topic Re: AMEX Card Auto Purchase? in Credit Cards

AMEX Card Auto Purchase?

shane82388 — Sun, 07 Jul 2013 21:04:43 GMT

I got an email from American Express saying that they offer the ability to buy an entire car using your AMEX card...obviously at "select dealers" but does anyone know about this? It seems like its basically an auto loan through your AMEX card somehow which im assuming would have to not count against your normal credit limit or anything? Anyone heard of this before?

https://amexnetwork.truecar.com/main.html?referrer_id=ZAMX000002

Re: AMEX Card Auto Purchase?

Express — Sun, 07 Jul 2013 21:25:30 GMT

@shane82388 wrote:
I got an email from American Express saying that they offer the ability to buy an entire car using your AMEX card...obviously at "select dealers" but does anyone know about this? It seems like its basically an auto loan through your AMEX card somehow which im assuming would have to not count against your normal credit limit or anything? Anyone heard of this before?

https://amexnetwork.truecar.com/main.html?referrer_id=ZAMX000002

I've got the same offer, But waiting on someone else to try it first!

Re: AMEX Card Auto Purchase?

shane82388 — Sun, 07 Jul 2013 21:30:13 GMT

@Express wrote:
@shane82388 wrote:
I got an email from American Express saying that they offer the ability to buy an entire car using your AMEX card...obviously at "select dealers" but does anyone know about this? It seems like its basically an auto loan through your AMEX card somehow which im assuming would have to not count against your normal credit limit or anything? Anyone heard of this before?

https://amexnetwork.truecar.com/main.html?referrer_id=ZAMX000002

I've got the same offer, But waiting on someone else to try it first!

haha, i just bought a new car about a week ago so i wount be trying it any time soon but its very interesting....im assuming they must just do that particular "charge" on the side and it functions like a normal loan but you use your card initially to do it....jeez...lotsa membership rewards points!

Re: AMEX Card Auto Purchase?

Anonymous — Sun, 07 Jul 2013 21:32:34 GMT

Not sure I want THAT bill rolling in the next month to PIF!

Re: AMEX Card Auto Purchase?

shane82388 — Sun, 07 Jul 2013 21:36:43 GMT

@Anonymous wrote:
Not sure I want THAT bill rolling in the next month to PIF!

Yeah, thats why im thinking it must be paid as a side charge type of thing....otherwise who the heck could really do that?

Re: AMEX Card Auto Purchase?

Open123 — Sun, 07 Jul 2013 21:38:16 GMT

If the dealership willing to accept a charge on the full price of the car is within 1% of the best price I can negotiate elsewhere for the car, then it's a good deal. Interesting, might try this for my next car which is coming up.

So, if I use my Plat, do I get the extended warranty? 90 day accidental coverage up to $10K?

Re: AMEX Card Auto Purchase?

MrCredit — Sun, 07 Jul 2013 22:45:28 GMT

I dont think they want you to use your card to buy the car. The program is like a shopping program/service that negotiates the best price on a car. I do not believe there is any implication of using your card, its just a benefit of being a cardmember. The service is like carwoo.com

Re: AMEX Card Auto Purchase?

shane82388 — Sun, 07 Jul 2013 22:46:52 GMT

@MrCredit wrote:
I dont think they want you to use your card to buy the car. The program is like a shopping program/service that negotiates the best price on a car. I do not believe there is any implication of using your card, its just a benefit of being a cardmember. The service is like carwoo.com

It literally says "Use your card for full purchase price of the car".

Re: AMEX Card Auto Purchase?

armbenderc — Sun, 07 Jul 2013 22:50:08 GMT

@Anonymous wrote:
Not sure I want THAT bill rolling in the next month to PIF!

LOL, a lot of people have 35k PoT on the charge card, however the interest rate will kill you.

Maybe Amex has a program that already pre-approved you and all you have to do is charge it on the card and it will transfer in to loan with better rates.

Re: AMEX Card Auto Purchase?

Creditaddict — Sun, 07 Jul 2013 22:56:26 GMT

Someone who is using their Amex Charge to buy a car is not looking for financing! and I don't believe Amex offers financing either... this program is to pay with your charge card or I guess if you have a high enough credit line on amex credit card products and PIF unless you really want to revolve that but I have a feeling if you have the credit line to buy a car above $30k you are not revoling that sort of thing on your amex!

Re: AMEX Card Auto Purchase?

Open123 — Sun, 07 Jul 2013 22:58:12 GMT

Or, you could revolve the downpayment on the 0% 15 month promo on the BCP or BCE, I suppose.

Re: AMEX Card Auto Purchase?

Anonymous — Mon, 08 Jul 2013 00:53:29 GMT

A friend just bought a Porsche 2-3 weeks ago at Beverly Hills Porsche using her cards (CSP and Amex Plat that she is ACM on) at no extra fee and that was already the lowest price she could get from nearby dealers, so that was a nice bonus.

She was going to use the CSP for the whole thing but having to wait for the charge to post, PIF at branch, and then swipe again was too much of a hassle after the 2nd swipe. Her CL was 35k approx so she would have to do it 4 times in total, since the car was bout 110.

Nice free rewards, but the extended warranty and purchase protection does not apply to automobile purchases sadly she was going to pay for the car in cash anyways so rather than to get a cashiers check for the dealership she just had to pay the bank.

Re: AMEX Card Auto Purchase?

Open123 — Mon, 08 Jul 2013 00:58:31 GMT

@Anonymous wrote:
A friend just bought a Porsche 2-3 weeks ago at Beverly Hills Porsche using her cards (CSP and Amex Plat that she is ACM on) at no extra fee and that was already the lowest price she could get from nearby dealers, so that was a nice bonus.

Good to know, thanks! Purchased with "no extra fee" for a CC will be one of my conditions on my next car purchase.

Re: AMEX Card Auto Purchase?

tray — Mon, 08 Jul 2013 01:20:31 GMT

I am sure this email was sent out for every amex cardholder member because I received this same email as well, but lets say you purchased a vehicle using a revolving amex card, how LONG would you think amex will let someone carry a hefty balance like that for a brand new car purchase????

Re: AMEX Card Auto Purchase?

Open123 — Mon, 08 Jul 2013 01:59:49 GMT

@tray wrote:
I am sure this email was sent out for every amex cardholder member because I received this same email as well, but lets say you purchased a vehicle using a revolving amex card, how LONG would you think amex will let someone carry a hefty balance like that for a brand new car purchase????

I assume anyone considering this offer has already planned to pay for the car in cash; and, is only charging it for the points, rather than just writing a check from his bank account. Given this scenario, I'd imagine prior arrangements will be made with Amex to ensure the charge is approved, unless a cardmember had a charge card which can handle a single high transaction.

I'd imagine most in the case of buying a car will be using a charge card.

*Edited* - PS - Easy way to meet the $30K spend on the PRG.

Re: AMEX Card Auto Purchase?

phillyguy12 — Mon, 08 Jul 2013 01:50:47 GMT

i have a zync and bce got the same email today the email ref my zync account- but the site says

"Use your American Express® Card for the full purchase price at select dealers

All dealers accept American Express Cards for purchases of at least $2,000. Dealers with the American Express® logo will accept your Card for the full purchase price"

the email really is just pitching their negotiated pricing feature, nothing new or special i think most banks/credit unions offer similar services

hey if you can toss you charge card down and walk away without a FR i say go for it get those points, i wish i had 20-30 to buy a car outright. i seriously doubt the dealer would be happy about you doing so as they are loosing prob 1 or 2 % on the transaction and would prob offer you something to not use your card.

there is no talk anywhere on the site of it being a pay over time or anything, u charge it they want their money on or before your due date, at most i would use it for my down payment.

Re: AMEX Card Auto Purchase?

Revelate — Mon, 08 Jul 2013 02:26:30 GMT

Not sure; money is so cheap right now (still) I'm not certain it makes sense at all to purchase with cash. Admittedly I'm in a different spot where the installment tradeline helps me credit-wise more than the spending rewards through a card, YMMV.

That said, if the price negotiation was seperate, and there wasn't a fee involved, the time I did purchase a 33K car in cash, I woul'd've loved having put it on my then non-existent cards especially with a non-suck rewards program sweetening the deal.

Re: AMEX Card Auto Purchase?

Anonymous — Mon, 08 Jul 2013 02:52:44 GMT

@Open123 wrote:
Good to know, thanks! Purchased with "no extra fee" for a CC will be one of my conditions on my next car purchase.

What car are you interested in purchasing?

When I got my 3 series early this year, the maximum the dealership was willing to let me swipe was just 2500.

I basically went to truecar.com, got a truecar price for the options I wanted. The "lowest" price is usually a bait and switch price which they will not have the vehicle available or just can't sell at that price. I went to Mckenna which had the lowest price, but the price they quoted me while I'm there was a lot higher. However, I took that printout, went to New Century BMW which happened to have a really similar car, and made them match that price. After that I continued bargaining little by little and got the car about 1.4k below true car, about $50 above invoice (cant remember specific numbers). After the final price was settled, I tried to use my card to pay for the car but they said they'll be making a loss essentially after fees and they couldn't do it. I paid using cashiers check anyways and got a 10k loan from BMW financial just to "help" my credit history, which ended up doing more harm than good. Oh and I even managed to persuade the finance manager to give me a $1000 loyalty cash rebate even though it's my 1st BMW lol. Kept telling him I could have gotten the offer if I had went back to Audi or Mercedes but they should be happy that I decided to go with BMW anyhow.

My guess is that they're willing to do card swipes for cars that are more expensive because of the larger profit margins on those cars. I plan to go car shopping in the next 3-4 weeks after I close a condo, so hopefully they will let me put my car on a card then.

Re: AMEX Card Auto Purchase?

Open123 — Mon, 08 Jul 2013 03:03:50 GMT

@Anonymous wrote:
@Open123 wrote:
Good to know, thanks! Purchased with "no extra fee" for a CC will be one of my conditions on my next car purchase.
What car are you interested in purchasing?

Either a Mercedes or Cayman S. Haven't yet decided.

Re: AMEX Card Auto Purchase?

Anonymous — Mon, 08 Jul 2013 03:06:13 GMT

which Mercedes?

I'm not a porsche guy so......lol.