Do car dealers allow use of credit card ?
Jan 18, 2003, 9:22 pm
#16
Join Date: Jan 2003
Location: Placerville, Ca USA
Posts: 27
I was told that there is a technicality that the dealers don't like with credit card purchases. If you buy a car with cash or loan there is no cooling off period (you can't change your mind and bring the car back). If you charge the entire car, the credit card allows you to return the car for up to 3 days with no penalty.
I just bought a $15k motorcycle on my Alaska card.
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Al D
Placerville, Ca
I just bought a $15k motorcycle on my Alaska card.
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Al D
Placerville, Ca
Jan 31, 2003, 11:20 pm
#19
Join Date: May 2001
Posts: 406
I don't believe in charge the whole amount onto the car. someone would have to pay for the 2-2.5% charges dealer is paying, that would be YOU.
I believe most dealer would take a deposit of up to approximately $3000, that is for in case your checks bounced, or finacing fell through. last time (3 days ago) I bought a car, I did not have my regular check book with me, so my wife wrote the dealer a check from an account with insufficient fund, we had to transfer money the next day. so dealer basically took my check based on my credit score. the $3000 I put on the credit is some kind of insurance I guess.
I believe most dealer would take a deposit of up to approximately $3000, that is for in case your checks bounced, or finacing fell through. last time (3 days ago) I bought a car, I did not have my regular check book with me, so my wife wrote the dealer a check from an account with insufficient fund, we had to transfer money the next day. so dealer basically took my check based on my credit score. the $3000 I put on the credit is some kind of insurance I guess.
Feb 1, 2003, 6:15 am
#20
Join Date: Jan 2000
Location: Baltimore/Washington, USA
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Everybody here talks about how the dealer "allows" them to charge a certain amount.
As previous posters mention, the merchant agreement states they must take whatever amount you desire, as long as you have the credit.
If they won't, call your bank and report the dealer. They could lose their agreement with MC/V/AMEX if they don't accept your purchase.
This also applies to that corner store that says $10 minimum charge to CC's.
This is the bottom line.
As previous posters mention, the merchant agreement states they must take whatever amount you desire, as long as you have the credit.
If they won't, call your bank and report the dealer. They could lose their agreement with MC/V/AMEX if they don't accept your purchase.
This also applies to that corner store that says $10 minimum charge to CC's.
This is the bottom line.
Feb 2, 2003, 12:21 am
#22
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by BearX220:
The MINI Cooper dealer in our area allows up to $1500 on CC. </font>
The MINI Cooper dealer in our area allows up to $1500 on CC. </font>
You have a MC? Is it as fun as it appears?? (My PT Cruiser was just destroyed by a Post Office tank. Am thinking Hummer today, but tomorrow coudl be bright sunshine yellow Mini Cooper.
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lili
shopping her way to first class
Feb 2, 2003, 11:18 am
#23
Join Date: Apr 1999
Location: Cambridge, MA 02138
Posts: 2,103
An interesting article about buying a car with a credit card:
http://www.debtsmart.com/pages/artic...on_credit.html
The most interesting thing in that article is this:
"First, when you use a credit card, the loan is unsecured. That means that if for some reason you have financial problems in the future, your car is not in jeopardy of being repossessed. You own it outright. The bank can't visit you in the middle of the night and drive it away. "
http://www.debtsmart.com/pages/artic...on_credit.html
The most interesting thing in that article is this:
"First, when you use a credit card, the loan is unsecured. That means that if for some reason you have financial problems in the future, your car is not in jeopardy of being repossessed. You own it outright. The bank can't visit you in the middle of the night and drive it away. "
Feb 2, 2003, 9:21 pm
#24
Join Date: May 2001
Posts: 406
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by chix:
Everybody here talks about how the dealer "allows" them to charge a certain amount.
As previous posters mention, the merchant agreement states they must take whatever amount you desire, as long as you have the credit.
If they won't, call your bank and report the dealer. They could lose their agreement with MC/V/AMEX if they don't accept your purchase.
This also applies to that corner store that says $10 minimum charge to CC's.
This is the bottom line.</font>
Everybody here talks about how the dealer "allows" them to charge a certain amount.
As previous posters mention, the merchant agreement states they must take whatever amount you desire, as long as you have the credit.
If they won't, call your bank and report the dealer. They could lose their agreement with MC/V/AMEX if they don't accept your purchase.
This also applies to that corner store that says $10 minimum charge to CC's.
This is the bottom line.</font>
I believe this is incorrect. I have read somewhere that car dealers are exempt from this rule.
Feb 4, 2003, 8:16 pm
#25
Join Date: Mar 2002
Location: Alameda, CA, USA
Posts: 799
My local BMW Dealer allowed me to charge the entire amount ($28K) and this was after working the sales manager down to his lowest selling price. I pulled out my CC and said I'll take it so please charge it onto my CC. Over the years, I have asked my friends at work to let me charge their down payments for vehicles and found that it is dealer specific for this. Some dealers will only let you charge $2000 and some up to $5000.
Feb 5, 2003, 5:50 pm
#27
Join Date: Jun 2001
Location: Houston, TX
Posts: 4,329
I first negotiated the price of my car a few weeks ago. I think I got a great deal on my used car considering how much other dealers were selling similar equipped cars. I was allowed to charge whatever I wanted on the card. I charged $8,000 on my Starwood AMEX. They said I could have charged the whole thing if I wanted (I asked).
Feb 5, 2003, 6:42 pm
#28
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IMHO if the dealer lets you put the car on a card you've not gotten them to give you a low enough price.
Feb 6, 2003, 9:20 pm
#29
Join Date: May 2001
Posts: 406
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by xyzzy:
IMHO if the dealer lets you put the car on a card you've not gotten them to give you a low enough price.</font>
IMHO if the dealer lets you put the car on a card you've not gotten them to give you a low enough price.</font>
It is just simple math!!! won't the dealer rather give you another $200 off than lose out $400 on the credit card fees?
Feb 6, 2003, 10:57 pm
#30
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">
Yep, $32,000 on my Visa. I used one of them balance transfer checks. 0% interst for a year and I got 3200 cash back for paying in full, plus I was able to save $9000 off the msrp.
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Yep, $32,000 on my Visa. I used one of them balance transfer checks. 0% interst for a year and I got 3200 cash back for paying in full, plus I was able to save $9000 off the msrp.
</font>