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Established Contributor
migliogiorni
Posts: 657
Registered: ‎06-27-2012
0

Re: gonna put 45k on a credit card!

Can I put 45k on your card to buy me one of those next? LOL nice enjoy it.

 

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HiLine
Posts: 2,946
Registered: ‎10-19-2012
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Re: gonna put 45k on a credit card!


mrcrush20 wrote:

I am sure the dealership is making what they consider to be fair enough and still cover the 2 %... In reality you may be shooting your self in the foot for the rewards... By paying more then for the truck to cover the 2%..

 

I have would consider a good deal, invoice(dealer flooring amount) - rebates( public incentives) - hold back(dealer incentives)- retro bonus (factory bonus kick back to dealer).. And then if you are being allowed to charge the amount to a card at that time WOW.

The way I see this is robbing Pater to pay Paul

 

 

What ever the case, you must like the deal and truck to be buying it so MY opinion does not matter

 

 

CONGRATS that's a BAD A** truck and I am very jealous 

 

 

 


It sounds to me like the price was agreed upon before the possibility of paying with a CC was mentioned. If that's indeed the case, it's strange that the dealership would forego their profits that easily.

Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: gonna put 45k on a credit card!

That's awesome!!!!! Is this a standard practice... For dealers to accept cc's as payments?!? Hmmm Ive been curious as i'd much rather buy a vehicle with a credit card than go through the hassle of searching for a car loan... You probably just saved your credit score a looooot of pain too!!! :-)
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Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008
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Re: gonna put 45k on a credit card!


HiLine wrote:

It sounds to me like the price was agreed upon before the possibility of paying with a CC was mentioned. If that's indeed the case, it's strange that the dealership would forego their profits that easily.


The fee was paid for by the buyer, the dealer was not going to give away $900 without a fight.  The agreed upon price still probably had some negotiating slack left in it.  Regardless it is very unusual to put an entire car purchase on a card as an unsecured debt.  If the buyer defaults it really makes it difficult for the creditor to recoup the money.  That's one reason dealers only allow a protion to be put on a card.  Lexus allowed me a $10,000 limit which was nice.  Put it on my Lexus Visa card and got 5% credit ($500) toward future service or car purchase. 

Valued Contributor
navigatethis12
Posts: 1,939
Registered: ‎01-24-2012
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Re: gonna put 45k on a credit card!


Watchmann wrote:


The fee was paid for by the buyer, the dealer was not going to give away $900 without a fight.  The agreed upon price still probably had some negotiating slack left in it.  Regardless it is very unusual to put an entire car purchase on a card as an unsecured debt.  If the buyer defaults it really makes it difficult for the creditor to recoup the money.  That's one reason dealers only allow a protion to be put on a card.  Lexus allowed me a $10,000 limit which was nice.  Put it on my Lexus Visa card and got 5% credit ($500) toward future service or car purchase. 


The dealership gets the money even if the buyer defaults. If you buy a computer from Tiger Direct and file bankruptcy, Tiger Direct already got the money from the credit card company.

Established Contributor
swpopham
Posts: 550
Registered: ‎06-02-2012
0

Re: gonna put 45k on a credit card!

we usually buy 2-3 cars and trucks a year for us or our business so, the dealership knows we are always back in 4-6 months for another. Normally everything goes threw NFCU or chase LOC. This was a spur of the moment decision. I made the comment jokingly and the new sales manager (who dosent know us) was like yeah lets make this happen then. Im sure the owner will call and scould me but whatever lol! im sure he wil rape me on the next service!

 

But there is no difference between using  a LOC or CC

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New Contributor
mrcrush20
Posts: 113
Registered: ‎05-06-2012
0

Re: goanna put Ask on a credit card!

I think we can all agree that the dealership gets the money, but since the CC payment was discussed b4 price I would yes as well. So long as I still have a profit and cover the fees then its all good. Like I said  Pater and Paul.... Are your points = to 900 ? No dealership is going to lose money after the kick backs a NET NET NET number after all the packs smoke and mirrors is and will be a + dealerships are not non profit.

 

if a dealership says that will take a full payment on CC then you are leavign money on the table.. unless one $ spent = one point = one $

 

In California their is a loop hole in a law about assisted loans... It can be a way out of a car loan I have seen used . You buy a 20k car and put 10 K down on CC the CC can be seen as a assisted loan..

 

I worked at a few dealerships that had a limit on amount CC no BC of the fees but bc of the assisted loans loop hole. From 2-5 K is what i seen

 

just my thoughts still the deal is all in the buyers mind, if he knocked off some money and got points ? buyers happy ? thats all that matters






Frequent Contributor
wallyworld123
Posts: 455
Registered: ‎01-04-2012
0

Re: goanna put Ask on a credit card!

I absolutely love this idea. let your card work for you.

Frequent Contributor
Roarmeister
Posts: 331
Registered: ‎04-21-2012
0

Re: gonna put 45k on a credit card!

[ Edited ]

Can you pay it off in 15 months as per their offer?  If so, then I would say go for it and more power to you.  What kind of reward points do you get with that?

 

My last vehicle, I got a promotional rate from the dealer/Ford Credit - 0% for 5 years and $3400 off in rebates so they could get rid of the old stock.  Heck, yeah I went for it.

 

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Established Contributor
masscredit
Posts: 751
Registered: ‎07-17-2012
0

Re: gonna put 45k on a credit card!

I think the most that I was able to use my card for a downpayment was about $5k. This was about 5-6 years ago (GM dealer). I did have a pile of points from my GM card though. That took about $6k off of the price of the truck on top of the discount from the dealer ($500. over invoice, factory order).  

 

Putting the whole thing on your cc and getting points for it.  Great deal! 


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