Credit usage

[austinguy907]

Really???  **bleep** are you guys smoking or is this delusional world?

First off no dealership is going to let you put 100% of a vehicle on a CC because of the chances you will do a chargeback on it and they lose the car and the cash.

Secondly most dealerships cap you at a $5K limit on CC's for DP's but, if you have work done on the card then it's a different story since they have a higher margin on "service".

3rd if you have 100K CC CL you know better than to even contemplate this in the first place.

Any issuer approving this is just insane anyway although they would love the swipe fee for a big ticket item like this.

[Anonymous]

If I had a 100k card. I still wouldn't charge more than the usual that I do now. To me that just sounds scary to charge that much. Debt is a scary thing! Don't do it!!! 😂

[Anonymous]

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@austinguy907 wrote:

Really???  **bleep** are you guys smoking or is this delusional world?

First off no dealership is going to let you put 100% of a vehicle on a CC because of the chances you will do a chargeback on it and they lose the car and the cash.

Secondly most dealerships cap you at a $5K limit on CC's for DP's but, if you have work done on the card then it's a different story since they have a higher margin on "service".

3rd if you have 100K CC CL you know better than to even contemplate this in the first place.

Any issuer approving this is just insane anyway although they would love the swipe fee for a big ticket item like this.

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It wasn't a credit card but there is a celebrity who apparently put a whole Lamborghini on a Charge Card. Also,it's possible majority of dealerships cap you off at 5k for a down payment on a card, I don't know.  But I know for a fact that someone I knew  put 12k on his card for a down payment on a Nissan GTR. 

[NRB525]

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@Anonymous wrote:

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@austinguy907 wrote:

Really???  **bleep** are you guys smoking or is this delusional world?

First off no dealership is going to let you put 100% of a vehicle on a CC because of the chances you will do a chargeback on it and they lose the car and the cash.

Secondly most dealerships cap you at a $5K limit on CC's for DP's but, if you have work done on the card then it's a different story since they have a higher margin on "service".

3rd if you have 100K CC CL you know better than to even contemplate this in the first place.

Any issuer approving this is just insane anyway although they would love the swipe fee for a big ticket item like this.

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It wasn't a credit card but there is a celebrity who apparently put a whole Lamborghini on a Charge Card. Also,it's possible majority of dealerships cap you off at 5k for a down payment on a card, I don't know.  But I know for a fact that someone I knew  put 12k on his card for a down payment on a Nissan GTR. 

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There have been reports of large amounts charged to credit cards to pay for vehicles, then the credit card is paid off to move the funds to another lower cost loan.

However, I would really seriously doubt the dealer is "eating the swipe fees" on such a transaction. They may whine that you are eating their profit, but the price you are paying for the car is hardly a set sticker price. You most likely would be paying the swipe fees in a slightly higher car price, in some form or other, or the dealer is making a calculation that tells them they'd rather get the Mustang off the lot and have your cash in their till.

[BirchBarlow]

Good luck finding a dealership who will let you pay with a card.  They either refuse CCs or at most only allow a nominal amount to be charged because they would be subject to transaction fees, they would open themselves up to the possibility of chargebacks, and the dealer could even be subrogated in the event that the customer defaults on payments.  So don't expect to see car dealerships show up on rotating bonus category for your Chase Freedom or your Discover card any time soon.  That would be too good to be true.  

[Anonymous]

Y'all are probably right about them not accepting a CC for the entire car because of the swipe fee.. But I think you're wrong on the Chargeback scenario.

I run a business and I have direct contact with a higher up Supervisor at my Merchant Services Risk department. On really large transactions (usually $4K or above) I will get in contact with her and they verify certai things and take steps in regards to making sure it's not fraud and the card holder is actually making the purchase etc etc. So in these special transactions were a human on the Merchant Services side is getting involved, a customer can't just 'up and call and request a chargeback' one day..

[Anonymous]

Its only money. A 100k limit is 8x my best limit. if they mde 8x as much as me its an easy done deal. An impulse buy and turning around a week later to pay it all off by liquidating funds or a different loan/loc is a good move. Think barret jackson auctions. Im sure you put down a sweet deposit and they collect it next couple business days buts lets say you didnt have that trust luxury.

I listen to KFI and few weeks ago  Tim ConwayJr had a light chat with Charles Barkley who was alreqdy there talking to the sports station in the same building. He said the worst night he had in vegas was -1.2M. My worst gambling ever hasnt even been -1k. Its all perspective and proportions. Gambling and charging large sums of money isnt whqt im trying to compare of course but the extra zeros is so simple but still mind blowing. Even though i worked with numbers and high dollar inventory all day long.

[Wolfeyy]

You could. However, it would not be a wise choice considering the interest rate of a cc is never better than the typical loan of a big ticket item such as a car...

[Anonymous]

Whats the difference between a 75k mustang and 75k worth of jewelry charged on a credit card?

The jewelry doesn't jump out of the owners hands and injure 5 spectators.

[Anonymous]

I've purchased trucks for my company as a regional manager and always put the taxes/fees/registration on our company AMEX.  They always offer to finance this but we don't pay interest on stuff like that, just on the charge card and pay it off as normal.

Normally these charges are between 5-6k, the dealership never blinked at the AMEX.