Buying a new Toyota Camry with a Credit Card?
Jun 25, 2005, 6:33 am
#1
Original Member
Original Poster
Join Date: May 1998
Location: Home of 'The Rat': Orlando, Florida
Programs: Standard Memberships in all the majors hotel, airlines and Amtrak.
Posts: 185
Buying a new Toyota Camry with a Credit Card?
My fiance asked. The dealer said yes and even doubled checked to verify there wasn't a 3% fee for doing so (like when paying your taxes with a CC).
However, I still don't believe it.
I have the cash to buy a new car with financing (and will need one before the end of the year) but how can a dealer justify the expense on such a large purchase?
Surely, I would love to buy it with my Starwood Amex or perhaps even sign up for the Delta Amex if they have double miles on all purchases.
Does anyone else know or perhaps even bought a car on a credit card without incurring any additional fees or dealer mark up?
However, I still don't believe it.
I have the cash to buy a new car with financing (and will need one before the end of the year) but how can a dealer justify the expense on such a large purchase?
Surely, I would love to buy it with my Starwood Amex or perhaps even sign up for the Delta Amex if they have double miles on all purchases.
Does anyone else know or perhaps even bought a car on a credit card without incurring any additional fees or dealer mark up?
Jun 25, 2005, 7:34 am
#2
Join Date: Mar 2004
Location: Parts Unknown
Programs: DL PM/MM, IHG SA, National EE, Hertz PC, Marriott Silver
Posts: 530
I have known people who have been turned down for using a CC to just pay the downpayment on a new car. I assume that the fee was the issue.
In your case, if the dealer is willing to take a CC for the car and the CC company is ok with that, then you should not worry about the fee. It is on the dealers end, not yours. Now if there really is a fee, and the dealer is still ok with that, I would re-think the price you are going to pay for the car
.
In your case, if the dealer is willing to take a CC for the car and the CC company is ok with that, then you should not worry about the fee. It is on the dealers end, not yours. Now if there really is a fee, and the dealer is still ok with that, I would re-think the price you are going to pay for the car
.
Originally Posted by JustinCredible
My fiance asked. The dealer said yes and even doubled checked to verify there wasn't a 3% fee for doing so (like when paying your taxes with a CC).
However, I still don't believe it.
I have the cash to buy a new car with financing (and will need one before the end of the year) but how can a dealer justify the expense on such a large purchase?
Surely, I would love to buy it with my Starwood Amex or perhaps even sign up for the Delta Amex if they have double miles on all purchases.
Does anyone else know or perhaps even bought a car on a credit card without incurring any additional fees or dealer mark up?
However, I still don't believe it.
I have the cash to buy a new car with financing (and will need one before the end of the year) but how can a dealer justify the expense on such a large purchase?
Surely, I would love to buy it with my Starwood Amex or perhaps even sign up for the Delta Amex if they have double miles on all purchases.
Does anyone else know or perhaps even bought a car on a credit card without incurring any additional fees or dealer mark up?
Jun 25, 2005, 7:39 am
#3
Original Member, Moderator: Hotel Deals and MilesBuzz
Join Date: May 1998
Location: Washington, DC
Posts: 14,257
I know many dealerships refuse to accept credit cards for anything more than t down payment because of the consumer protection rules governing credit cards.
I guess dealerships worry that if you have issues with the car, you'll seek mediation with the credit card company and that could cause the dealership headaches.
I guess dealerships worry that if you have issues with the car, you'll seek mediation with the credit card company and that could cause the dealership headaches.
Jun 25, 2005, 7:52 am
#4
Join Date: Sep 2004
Posts: 859
Here in Atlanta, all the dealerships we talked to had capped the credit card downpayment at $3000. We put that much on our Delta Amex during a double points promotion. If your dealer will let you do more, lucky you (we bought a 2005 camry).
Jun 25, 2005, 8:10 am
#5
Join Date: Sep 2001
Location: TUS
Programs: AA Plt, HH Diamond, IHG Plt
Posts: 268
We bought a Camry in January and the dealer let us put $5000.00 on a credit card. They said the limit was 3000 but when we mentioned the other dealer in town they had no problem accepting our credit card.
Jun 25, 2005, 8:32 am
#7
Join Date: Jul 1999
Location: Land of 10,000 Upgrades
Posts: 9,465
Jun 25, 2005, 10:44 am
#9
Join Date: Apr 2005
Location: South Pacific
Programs: UA
Posts: 1,809
At some point, the extra discount they would agree do give you if you would pay cash must be the 3% they will pay for the credit card fee.
The maximum I've paid with a credit card was 8 500$, 100% of a motorcycle
The maximum I've paid with a credit card was 8 500$, 100% of a motorcycle
Jun 25, 2005, 10:56 am
#10
Join Date: Jul 2004
Location: Seattle, Wa
Programs: AS 75K & BR Member- HHonors Diamond - Hertz PC - Marriott Titanium - IHG Ambassador
Posts: 2,379
Originally Posted by UpgradeMe
I was a finance manager at a Large Toyota dealer for many years.
If your able to find a dealer that will allow you to charge 100% on a card.
You should buy a lottery ticket instead, It most certainly is your "Luck Day"
Jun 25, 2005, 12:04 pm
#11
Join Date: May 2003
Location: San Jose, CA USA
Programs: Marriott LT Titanium Elite, United LT 1M Gold
Posts: 552
Similar experience on my last purchase. I asked the finance manager the most he would accept with a CC (for points of course) and it was $5K. The issue wasn't only the fee, but as stated above the comsumer protection laws. It left the dealership liable for the CC comapny freezing the funds in case of a dispute if they accepted full paymen via CC. I'll be quite surprised if you can do so, but if you can...go for it!
Jun 25, 2005, 2:50 pm
#12
FlyerTalk Evangelist
Join Date: May 1998
Location: Massachusetts, USA; AA Plat, DL GM and Flying Colonel; Bonvoy Platinum
Posts: 24,233
When I bought my current car a few years ago I tried to put in on my Amex (after confirming that they'd approve it if asked to). The salesman pushed back. I pointed out, nicely, that their merchant agreement requires them to take it for any transaction, with no upper limit on the word "any." He said he'd discuss it with the sales manager and went upstairs.
Five minutes later he came down and said they'd take it if I insisted, their contract doesn't give them a choice, but that I could have the Lo-Jack I had ordered for free (instead of $695) if I'd pay some other way. I took out my checkbook. Win-win.
Bottom line: you don't have to pay with a credit card to get something out of using a credit card.
Five minutes later he came down and said they'd take it if I insisted, their contract doesn't give them a choice, but that I could have the Lo-Jack I had ordered for free (instead of $695) if I'd pay some other way. I took out my checkbook. Win-win.
Bottom line: you don't have to pay with a credit card to get something out of using a credit card.
Jun 25, 2005, 4:10 pm
#13
Join Date: Apr 2004
Posts: 231
I'm placing my hand over a Bible right now because I know you're not going to believe this, but I once charged a $51,000 Lincoln Navigator.
I used to work as an assistant to an extremely wealthy individual, and he asked me to go pick up the vehicle for him (he had negotiated the purchase with the dealership over the phone - he bought cars like packs of gum...the Navigator became his "beater").
I had several of his credit cards because I was always buying things for him. He told me that, for a reason I can't recall, he needed the vehicle ASAP and he wasn't around at the moment. So I went to the dealership and put the thing on an Amex. The dealer was hesitant but only because he had never made such a transaction before. The card's limit was astronomical, so that wasn't a problem. The dealer and I both spent a little time on the phone with the CC, and the situation was resolved in well under an hour.
When I saw my boss the next day, he wrote a check for the full amount and it was paid off within 72 hours.
This happened in 2000 in the Chicago area. Maybe the dealership screwed themselves out of 3% (almost $1700) or maybe they didn't. I don't know. All I know is that the whole process was quick and relatively painless. The Amex I used was not a miles- or reward-bearing card. I'm not sure if that made any difference (I doubt it).
I suspect that this is an exception rather than the rule, but the point is at the very least it pays to ask.
I used to work as an assistant to an extremely wealthy individual, and he asked me to go pick up the vehicle for him (he had negotiated the purchase with the dealership over the phone - he bought cars like packs of gum...the Navigator became his "beater").
I had several of his credit cards because I was always buying things for him. He told me that, for a reason I can't recall, he needed the vehicle ASAP and he wasn't around at the moment. So I went to the dealership and put the thing on an Amex. The dealer was hesitant but only because he had never made such a transaction before. The card's limit was astronomical, so that wasn't a problem. The dealer and I both spent a little time on the phone with the CC, and the situation was resolved in well under an hour.
When I saw my boss the next day, he wrote a check for the full amount and it was paid off within 72 hours.
This happened in 2000 in the Chicago area. Maybe the dealership screwed themselves out of 3% (almost $1700) or maybe they didn't. I don't know. All I know is that the whole process was quick and relatively painless. The Amex I used was not a miles- or reward-bearing card. I'm not sure if that made any difference (I doubt it).
I suspect that this is an exception rather than the rule, but the point is at the very least it pays to ask.
Jun 25, 2005, 7:22 pm
#15
Join Date: Jan 2005
Posts: 107
Just thought I would put in my 2 cents. Our dealership pays 1.4% on visa, so if you pay by visa it costs $420 on a $30000 car. In many cases that wipes out the profit. Amex charges more (can't remember exactly what %)
than that. We only allow $2000 on a credit card.
than that. We only allow $2000 on a credit card.