topic Re: Credit Card Car Downpayment in Credit Cards

Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 00:56:11 GMT

So yesterday I spent several hours negotiating the price on a new 2015 Subaru. I ended up with everything I wanted at a price better than I expected to be able to get. When they asked for a debit card to put the $5k downpayment on, I asked if they would take my Amex PRG. They took it with no issues at all. Honestly I was quite surprised they would take a credit card, anyone else have any similar experience with any car?

Re: Credit Card Car Downpayment

ksantangelo23 — Wed, 27 May 2015 00:58:28 GMT

@Anonymous wrote:
So yesterday I spent several hours negotiating the price on a new 2015 Subaru. I ended up with everything I wanted at a price better than I expected to be able to get. When they asked for a debit card to put the $5k downpayment on, I asked if they would take my Amex PRG. They took it with no issues at all. Honestly I was quite surprised they would take a credit card, anyone else have any similar experience with any car?

Yes, AMEX has specialty programs with many dealerships allowing this I used my BCP for a $2,500 partial downpayment. Rest was cash.

https://amexnetwork.truecar.com/promo1.html?promo_id=content-viewer-carpurchase.

Some dealerships allow full funding by credit card, which is... horrifying, to say the least.

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:01:34 GMT

@ksantangelo23 wrote:
@Anonymous wrote:
So yesterday I spent several hours negotiating the price on a new 2015 Subaru. I ended up with everything I wanted at a price better than I expected to be able to get. When they asked for a debit card to put the $5k downpayment on, I asked if they would take my Amex PRG. They took it with no issues at all. Honestly I was quite surprised they would take a credit card, anyone else have any similar experience with any car?
Yes, AMEX has specialty programs with many dealerships allowing this I used my BCP for a $2,500 partial downpayment. Rest was cash.

https://amexnetwork.truecar.com/promo1.html?promo_id=content-viewer-carpurchase.

Some dealerships allow full funding by credit card, which is... horrifying, to say the least.

Awesome good to know! I went in expecting to just pay cash but thought I might as well give it a try. Although I don't think I would really want to put an entire car purchase on a credit card lol...

Edit: The dealer I purchased from wasn't on the Amex website although they took it so that's nice.

Re: Credit Card Car Downpayment

longtime_lurker — Wed, 27 May 2015 01:01:41 GMT

@ksantangelo23 wrote:
@Anonymous wrote:
So yesterday I spent several hours negotiating the price on a new 2015 Subaru. I ended up with everything I wanted at a price better than I expected to be able to get. When they asked for a debit card to put the $5k downpayment on, I asked if they would take my Amex PRG. They took it with no issues at all. Honestly I was quite surprised they would take a credit card, anyone else have any similar experience with any car?
Yes, AMEX has specialty programs with many dealerships allowing this I used my BCP for a $2,500 partial downpayment. Rest was cash.

https://amexnetwork.truecar.com/promo1.html?promo_id=content-viewer-carpurchase.

Some dealerships allow full funding by credit card, which is... horrifying, to say the least.

Or awesome...depending on how you look at it

40,000 car.... 800 back on a DC. Wonder how a loan would work...I'm guessing it wouldn't. Damn! But if you had 40k laying around, I suppose you don't need a bank loan. I don't see anything wrong with running a downpayment on a CC - as long as you were smart enough not to make a bigger down payment than you can afford

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:04:37 GMT

@longtime_lurker wrote:
@ksantangelo23 wrote:
@Anonymous wrote:
So yesterday I spent several hours negotiating the price on a new 2015 Subaru. I ended up with everything I wanted at a price better than I expected to be able to get. When they asked for a debit card to put the $5k downpayment on, I asked if they would take my Amex PRG. They took it with no issues at all. Honestly I was quite surprised they would take a credit card, anyone else have any similar experience with any car?
Yes, AMEX has specialty programs with many dealerships allowing this I used my BCP for a $2,500 partial downpayment. Rest was cash.

https://amexnetwork.truecar.com/promo1.html?promo_id=content-viewer-carpurchase.

Some dealerships allow full funding by credit card, which is... horrifying, to say the least.
Or awesome...depending on how you look at it

40,000 car.... 800 back on a DC. Wonder how a loan would work...I'm guessing it wouldn't. Damn! But if you had 40k laying around, I suppose you don't need a bank loan. I don't see anything wrong with running a downpayment on a CC - as long as you were smart enough not to make a bigger down payment than you can afford

Right it is neat indeed. I went in ready to spend the cash so I only put a downpayment I could comfortably afford but thought "well might as well ask if they take the CC right?". Then I just pay it off as soon as the charge posts.

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:08:28 GMT

First of all I adore Subaru! Congrats!!

Thats good to know that you can put a downpayment on a car with a credit card.

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:10:41 GMT

@Anonymous wrote:
First of all I adore Subaru! Congrats!!
Thats good to know that you can put a downpayment on a car with a credit card.

I'm glad to hear that! I hear nothing but great things about Subaru and this is my first new car purchase so I am excited!

Just thought I'd let everyone know the story and see how normal this is for dealers to take credit cards.

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:13:47 GMT

@Anonymous wrote:
@Anonymous wrote:
First of all I adore Subaru! Congrats!!
Thats good to know that you can put a downpayment on a car with a credit card.
I'm glad to hear that! I hear nothing but great things about Subaru and this is my first new car purchase so I am excited!

Just thought I'd let everyone know the story and see how normal this is for dealers to take credit cards.

Im on my 3rd Subaru and they have been amazing each and every time!

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:15:45 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
First of all I adore Subaru! Congrats!!
Thats good to know that you can put a downpayment on a car with a credit card.
I'm glad to hear that! I hear nothing but great things about Subaru and this is my first new car purchase so I am excited!

Just thought I'd let everyone know the story and see how normal this is for dealers to take credit cards.
Im on my 3rd Subaru and they have been amazing each and every time!

They seem so underrated! I don't hear about them much but what I do hear is nothing but praise. I guess I'll find out soon enough for myself

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:18:43 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
First of all I adore Subaru! Congrats!!
Thats good to know that you can put a downpayment on a car with a credit card.
I'm glad to hear that! I hear nothing but great things about Subaru and this is my first new car purchase so I am excited!

Just thought I'd let everyone know the story and see how normal this is for dealers to take credit cards.
Im on my 3rd Subaru and they have been amazing each and every time!
They seem so underrated! I don't hear about them much but what I do hear is nothing but praise. I guess I'll find out soon enough for myself

My income has gone up recently and I could afford a Lexus now which was always my dream car growing up. I guess I equated it with success but now that I have been driving Subaru so long I really dont want anything else. #subaruforlife

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:22:14 GMT

@Anonymous wrote:
So yesterday I spent several hours negotiating the price on a new 2015 Subaru. I ended up with everything I wanted at a price better than I expected to be able to get. When they asked for a debit card to put the $5k downpayment on, I asked if they would take my Amex PRG. They took it with no issues at all. Honestly I was quite surprised they would take a credit card, anyone else have any similar experience with any car?

Credit is a form of payment. Why wouldn't they take it?

Re: Credit Card Car Downpayment

ksantangelo23 — Wed, 27 May 2015 01:23:38 GMT

Swipe fees!

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:24:16 GMT

@ksantangelo23 wrote:
Swipe fees!

Are swipe fees worth losing the sale? "I'll walk out RIGHT NOW!"

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:26:00 GMT

Congrats on your car OP and thanks for sharing Didn't think a down payment that large could be put on a credit card but good to know.

Wasn't aware of this program so thanks for the link ksantangelo. Might come in handy next year.

Re: Credit Card Car Downpayment

longtime_lurker — Wed, 27 May 2015 01:26:21 GMT

@Anonymous wrote:
@ksantangelo23 wrote:
Swipe fees!
Are swipe fees worth losing the sale? "I'll walk out RIGHT NOW!"

"but sir, isn't there another way you can pay?" "NO! GIVE ME AA MILES OR GIVE ME ANOTHER CAR DEALER" - and just storm out.

It's perfect.

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:27:45 GMT

@longtime_lurker wrote:
@Anonymous wrote:
@ksantangelo23 wrote:
Swipe fees!
Are swipe fees worth losing the sale? "I'll walk out RIGHT NOW!"
"but sir, isn't there another way you can pay?" "NO! GIVE ME AA MILES OR GIVE ME ANOTHER CAR DEALER" - and just storm out.

It's perfect.

"Throw in the sunroof and nav and i'll bring a checkbook"

Re: Credit Card Car Downpayment

longtime_lurker — Wed, 27 May 2015 01:31:40 GMT

@Anonymous wrote:
@longtime_lurker wrote:
@Anonymous wrote:
@ksantangelo23 wrote:
Swipe fees!
Are swipe fees worth losing the sale? "I'll walk out RIGHT NOW!"
"but sir, isn't there another way you can pay?" "NO! GIVE ME AA MILES OR GIVE ME ANOTHER CAR DEALER" - and just storm out.

It's perfect.
"Throw in the sunroof and nav and i'll bring a checkbook"

"And by throw in nav, I want OnStar (or whatever brand's equivalent) paid for life of car"

"So....AMEX?"

Re: Credit Card Car Downpayment

Anonymous — Wed, 27 May 2015 01:32:51 GMT

@longtime_lurker wrote:
@Anonymous wrote:
@longtime_lurker wrote:
@Anonymous wrote:
@ksantangelo23 wrote:
Swipe fees!
Are swipe fees worth losing the sale? "I'll walk out RIGHT NOW!"
"but sir, isn't there another way you can pay?" "NO! GIVE ME AA MILES OR GIVE ME ANOTHER CAR DEALER" - and just storm out.

It's perfect.
"Throw in the sunroof and nav and i'll bring a checkbook"
"And by throw in nav, I want OnStar (or whatever brand's equivalent) paid for life of car"

"So....AMEX?"

This. Totally this.

Re: Credit Card Car Downpayment

Sharingan — Wed, 27 May 2015 01:56:46 GMT

@Anonymous wrote:
So yesterday I spent several hours negotiating the price on a new 2015 Subaru. I ended up with everything I wanted at a price better than I expected to be able to get. When they asked for a debit card to put the $5k downpayment on, I asked if they would take my Amex PRG. They took it with no issues at all. Honestly I was quite surprised they would take a credit card, anyone else have any similar experience with any car?

I'd be surprised too if they willingly charged that much on credit - that's a hefty downpayment on credit. I've purchased several cars in the past few years; and by gauging the dealer's willingness to put a large down payment on a credit card, you can determine if you've truly made a great deal after negotiations. If a dealership is more than willing to charge a big down payment, chances are they are making a healthy profit off the sale. That's not to say you didn't get a great deal, I'm just providing my experience, as requested. If the profit margin is razor thin on the deal, a swipe fee on a $3000+ downpayment should be a deal breaker for them. I always love the "I'm losing money on this sale" line that they pull.

Re: Credit Card Car Downpayment

longtime_lurker — Wed, 27 May 2015 02:07:18 GMT

@Sharingan wrote:
@Anonymous wrote:
So yesterday I spent several hours negotiating the price on a new 2015 Subaru. I ended up with everything I wanted at a price better than I expected to be able to get. When they asked for a debit card to put the $5k downpayment on, I asked if they would take my Amex PRG. They took it with no issues at all. Honestly I was quite surprised they would take a credit card, anyone else have any similar experience with any car?
I'd be surprised too if they willingly charged that much on credit - that's a hefty downpayment on credit. I've purchased several cars in the past few years; and by gauging the dealer's willingness to put a large down payment on a credit card, you can determine if you've truly made a great deal after negotiations. If a dealership is more than willing to charge a big down payment, chances are they are making a healthy profit off the sale. That's not to say you didn't get a great deal, I'm just providing my experience, as requested. If the profit margin is razor thin on the deal, a swipe fee on a $3000+ downpayment should be a deal breaker for them. I always love the "I'm losing money on this sale" line that they pull.

@5k swiped @ say...2.5% is only 125....not sure how that's a real dealbreaker