Buying a car with a credit card then PIF possible?

[longtimelurker]

Matt4200 wrote:

Longtimelurker - So are you saying that IF they would allow a large CC transaction then they also SHOULD give a substantial cash discount?

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Well, not really as they would prefer you to both pay cash and pay a price above minimum. But in theory if you get them to agree to a cc transaction and then 'decide' to use cash, there should be room for some reduction. But maybe not 'substantial'

[Anonymous]

Substantial would be $500 or more I would say. Well most that we have seen offer 0% interest for 60 months (5 years) I would think they would take a little off to ensure payment right away rather than all the work of accepting 5 years worth of payments and this and that.

[Revelate]

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@Anonymous wrote:
Substantial would be $500 or more I would say. Well most that we have seen offer 0% interest for 60 months (5 years) I would think they would take a little off to ensure payment right away rather than all the work of accepting 5 years worth of payments and this and that.

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Actually they get paid within call it 3-7 days anyway; it's just like selling any other loan in this case, when the lender buys it, the dealer gets paid in full.  Dealership doesn't get stuck with the loan, unless they want to I suppose with an internal to the dealership financing arm, and that's seriously rare in the current market.

The 0% offers all come from the manufactuer's lender (Toyota Financial Services and the like) if buying a new car from a dealership.  Every single one to my knowledge, though I guess CPO might get in on some of that too these days, haven't kept track of the market enough lately.

[Anonymous]

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@Anonymous wrote:
I mean how else do you pay them isn't the fee the same using a debit card?

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One dealer a family member went to required a bank check, but most take personal checks.

[Anonymous]

5 months ago I was able to charge the full amount on my new Honda Accord just under 37k at an Autonation Honda dealer. Years back when my mom purchased a c-class she was capped at 2k but they let her do 4K on visa.

[Anonymous]

While is been a few years, I worked as a GSM in auto sales for 17 years and the willingness to accept large payments on credit cards varies by dealer to dealer.  However be assured if one lets you change a large amount on a CC, you are paying for that fee one way or another.  There is only so much profit in an auto sale (of course varies by make) and letting you use a credit card is a discount off of that profit so you'll see less somewhere else.

[Anonymous]

Irish80 - True, but as some have mentioned you do receive additional benefits when doing so as well.

1) CashBack regular AND meeting a spend requirement

2) Additional warranty/coverage on your purchase up to $10,000.

These alone are worth a lot.

[Anonymous]

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@Anonymous wrote:
Irish80 - True, but as some have mentioned you do receive additional benefits when doing so as well.

1) CashBack regular AND meeting a spend requirement

2) Additional warranty/coverage on your purchase up to $10,000.

These alone are worth a lot.

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Of course there are benefits or people wouldn't want to use a CC but just a reminder that there is a cost to you in doing so.

[Anonymous]

A friend used TrueCar.com when buying it gives him an exact quotes price that the dealership has to honor. So they can't deviate from that, of course they can say no to using a credit card and not end up getting the sale because they declined the customers method of payment but in my experience used cars are much harder to sell than new cars when going to a dealership.

They inflate the price because it is a "certified pre-owned". Whereas if you found the same car on Craigslist it would be drastically cheaper.

Technology definitely has advanced a lot and I like the thought of not haggling over pricing you know the exact price and you go get it.

[Creditplz]

I worked for a Chevrolet dealer for about 1 day back in 2011... they told me the pay and I never showed up in their BDC (business development center), just went to the DMV to get my CA sales license with a "sponsor" being the dealership and my fingerprints taken..

Just thought I'd share that funny memory 😂