]

I'm in the market for a particular new (used) cab, which I've found the best deal on right here on TB. The hangup is that i was initially looking to shop a store that would let me make a few payments w/0% interest.

I'm guessing it doesn't happen often, but is it inadvisable or in bad form to see if the seller would accept some sort of deposit to hold it, and another future payment (or 2, max) before shipping it to me?

The seller in particular has a 100% feedback rating on over 200 transactions, so I'm not too concerned on getting the shaft ... but I'd also like to know how to best word a simple agreement in this case to protect us both?

Seller keeps the product til payment in full and he keeps deposit even if you decide to not follow through? Sure.

 

[alaskaleftybass]

My first response was like everyone else... probably not. Then I remembered, after reviewing the classifieds-- there are some items for sale that have been on the listing for months. Months! If the item is not moving, making payments would ensure the sale of the item rather than the listing sitting another six months. Just a thought.
And the seller is out nothing. The buyer is taking the risk. Sometimes it doesn't hurt to pay it forward...

 

[hrodbert696]

I see the seller has already chimed in. Just to share, I believe I did do this on one transaction, I think it was on TB - an item came up I was worried would get snatched up fast and I was still a week or two away from a payday that would enable me to buy it. The seller did agree to take a deposit until the rest of the money came in and hold it for me.

 

[troy mcclure]

I would normally be open to taking payments...however recently the gear I sold off was beciase I was running out of room storing all my extra gear.

 

[lermgalieu]

All I will say is that if you do ask, don't press the point if the seller says no.

 

[matt holt]

I've done the "deposit to hold it for me" on TB several times, and it's always worked out fine. Maybe I'm just too trusting, but I generally find a talkbass classifieds to be One of the safest places to do business. I wouldn't do anything like that on craigslist or eBay, but based on how few people on TalkBass have negative feedback, I think it's fair to say that people dicking each other over on TB is exceedingly rare.

 

[40Hz]

Best advice ever... now, all the moolah stays where it's supposed to be... the wife's bank account.

You betcha! It's kinda nice knowing when the checks come in, that once you pay your living expense and tax bills for the month and finish shopping for groceries, that everything else left over in the checking account is yours to do whatever you want with.

I'm just sorry we didn't stop using credit for unnecessary things sooner. Getting out from under would have been a whole lot easier if we didn't.

Several of my business clients are loaded. As in multi-millionaire (and one billionaire) loaded. And talking to them (plus some of the "Old Money" that lives in my town) I learned something about how rich folk operate. And it basically comes down to just a few 'rules':

1. Pay cash for everything. Do not borrow money or use credit lines unless it's absolutely unavoidable. And if you do, pay it off as quickly as you can. Even if it means skipping a meal or two. Interest expenses will kill you.
   
   
2. Buy quality goods that will last - and take good care of them. Replacing things is not just stupid, it's also expensive and unnecessary.
   
   
3. Never pay full retail for anything. Shop wisely and don't ever hesitate to dicker or ask for discounts. Most times you can get a price break just by asking.
   
   
4. Relationships are everything in business. If somebody gave you a good deal or excellent service, use them for everything after that and and start building up a relationship and some goodwill. Don't be a fool who is looking to save every last dollar on every purchase. You'll get better deals if you're a regular customer, and even better ones if you become friends. And if you ever need a special favor, a friend is far more likely to grant you one than somebody who you deal with on a "strictly business" basis. So look at the full relationship and not just the price tag when buying things.

There were several others. But the above are the most germane to this thread so I'll let it go with those.

I just wish somebody taught me these things when I was starting out. It would have saved me a huge amount of money and grief learning them mostly on my own later on in life.

 

[DanAdams]

Never. It's hard enough to sell stuff online, let alone collect future payments with no contract.
I would never ask a seller to do that, nor would I ever agree to such terms from a buyer.

What if the thing broke a month after you received it?
Just don't go there. Both of your lives will be better off without making an arrangement like that.

 

[40Hz]

You know what they say. The first step is the hardest. Once you go from 0 to 1 transactions, it's easier to go to 200, than back to 0.
I do agree though that there are some people who make a living off this (not in a bad and sinister way), but TB is a really great community and bad people don't stay here for long anyway.

Gotta +1 on that. I've bought a total of six times here so far, and every person I've dealt with has been stellar.

This is a truly great community.