10-19-2009 05:41 PM
buy a car in December. Get bonus EOY, prolly the last day of the year, could be a little sooner.. Need car Dec 12th or thereabout. Got a new Visa with 4K limit. have not used it yet, very new, not even reporting yet.
Since I will get the l bonus which should far exceed my down payment, why not throw the down payment on the card (don't even know if they accept a CC as a down payment, but anything is possible) , PIF before it hits billing statement? that way at least it will appear that I can "handle" that credit limit. Maybe I'll even get more, a cl increase!!...
i don't know.
I do know I would never carry a stupid balance on that card at a higher interest rate, I think it's like twenty percent.
this is a target visa btw.
thanks for any advice/input....
10-19-2009 05:48 PM
10-19-2009 05:58 PM
10-19-2009 07:01 PM
10-19-2009 07:16 PM - edited 10-19-2009 07:24 PM
Merchant fees are why dealers will limit the amount they will accept for a downpayment. However I have never seen a limitation for a repair bill so the 2 are 'at odds'.
Even though the visa/mc says no minimum and would prefer no maximum - when the merchant submits an application they can set the parameters of their sales/charges - and as long as this was done there is no breach of the merchant's agreement with mastercard/visa - so technically there is no foul on the merchant's part.
10-19-2009 07:21 PM
Thanks Hauling, I will search that USAA article...interesting.
I put a call into the guy at the dealership, bascially once my bonus money gets despoited, run to the store with a four thousand dollar check in hand...pif!! pif!! would never want 100 percent posting, but after I get the car, i can't say that I will be all that "fixated" on my score. I'll always care, but this is a true fixation and the clock is ticking....i need the score for the auto loan.
since i have not gone through one billing statement yet or even the addition of the tl, it's hard for me to determine when the report to the bureaus. although I could ask. Sometiems when I ask these types of questions to the person that picks up the phone, they don't know....
10-20-2009 06:05 AM
10-20-2009 07:42 AM - edited 10-20-2009 07:42 AM
"Merchant fees are why dealers will limit the amount they will accept for a downpayment. However I have never seen a limitation for a repair bill so the 2 are 'at odds'."
Think commisions... They probably take it directly out of commisions.
10-20-2009 10:57 AM
10-20-2009 11:00 AM
Negotiate your purchase fully first - then reveal the source of your down payment. Any dealer worth his salt is going to adjust his numbers to compensate for the merchant fees if you give him a chance to do so.
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