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Amex Auto Purchasing Program

Contributor

Amex Auto Purchasing Program

Howdy,

 

I am going to be purchasing a car within the next 6 months and was going to put down a substantial downpayment to do so ($15,000-20,000). I wanted to use Amex Auto Purchasing program for the downpayment, pending a couple more credit limit increases. Has anyone used this service Amex provides to put a down a downpayment on a car?  I'd like to know about the process than the generic info Amex provides about the program. Was it pretty easy to go to a dealership and put down your downpayment using your Amex card? Or do you have to jump through hoops?

 

 

Thanks!

Discover IT Chrome: $5,800 CL | Amex BCE: $10,000 CL | Capital One QuickSilver: $10,000 CL| BankAmericard Cash Rewards(AU): $2500 CL

TU FICO: 759 | EX FICO: 739
Message 1 of 8
7 REPLIES
Community Leader
Valued Contributor

Re: Amex Auto Purchasing Program

Don't do it!

 

I never made it as far as even making it to a dealership to see how much of a down payment they would put on an Amex, or if they would honor that "Guaranteed Savings". Amex uses TrueCar.com, which is what Sams Club and a bunch of other CCs use. Once you select the Make & Model new car you want, Amex & other CC companies provide your contact info - Name, address, phone # & email - and TrueCar.com blasts that out to every dealer for that Make & Model in your area. Within minutes your phone will be ringing off the hook and your email inbox inundated with emails from dozens of "Internet Sale Managers" from different dealers. It took me weeks to get rid of them, even after lying and saying that I had decided on a different make of car.

 

I was so put off from the experience I refused to go to any of the dealers who tried to hustle me. And putting a down payment on a CC is never a good idea, and if a dealer was willing to take $15-20k (doubtful) he'd jack up the price somewhere to cover the several hundred dollars he's loose on processing fees. And I don't buy that "Guarantee Savings", the bottom line on how much you pay for a car is always based on how motivated the dealer is to make the sale and how good your negotiating skills are. 

 

It actually worked out for me being so put off by the experience. Instead of buying a new Mazda CX-3 I found a 1 owner 2016 model with only 18k miles at a Honda dealer and got it for at least $10k less than buying new, Very happy with the car and my deal.

 


Fico 08: 720/721/719 TU/EX/EQ
Message 2 of 8
Community Leader
Valued Contributor

Re: Amex Auto Purchasing Program


DaveInAZ wrote:

Don't do it!

 

I never made it as far as even making it to a dealership to see how much of a down payment they would put on an Amex, or if they would honor that "Guaranteed Savings". Amex uses TrueCar.com, which is what Sams Club and a bunch of other CCs use. Once you select the Make & Model new car you want, Amex & other CC companies provide your contact info - Name, address, phone # & email - and TrueCar.com blasts that out to every dealer for that Make & Model in your area. Within minutes your phone will be ringing off the hook and your email inbox inundated with emails from dozens of "Internet Sale Managers" from different dealers. It took me weeks to get rid of them, even after lying and saying that I had decided on a different make of car.

 

I was so put off from the experience I refused to go to any of the dealers who tried to hustle me. And putting a down payment on a CC is never a good idea, and if a dealer was willing to take $15-20k (doubtful) he'd jack up the price somewhere to cover the several hundred dollars he's loose on processing fees. And I don't buy that "Guarantee Savings", the bottom line on how much you pay for a car is always based on how motivated the dealer is to make the sale and how good your negotiating skills are. 

 

It actually worked out for me being so put off by the experience. Instead of buying a new Mazda CX-3 I found a 1 owner 2016 model with only 18k miles at a Honda dealer and got it for at least $10k less than buying new, Very happy with the car and my deal.

 


Thanks for sharing your experience.  I've looked at the Amex service but didn't bite as it looked like it would take much more time than I wanted to deal with.  I kinda got the feeling that they'd shotgun my info and I don't want anymore useless emails than I already get...let alone my phone ringing off the hook.  I'm getting ready to purchase a new hatchback within the next couple of weeks so I can stop dumping so many miles on my Yukon...plus I want something cool to toy around with.  Still trying to decide between the Civic Si or the Focus ST.

Message 3 of 8
Contributor

Re: Amex Auto Purchasing Program

That isn't what I was expecting of the program, for sure. And I don't want random calls from pushy dealership, either. It is safe to say I won't be using the program. Thanks for sharing!

Discover IT Chrome: $5,800 CL | Amex BCE: $10,000 CL | Capital One QuickSilver: $10,000 CL| BankAmericard Cash Rewards(AU): $2500 CL

TU FICO: 759 | EX FICO: 739
Message 4 of 8
Community Leader
Valued Contributor

Re: Amex Auto Purchasing Program

A tip on buying a car: The end of the month is the best time to buy, because most dealerships have monthly sales quotas and they're much more motivated to make a deal at the end of the month to meet their quota.

 

I went in & test drove my car in mid August. I liked it and offered $18k to their online posted price of $18,800. They wouldn't budge below $18,500, so I thanked the salesman for his time and walked out. Over the next 10 days they lowered the online price to $18,500 and then $18,300. So I went back Thursday afternoon Aug. 31 (also right before the long Labor Day weekend), with my pre-approved loan from my local CU. Since they'd lowered their price by $500 I lowered the price I was willing to pay by the same amount.. I started at $17k, took 45 minutes, but I drove home with the car for $17,500, a thousand less then they were willing to take mid month.


Fico 08: 720/721/719 TU/EX/EQ
Message 5 of 8
Valued Contributor

Re: Amex Auto Purchasing Program

Local credit union.




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 6 of 8
Highlighted
Valued Contributor

Re: Amex Auto Purchasing Program


Loquat wrote:

DaveInAZ wrote:

Don't do it!

 

I never made it as far as even making it to a dealership to see how much of a down payment they would put on an Amex, or if they would honor that "Guaranteed Savings". Amex uses TrueCar.com, which is what Sams Club and a bunch of other CCs use. Once you select the Make & Model new car you want, Amex & other CC companies provide your contact info - Name, address, phone # & email - and TrueCar.com blasts that out to every dealer for that Make & Model in your area. Within minutes your phone will be ringing off the hook and your email inbox inundated with emails from dozens of "Internet Sale Managers" from different dealers. It took me weeks to get rid of them, even after lying and saying that I had decided on a different make of car.

 

I was so put off from the experience I refused to go to any of the dealers who tried to hustle me. And putting a down payment on a CC is never a good idea, and if a dealer was willing to take $15-20k (doubtful) he'd jack up the price somewhere to cover the several hundred dollars he's loose on processing fees. And I don't buy that "Guarantee Savings", the bottom line on how much you pay for a car is always based on how motivated the dealer is to make the sale and how good your negotiating skills are. 

 

It actually worked out for me being so put off by the experience. Instead of buying a new Mazda CX-3 I found a 1 owner 2016 model with only 18k miles at a Honda dealer and got it for at least $10k less than buying new, Very happy with the car and my deal.

 


Thanks for sharing your experience.  I've looked at the Amex service but didn't bite as it looked like it would take much more time than I wanted to deal with.  I kinda got the feeling that they'd shotgun my info and I don't want anymore useless emails than I already get...let alone my phone ringing off the hook.  I'm getting ready to purchase a new hatchback within the next couple of weeks so I can stop dumping so many miles on my Yukon...plus I want something cool to toy around with.  Still trying to decide between the Civic Si or the Focus ST.


Civic. Hands down. 

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 7 of 8
Valued Member

Re: Amex Auto Purchasing Program

I had 3 offers I saw when I logged on today.to review my statements - Some local vendor offering 5 miles per $1 spent on my Blue Cash card (still trying to figure that one out!?) - The ol’ 75,000 mile Platinum charge Card offer ... and then saw this Amex Auto Purchase Program. It just so happens to be that I'm currently looking for a car (SUV) too, so I read 90% of the fine print before bailing, as I too saw “TrueCar” every other line (ripoff company - here at least) - but Amex says you have to put a •minimum• of $2,000 down using your Amex, but then says you can go UP TO the full price of the car too! Yowzers!

Now, I had an old boss once (retired senator) who i drove to a Caddie dealership one Friday lunchtime and watched him buy a new $65K car on plastic. I was maybe 23 at the time and didn't know that much credit even existed on a card back then, let alone buy a car with one!! Yikes. But he said it was 0% APR over 18 months and thats better than any 2.99% loan now (actually this was in the 80’s and think interest rates were 10%~15% APR back then?) so guess it makes some sense as long as you can pay that off in 18 mo.

Back on topic though.... So, $2K min. Down payment - Or pay for the entire car with your Amex!? So clearly some dealers DO take it and am sure Amex cuts them slack on the 4.5% fee. They'd have to in order to get “partners”.

Anyway. I’m still struggling to see what “the deal” (benefit) is? 5% on $2K for me... Or maybe that was the part in the 10% that I scanned over Smiley Happy

Anyway - If you do end up getting loads $$$ off and save w/ Amex. Pls let us know!

Good luck!

BB
Message 8 of 8