topic Re: Auto-Pay Car Payment With Credit Card? in Credit Cards

Auto-Pay Car Payment With Credit Card?

Anonymous — Tue, 24 Apr 2012 17:58:55 GMT

Does anyone know of any way to broker a car payment so it auto-pays from a credit card? Banks may take auto-pay with debit card or bank transfers but I find that a bit risky if funds are low on a particular month.

I've thought of perhaps Paypal but I don't see any way to do it. I used to use PayTrust but they only allow checking accounts for funding as well.

I'm thinking of some kind of 3rd party bill payment service that will allow to fund from a credit card automatically to show consistent utilization. Is this just not possible?

Re: Auto-Pay Car Payment With Credit Card?

HikingFICOMountain — Tue, 24 Apr 2012 19:10:29 GMT

Good question. I would like to know this as well.

Re: Auto-Pay Car Payment With Credit Card?

Anonymous — Tue, 24 Apr 2012 19:11:27 GMT

I'm not sure if it's a legal thing, but in general you cannot pay off a credit account (such as a car loan) with another credit account (like a credit card).

Re: Auto-Pay Car Payment With Credit Card?

HikingFICOMountain — Tue, 24 Apr 2012 19:16:39 GMT

@Anonymous wrote:
I'm not sure if it's a legal thing, but in general you cannot pay off a credit account (such as a car loan) with another credit account (like a credit card).

OK. So you can pay household bills (e.g., cell phone, electricty, gas), but not credit accounts like car loans, mortages.

Re: Auto-Pay Car Payment With Credit Card?

Anonymous — Tue, 24 Apr 2012 19:18:53 GMT

I can't remember quite well, but I am sure someone else had asked the same question a week ago and pizzadude (?) stated that if you tried to set this up, there was a transaction fee of $14.95.

But I might be wrong about that and wrong about who said anything about the fee lol

But maybe me posting this triggers some type of response from someone else with better information than I.

Re: Auto-Pay Car Payment With Credit Card?

Creditaddict — Tue, 24 Apr 2012 19:19:19 GMT

Usually you can't pay with a credit card, I know my Santander Car loan could be paid with a credit card through 3rd party but the fee wiped out my rewards plus some, I only used in emergency a couple times.

Re: Auto-Pay Car Payment With Credit Card?

Anonymous — Tue, 24 Apr 2012 19:21:18 GMT

@HikingFICOMountain wrote:
@Anonymous wrote:
I'm not sure if it's a legal thing, but in general you cannot pay off a credit account (such as a car loan) with another credit account (like a credit card).

OK. So you can pay household bills (e.g., cell phone, electricty, gas), but not credit accounts like car loans, mortages.

As far as I understand it, yes. And it makes sense otherwise people could theoretically roll debt ad infinitum - paying credit cards with credit cards etc. Plus, your creditors would not want the transaction fees to eat into their interest margins.

Maybe someone else can chime in and verify.

Re: Auto-Pay Car Payment With Credit Card?

HikingFICOMountain — Tue, 24 Apr 2012 19:22:47 GMT

@Anonymous wrote:
@HikingFICOMountain wrote:
@Anonymous wrote:
I'm not sure if it's a legal thing, but in general you cannot pay off a credit account (such as a car loan) with another credit account (like a credit card).

OK. So you can pay household bills (e.g., cell phone, electricty, gas), but not credit accounts like car loans, mortages.
As far as I understand it, yes. And it makes sense otherwise people could theoretically roll debt ad infinitum - paying credit cards with credit cards etc. Plus, your creditors would not want the transaction fees to eat into their interest margins.

Maybe someone else can chime in and verify.

That makes sense.

Re: Auto-Pay Car Payment With Credit Card?

Anonymous — Tue, 24 Apr 2012 19:55:12 GMT

My car loan is through Citizens Bank and I pay each month with my credit cards to get points. It definitely depends on the lender.

Re: Auto-Pay Car Payment With Credit Card?

Anonymous — Tue, 24 Apr 2012 20:05:29 GMT

@Anonymous wrote:
My car loan is through Citizens Bank and I pay each month with my credit cards to get points. It definitely depends on the lender.

And they don't charge you an extra fee to do so? Pretty lucky if so!

Re: Auto-Pay Car Payment With Credit Card?

omskillet — Tue, 24 Apr 2012 20:40:47 GMT

Sadly, neither BMW Financial Services nor Toyota Financial services will let you pay with a credit card. I've called to inquire and never gotten a very clear answer as to why they only support payment by checking or savings account.

Re: Auto-Pay Car Payment With Credit Card?

Anonymous — Tue, 24 Apr 2012 20:51:55 GMT

@omskillet wrote:
Sadly, neither BMW Financial Services nor Toyota Financial services will let you pay with a credit card. I've called to inquire and never gotten a very clear answer as to why they only support payment by checking or savings account.

The answer is because they make more money.

Re: Auto-Pay Car Payment With Credit Card?

Revelate — Tue, 24 Apr 2012 22:47:51 GMT

The times I've seen it allowed, it's treated as a cash advance... and the fee structure was identical to cash advance offers too.

In general it's not worth doing just to goose up your aggregate monthly credit card spend.

Re: Auto-Pay Car Payment With Credit Card?

injustifiiable — Wed, 25 Apr 2012 00:11:15 GMT

Maybe cash advance checks linked to the credit card account?

Re: Auto-Pay Car Payment With Credit Card?

Anonymous — Wed, 25 Apr 2012 01:31:21 GMT

@Anonymous wrote:
My car loan is through Citizens Bank and I pay each month with my credit cards to get points. It definitely depends on the lender.

I agree, I think it depends on the lender.

As a "best practice," the only reason to go this route is for rewards. (Currently, I get 1% back on all utilities and services! Not rent or car payment though... Might be worth checking out.) I also highly recommend paying in full every month, of course.

Re: Auto-Pay Car Payment With Credit Card?

TATATA — Wed, 25 Apr 2012 01:52:13 GMT

I know NMAC (lender for Nissan and Infiniti) accepts credit card payments. I think there is a small fee involved, of course.

Re: Auto-Pay Car Payment With Credit Card?

Anonymous — Wed, 25 Apr 2012 01:55:48 GMT

Ford Credit (and now Lincoln Credit wince they split it up) will allow you to pay with a credit card. You will be linked to Chase actually who handles the transaction and charges you $12 for the "fun". You can use any card you want through them but some cards, Citi for example, will charge you a cash advance fee for using their card for this type of transaction. I only have experience with doing this through Lincoln so I cannot comment on other companies.

Re: Auto-Pay Car Payment With Credit Card?

pizzadude — Wed, 25 Apr 2012 02:58:29 GMT

@TATATA wrote:
I know NMAC (lender for Nissan and Infiniti) accepts credit card payments. I think there is a small fee involved, of course.

They go thru a third party service that charges $13 for Visa, MC or Discover payments. I think in almost all situations the fees will outweigh the value of any rewards that could be accrued though a CC payment.

Re: Auto-Pay Car Payment With Credit Card?

andre181 — Wed, 25 Apr 2012 02:52:59 GMT

Honda/Acura Finanacial Services will let you through a 3rd party processor for a $15 (I think) fee.

Wells Fargo lets you IF its a Wells Fargo Bank auto loan AND a Wells Fargo Bank Credit Card. Its treated as a standard purchase and you earn no rewards.

Re: Auto-Pay Car Payment With Credit Card?

Anonymous — Wed, 25 Apr 2012 03:26:00 GMT

You can do it online at Money Gram for most lenders. It is EXPENSIVE though