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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.
@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.
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.
Maybe cash advance checks linked to the credit card account?
@chris2k5 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.
I know NMAC (lender for Nissan and Infiniti) accepts credit card payments. I think there is a small fee involved, of course.
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.
@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.
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.
You can do it online at Money Gram for most lenders. It is EXPENSIVE though