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Re: Charge new car to credit card ???
Old 03-20-2007, 09:06 AM   #21
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Re: Charge new car to credit card ???

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Originally Posted by yelnad
The college I work at charges a 2% Convenience Fee for each payment made by credit card. It really adds up since tuition is so darn high.
Yes, that's right. When my older son was in his last year his college stopped taking VISA cards and started charging a 2.5% fee if you used a Mastercard or Discover card. You could make electronic payments from a checking or savings account for free.

The younger son goes to a different college and so far they haven't started charging a fee. Both colleges are state universities in Ohio. I wonder how long this college will go without charging a fee.
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Re: Charge new car to credit card ???
Old 03-20-2007, 09:07 AM   #22
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Re: Charge new car to credit card ???

2 years ago I tried it and they would only let me charge $2500.

Karen
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Re: Charge new car to credit card ???
Old 03-20-2007, 09:16 AM   #23
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Re: Charge new car to credit card ???

It's worth asking. I bought a car in 2001 and paid $4000 with credit card -- the most they would allow -- and the rest by check. And a money market check, no less, number 107 or so, drawn on a bank thousands of miles away.

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Re: Charge new car to credit card ???
Old 03-20-2007, 09:58 AM   #24
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Re: Charge new car to credit card ???

Most of the comments here are right on. The dealer pays 2.5-3% to VISA or another CC company, so they don't aren't going to let you charge $20000 on it.

Plus, CC companies are getting more "miserly" on their rewards anyway..........

I thought everyone paid cash for their cars on here...........am I wrong??
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Re: Charge new car to credit card ???
Old 03-20-2007, 10:23 AM   #25
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Re: Charge new car to credit card ???

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Originally Posted by OldMcDonald
I tried it once, and the dealer wouldn't accept it. I am pretty sure that MC/Visa takes about 3% of every purchase, so that is probably the bulk of the profit he would have made on the sale...wrote a check instead.
Same thing here. The dealership told us the credit card companies were wising up to this and our purchase would be limited to 5% of the cost of the car.
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Re: Charge new car to credit card ???
Old 03-20-2007, 12:14 PM   #26
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Re: Charge new car to credit card ???

We would take up to 2K on a CC at the dealer I worked at.

I never checked if there's any type of law that says a vendor must take any amount if the person is approved for that amount. Interesting! I would think that the CC company would be upset if they knew of any type of limits set by a vendor.
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Re: Charge new car to credit card ???
Old 03-20-2007, 12:38 PM   #27
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Re: Charge new car to credit card ???

We did - about $20K. For some reason the dealer encouraged us to do this, and we did get miles. We were paying cash for the car, so we just paid off the credit card instead.

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Re: Charge new car to credit card ???
Old 03-20-2007, 12:51 PM   #28
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Re: Charge new car to credit card ???

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Originally Posted by Calgary_Girl
Same thing here. The dealership told us the credit card companies were wising up to this and our purchase would be limited to 5% of the cost of the car.
I guess I don't get this - don't the CC companies encourage people to use their cards for purchases? So why would they want to discourage it?

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Re: Charge new car to credit card ???
Old 03-20-2007, 02:01 PM   #29
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Re: Charge new car to credit card ???

When we got our Dodge, they only let us charge $3K. We did finance $5K with them because they gave us $1K back and $5K was the minimum amount we needed to finance.
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Re: Charge new car to credit card ???
Old 03-20-2007, 08:50 PM   #30
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Re: Charge new car to credit card ???

Well, perhaps someone at a dealership said this was a limitation set by a credit card company, but I've never heard of such a thing.

Another, arcane factor here is that there is a dealership agreement between the retail finance company and the dealer ... that agreement indicates the dealer represents the buyer's down payment is paid in cash. Technically, payment of the downstroke by credit card is a violation of that agreement, unless the dealer discloses this to the lender.

The big reason is the fees, no question.
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