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Started By
Message
buying a new car with a credit card
Posted on 5/15/13 at 2:58 pm
Posted on 5/15/13 at 2:58 pm
I will be buying a new truck soon and was wondering if anyone has used a credit card to make the purchase then pay the balance off immediately. This way i would be able to get reward points back instead of just writing a check
8
Posted on 5/15/13 at 2:59 pm to tiddlesmcdiddles
Most dealerships won't allow you to put an entire car on it but they'll allow some.
Posted on 5/15/13 at 3:11 pm to tiddlesmcdiddles
Yeah, they may try to charge a processing fee
I've put down a down payment or deposit, but that's it
I've put down a down payment or deposit, but that's it
Posted on 5/15/13 at 3:12 pm to Broke
They will incurr a 2-3% fee as a merchant taking the card. I guess they would do it, but not without passing the fee to you.
So whatever points you get would cost you the fee they pass on to you.
$900 on 30k vehicle
So whatever points you get would cost you the fee they pass on to you.
$900 on 30k vehicle
Posted on 5/15/13 at 3:21 pm to the LSUSaint
quote:
I guess they would do it, but not without passing the fee to you.
this is what i kind of figured
thanks
This post was edited on 5/15/13 at 3:22 pm
Posted on 5/15/13 at 3:43 pm to tiddlesmcdiddles
I put $2,000 of the downpayment with my credit card. No problems at all.
Posted on 5/15/13 at 3:51 pm to Broke
quote:
Most dealerships won't allow you to put an entire car on it but they'll allow some.
Oh yes they will.
When I was dating Lucy about 20 years ago I saw her Visa bill and looked at it. The balance due was $28k with a minimum payment of 200 hundred. She was paying the minimum.
Me: What is this?
Lucy: I bought a new Mitsubichi Eclipse.
Me: You put it on a card?
Lucy: Yes
Me: This is at 18% interest.
Lucy: So what?
Me: It will take you 50 years to pay it off.
Lucy: What can I do?
I took her to a bank and got her a conventional loan to pay off the credit card and repay the loan at 6%.
We got married a year later. She decided to let me handle the finances.
Posted on 5/15/13 at 4:03 pm to Zach
Wow she must be smoking hot
Posted on 5/15/13 at 4:12 pm to tiddlesmcdiddles
I tried that 5 years ago with my AMEX and they just told me "no".
Posted on 5/15/13 at 4:46 pm to tiddlesmcdiddles
They have limits of a few thousand they'll allow you to put on a card
Posted on 5/15/13 at 5:05 pm to tiddlesmcdiddles
I did this last year and I think the dealership's max was 3k.
Posted on 5/15/13 at 7:19 pm to tiddlesmcdiddles
When we bought our last car my wife and I asked if we could put it on our credit card. Our limit was high enough to do so. When it came time to close the deal they told us we could only put the down payment on the credit card not the whole thing. We walked away from the deal.
Posted on 5/15/13 at 7:22 pm to tiddlesmcdiddles
I did this in 1999 at Team Honda in Baton Rouge. Total was around 20k. I got air miles. I also registered, paid tax and titled the car at the dmv. It was a used car. I only paid the dealership the amount for the car and $10 notary fee. Drove off with the car, bill of sale and signed title as if it were a private sale.
I did a private sale on my other car and paid off the credit card bill before the interest kicked in. I got a airmiles ticket at 25k miles. Ended up using it to go to Mexico.
I did a private sale on my other car and paid off the credit card bill before the interest kicked in. I got a airmiles ticket at 25k miles. Ended up using it to go to Mexico.
This post was edited on 5/15/13 at 7:32 pm
Posted on 5/15/13 at 8:37 pm to Shaun176
I traded in a car and the remainder owed on the new one was 4500 I put it all on the capital 1 venturer
Posted on 5/15/13 at 9:38 pm to barry
quote:
Wow she must be smoking hot
my thoughts exactly
Posted on 5/16/13 at 8:23 am to RLDSC FAN
Put 6k down payment on mine last month. Get 2x
Miles so 12k miles in one transaction. Not bad
Paid it off two days later
Miles so 12k miles in one transaction. Not bad
Paid it off two days later
Posted on 5/16/13 at 10:53 am to cwill
quote:
I tried that 5 years ago with my AMEX and they just told me "no".
Amex charges the merchant a much higher discount rate thatn do Visa, MC, Discover....usually Amex is well over 3% and goes higher depending on industry.
Posted on 5/16/13 at 10:56 am to Shaun176
quote:
It was a used car. I only paid the dealership the amount for the car and $10 notary fee. Drove off with the car, bill of sale and signed title as if it were a private sale.
Yep, they absorbed the discount fee on the sale on the card because they have a much higher profit margin on used cars....
example: They may have gotten hat used car in a trade-in situation on a new car they sold. Offered some guy 3k on the trade and sold it to you for 5k...they figured meh and absorbed the $150 in card fees which, btw, is a deductible expense for them at the end of the year.
Posted on 5/16/13 at 10:57 am to dallastiger55
quote:
Get 2x
Miles
which card?
Posted on 5/16/13 at 11:03 am to the LSUSaint
quote:
example: They may have gotten hat used car in a trade-in situation on a new car they sold. Offered some guy 3k on the trade and sold it to you for 5k...they figured meh and absorbed the $150 in card fees which, btw, is a deductible expense for them at the end of the year.
good point.
i would like to use my AMEX but i would settle for the visa if it came to it. my visa racks sky miles. i guess ill see how much they will let me put on it
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