Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Credit card for car?
Old 09-05-2007, 02:10 PM   #1
Full time employment: Posting here.
cantlogin's Avatar
 
Join Date: Sep 2006
Location: Pocono Mtns.
Posts: 884
Credit card for car?

Has anyone been able to get an automobile dealer to accept a credit card for the purchase of a car?
__________________

__________________
cantlogin is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-05-2007, 02:47 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,291
They will as long as you are willing to pay their fee....
__________________

__________________
Texas Proud is offline   Reply With Quote
Old 09-05-2007, 03:21 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
We asked this question the last time we bought a car. The Honda dealership would allow $5k to be put on our credit card.
__________________
There's no need to complicate, our time is short..
bbbamI is offline   Reply With Quote
Old 09-05-2007, 03:25 PM   #4
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
I did it a long time ago. Put about $25K on the card. No questions and no additional fee. Did not warn them I was going to attempt to do that until just before singing the contract. "Oh, by the way I plan to put the cash portion of this deal on a credit card". But, it was several years ago, and I am sure they have wised up to this by now. Can't hurt to try it but I would wait until the last minute.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 09-05-2007, 03:35 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Posts: 1,015
I wanted to use a credit card for my last new car purchase (in 2002), but the purchase contract clearly said only the deposit/down payment of up to $5,000 could be charged...the remainder (if not financed) had to be made by cashier check or personal check that would be verified by the dealership at delivery.
__________________
Achiever51 is offline   Reply With Quote
Old 09-05-2007, 05:01 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Most dealerships have limits. The dealer has to pay VISA or whomever a processing fee and they don't want to eat 3% on a $25,000 sale against the profit........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 09-05-2007, 05:31 PM   #7
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
If you go to a dealer that allow's it then don't buy the car you paid too much.
__________________
73ss454 is offline   Reply With Quote
Old 09-05-2007, 06:35 PM   #8
Full time employment: Posting here.
cantlogin's Avatar
 
Join Date: Sep 2006
Location: Pocono Mtns.
Posts: 884
Quote:
Originally Posted by 73ss454 View Post
If you go to a dealer that allow's it then don't buy the car you paid too much.
That's what my thinking is too.
__________________
cantlogin is offline   Reply With Quote
Old 09-06-2007, 09:25 AM   #9
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Push them on it! Most dealers will tell you that there is a limit to the amount charged. This goes against the agreements of ALL the major card organizations.

Be prepared to walk out, but they will take it.
__________________
saluki9 is offline   Reply With Quote
Old 09-06-2007, 10:10 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by saluki9 View Post
Push them on it! Most dealers will tell you that there is a limit to the amount charged. This goes against the agreements of ALL the major card organizations.

Be prepared to walk out, but they will take it.
I doubt it. The private business has the right to set limits on how much they will allow to be charged. It has withstood many legal inquiries over the years.......

I worked in dealerships for years, and we never went over $5000...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 09-06-2007, 11:37 AM   #11
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
We would only take 2K but if the deal had tons of profit we would go higher.

Every dollar the dealer looses to the credit card company lowers the profit to the deal on the car your buying. Wouldn't it make sense that if the dealer took the credit card you'd be paying too much for the car

Saluki9, doesn't this seem correct to you. Why would a dealer take the credit card to lose money?
__________________
73ss454 is offline   Reply With Quote
Old 09-06-2007, 01:20 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by 73ss454 View Post
We would only take 2K but if the deal had tons of profit we would go higher.

Every dollar the dealer looses to the credit card company lowers the profit to the deal on the car your buying. Wouldn't it make sense that if the dealer took the credit card you'd be paying too much for the car

Saluki9, doesn't this seem correct to you. Why would a dealer take the credit card to lose money?
They wouldn't...as you and I know. However, I had a high roller once who had a Platinum American Express card back when no one had them. He just HAD TO HAVE the used Callaway Vette we had on the showroom floor. He traded in a BMW.

I think the amount difference was $26,000. I put it on the Amex card because we had a $4000 front and a 100,000 mile warranty he ASKED for............so we ate the $700 for the $5500 profit..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 09-06-2007, 02:26 PM   #13
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Quote:
Originally Posted by 73ss454 View Post

Saluki9, doesn't this seem correct to you. Why would a dealer take the credit card to lose money?
Because the franchise agreements with Visa and Mastercard do not allow you to set a maximum purchase amount. The dealers tell you that there is a max purchase amount and like most things 99% of people take their word.

The dealership can lose their rights to take the cards if they are caught.


Quote:
according to both MasterCard spokesman Tristan Jordan and Visa spokeswoman Dori Busell, car dealers are not allowed to set maximum purchase amounts under their merchant agreement with the bank that handles their credit transactions

...For now, though, you are entitled to charge the whole car, up to your credit limit, according to Visa and MasterCard.
Chicago Sun Times - August 7th, 2007



BTW: at work we have had many clients charge Mercedes, BMWs and one client that built a $2.0M house and charged the whole thing on a Mastercard.
__________________
saluki9 is offline   Reply With Quote
Old 09-06-2007, 03:06 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by saluki9 View Post
Because the franchise agreements with Visa and Mastercard do not allow you to set a maximum purchase amount. The dealers tell you that there is a max purchase amount and like most things 99% of people take their word.

The dealership can lose their rights to take the cards if they are caught.


Chicago Sun Times - August 7th, 2007



BTW: at work we have had many clients charge Mercedes, BMWs and one client that built a $2.0M house and charged the whole thing on a Mastercard.
Like most things, it's an agreement that VISA or Mastercard aren't going to enforce that, since dealerships are GREAT clients for them.......

On Mercedes and BMW's. there's always enough markup to absorb the extra cost..........try getting your local Chevy dealer to do that on an Aveo.........

One of my client is working at a Lexus dealership. The LS series have $9,000 markups, and they sell all of them with at least a $4-$5000 markup..........

Your client that built the $2,000,000 house? The builder probably thought the $50,000 or so fee he had to pay Mastercard was ok, since he had about $800,000 markup in the house or so...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 09-06-2007, 03:10 PM   #15
Full time employment: Posting here.
Sandy's Avatar
 
Join Date: Dec 2006
Location: Florida
Posts: 855
For contractors and such, they have said they would only take the card - if I paid the 3% fee.
__________________
I would not have anyone adopt my mode of living...but I would have each one be very careful to find out and pursue his own way, and not his father's or his mother's or his neighbor's instead. Thoreau, Walden
Sandy is offline   Reply With Quote
Old 09-06-2007, 03:11 PM   #16
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
FD, as we both know if the profits there we do what we have to do.

Saluki9, are you under the impression that the dealer cares if they lose the wright to take someones credit card? Also do you think the dealer is willing to lose money so someone can use a credit card? You gotta be kidding. Most folks have many different credit cards so if one of the cards wants to pull the privilage of the dealer using that one so be it.

I've had people come in and want to put the car on the card so they can go on vacation with the points. These are people that wanted to pay cash and would pay the card off next month.

I'll leave it at this, if the dealer is going to lose money there not taking the card. (period) If your walking out the door just keep walking.
That's why they make doors.
__________________
73ss454 is offline   Reply With Quote
Old 09-06-2007, 03:52 PM   #17
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Quote:
Originally Posted by 73ss454 View Post
FD, as we both know if the profits there we do what we have to do.

Saluki9, are you under the impression that the dealer cares if they lose the wright to take someones credit card? Also do you think the dealer is willing to lose money so someone can use a credit card? You gotta be kidding. Most folks have many different credit cards so if one of the cards wants to pull the privilage of the dealer using that one so be it.

I've had people come in and want to put the car on the card so they can go on vacation with the points. These are people that wanted to pay cash and would pay the card off next month.

I'll leave it at this, if the dealer is going to lose money there not taking the card. (period) If your walking out the door just keep walking.
That's why they make doors.
You're telling me that an auto dealer wouldn't care if they were no longer allowed to take VISA? Are you kidding?


They will do it if you push, trust me, I've done it. I charged $10K which was my limit at the time on my AA Mastercard to buy over half of my girlfriends car. I paid $200 over invoice so they must have had one hell of a holdback on those Civics. It almost came to punches, but they took the card. I didn't take the crap about only allowing $2500 on the card.


BTW: This is from the VISA merchant agreement

Quote:
VISA U.S.A. INCORPORATED

A. As per page ten (10) of the "Rules for Visa Merchants: Card Acceptance and Chargeback Management Guidelines," the following Visa Rules are imposed on merchant conduct:

Dollar Minimums and Maximums - Always honor valid Visa cards, in your acceptance category, regardless of the dollar amount of the purchase. Imposing minimum or maximum purchase amounts is a violation.

No Surcharging - Always treat Visa transactions like any other transaction; that is, you may not impose any surcharges on a Visa transaction. You may, however, offer a discount for cash transactions, provided that the offer is clearly disclosed to customers and the cash price is presented as a discount from the standard price charged for all other forms of payment.

[Note: As per the disclaimer appearing on page four (4) of the "Rules for Visa Merchants:"

This guide contains information based on the current Visa U.S.A. Inc. Operating Regulations. If there are any technical differences between the Visa U.S.A. Inc. Operating Regulations will prevail in every instance. Your merchant agreement and the Visa U.S.A. Inc. Operating Regulations take precedence over this guide or any updates to its information.]
__________________
saluki9 is offline   Reply With Quote
Old 09-06-2007, 04:26 PM   #18
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
That's correct, visa can say what they want but wouldn't do a thing.

As far as your girlfriends car, well then there was some profit somewhere. It's not a non profit orig. They had to have some type of bonus money on the civic that month or some other type of profit. Last time I looked dealerships don't have a steeple and a cross in front.
__________________
73ss454 is offline   Reply With Quote
Old 09-06-2007, 04:36 PM   #19
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Quote:
Originally Posted by 73ss454 View Post
Last time I looked dealerships don't have a steeple and a cross in front.
Isn't that the truth!
__________________
saluki9 is offline   Reply With Quote
Old 09-06-2007, 05:47 PM   #20
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Yes it is, I wanted to retire just like everyone else here. (heh)
__________________

__________________
73ss454 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Credit card pranks... cute fuzzy bunny Other topics 16 10-09-2007 07:47 PM
Best Bonus for Credit Card Expenitures -Frequent Flyer cards or Cash-back card? ScaredtoQuit FIRE and Money 19 04-21-2007 04:29 PM
Credit Card Question frayne Other topics 14 01-07-2007 06:59 PM
Credit Card Fraud Indexter Other topics 13 06-19-2006 05:59 PM
Credit card games wabmester Other topics 2 12-17-2003 07:04 AM

 

 
All times are GMT -6. The time now is 05:26 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.