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Any1 actually pay for a car on their credit card?

Discussion in 'Other Off Topic Forum' started by ttforcefed, Feb 27, 2004.

  1. Kds

    Kds F1 World Champ

    Lawwdog hit the nail on the head. Normally we draw the line at $ 3,000...........

    We'll let you do it however.....but we'll collect the 1.75% upfront and we had better know you from past experience......if we never met you before over the years or had never done business with you.....no chance.
     
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  3. racedecknc

    racedecknc Karting

    Nov 24, 2003
    198
    Winston Salem
    Full Name:
    Ed
    I used to have a merchant account. I would never take a credit card for a car purchase. The customer has 120 days or so to dispute the charge. Its too much hassle to fight a potential chargeback. Plus, Ferrari's excepted, the 2-5% fee is more than most dealers make in profit on "normal" cars. Its not good business. If someone gets pissy about it, they can go to their bank and get a cash advance on the card.

    ED
     
  4. KennyH

    KennyH F1 Veteran
    Owner

    Aug 13, 2001
    5,227
    NYC
    Full Name:
    Kenny
    Must really like that car- my buddy has an A4 2.8 and it started to fall apart after hitting 20k miles (much like my moms A6)- be careful!
     
  5. wax

    wax Four Time F1 World Champ
    Advising Moderator

    Jul 20, 2003
    45,335
    SFPD
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    Dirty Harry
    I bought one car (not current one - that was cash, as usual) several years ago using 2 cards - 2,150 x 2 = 4,300 after talking the pre-tax asking price down from 7,300 to 4,300 - with 4,300 being the tax-included price - muahahaha. Once they agreed to the price (Though their stipulation in return was they took the 30-day Used Warranty deal out of the car sale), I whipped out the plastic. The salesman's conversations dwindled to one word, such as "Card" and "Sign" - I don't think I was his best friend anymore. Used the Air Miles, switched what was left of unpaid balance to another 0.0 interest card after interest kicked in on other cards. Subsequently paid that off. Means to an End/End to a Means = car was paid for Same As Cash.
     
  6. beast

    beast F1 Veteran

    May 31, 2003
    8,965
    Lewisville, TX
    Full Name:
    Rob Guess
    While i have not purchased a new car on a credit card, I have purchased a new jet ski on one. At first the dealer did not want to take the card and after i told him well you will not take an out of town check, you have to take a the card if you wnat the sale!. To be honest i was the one that was in between a rock and a hard place as my other jet skis hull was crushed beyond repair in an accident the day before a major race.

    In the end it was not worth it since the modified motor in the old hull did not last the race and i ended up DNF ing the race :(
     
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  8. SrfCity

    SrfCity F1 Veteran

    Nov 1, 2003
    9,842
    Orange County, CA
    Hey Wax, good one! On a similar note, is there any possible way to pay a mortgage using a credit card and thus getting miles?

    I thought that I could maybe Paypal the mortgage payment but no go, as the lender does not accept Paypal. Maybe it would be possible to buy a car using a Paypal account? The dealer may be protected and thus agree to it.

    If you use Paypal and your cc option then you will get miles for it.

    Anybody have any ideas?
     
  9. Ms. Enzo

    Ms. Enzo Rookie

    Feb 19, 2004
    28
    Los Angeles, CA
    Full Name:
    Karen
    The BLACK AMEX is THE CARD. You are invited to have one, you cannot apply for one and yes, you can buy ANYTHING.
     
  10. donv

    donv Two Time F1 World Champ
    Rossa Subscribed Owner

    Jan 5, 2002
    20,074
    Portland, Oregon
    Full Name:
    Don
    I bought a car on a credit card once. It was about 1990, and the car was a 62 Rambler. Paid about $400, IIRC, although I did have to agree to buy the salesman lunch!
     
  11. Artherd

    Artherd F1 Veteran

    Jun 19, 2002
    6,588
    Bay Area, CA
    Full Name:
    Ben Cannon
    With AMEX, it can be done even today. But vendors like AMEX even less, because of it's nearly 6% fee for merchants.


    Debt consolidation checks are I belive considered Cash Advance. (which usually *check your fine print!* carries a much higher APR and not subject to 0.0% offers, *or the 25-day intrest-waived peroid for purchases* on most cards.)

    However, I see no reason they could not be used to pay for a mortgage. Especially if you find one with favorable Cash Advance policies (if you get one with 0% and miles, might as well run everything through there.)

    Call your CC company and ASK. Also ask for a lower APR at the same time. It pays to re-negotiate with your CC company at least every 6 months. Despite what they may claim early on, they are entirely flexible, and often willing to give you a lot if you are 'considering going elsewhere for a better deal.'
     
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  13. Kds

    Kds F1 World Champ

    FWIW..........our quoted rates are as follows...........1.75% for VISA and M/C.

    We do not take AMEX because of the 3.5% fee they wanted............the Centurion card is worthless if it cannot be honored.

    Apparently there is/was quite a fuss in NYC recently because a lot of restaurants and other merchants are not taking AMEX anymore due to their higher rates. I'd suggest that only 1 in 5 merchants where I live display the sign.

    Anyways.....10 years ago I had a guy buy his new 911 on M/C.......charged him the extra rate...no problem...the voice of the rep at M/C when I phoned in the $130K charge was kind of funny though.....she must have thought it was a joke until she had to give me the approval code.....she could barely speak.
     
  14. Steve King

    Steve King F1 Rookie

    Feb 15, 2001
    4,366
    NY
    My wife bought a car on her Amex card a few years ago for our daughter. It was only $8k but the dealer didn't have a problem nor did Amex. I found it interesting considering she is a stay at home mom with her own credit rating. Amex seems to like here and every time we go on vacations or out to dinner she uses the card. They told here if she needs to purchase anything over $10k to call a certain person to get it authorized.
     
  15. dantm

    dantm Formula 3

    Nov 1, 2003
    1,092
    YYZ, BOS, SFO
    Full Name:
    Dan B.
    From what I understand the balance transfer cheques incur an interest % as soon as they are used. Additionally, they also incur that transfer fee...

    I think a few years ago (95 and earlier) there was a loophole where this was not the case -- in theory you could carry two cards and keep on transfering the balance between the two of them every month - never paying any interest nor transfer fees.

    Can anybody confirm this was the case?
     
  16. bobafett

    bobafett F1 Veteran

    Sep 28, 2002
    9,193
    You can apply for one w/o a problem, and frankly, you can buy just as much on any other card as it. Don't believe the BS / marketing hype.

    --Dan
     
  17. DrStranglove

    DrStranglove FChat Assassin
    Rossa Subscribed Owner

    Oct 31, 2003
    25,622
    Google Maps
    Full Name:
    DrS

    This is exactly what I did. Plus you get the massive protection that the card offers, if it does so.

    For ex; I bought both mine and my brothers Cadillac Escalades on my AmEx.

    The only thing preventing you from doing it is the dealership. Some times they argue they have to pay 3% or so to the card company for you to use it....which is true. Just make sure the price is set and offer them 3% or what ever, over the price to cover their end. If they still will not deal, contact me and...depending on where you live, I might be able to help.

    {Edit: My company; we paied 2% for Visa/Mac and 2.5% for Amex. Most will pay more at least for the Amex.}

    DrS
     
  18. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    15,360
    thats what i did....i offered to pay 3% extra to cover the costs and audi still said no...i need to do some research because i plan on buying 2 new cars nexy year and ill be dammed if i dont get the points.
     
  19. DrStranglove

    DrStranglove FChat Assassin
    Rossa Subscribed Owner

    Oct 31, 2003
    25,622
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    DrS
    Ricky it is simple, tell them you will pay the 3% and do the deal right there. (Now make sure you are going to have no trouble withthe card. To do this call the card first and get let them know the charge is comming and from where.) And if the dealer says no, speak to the GM-- NOT the sales manager, he most times can not make serious decisions and is really a prop in some stores. If they still say no, walk.


    Where are you anyway?


    DrS
     
  20. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    15,360
    thnx dr...i'm in westchester, ny
     
  21. warrenn

    warrenn Formula Junior

    Mar 12, 2004
    376
    LA for now,NJ really
    Ricky, weren't you going to London or something? The last time I checked my name was warren now it has to be warenn. Anyways, my dad bought an ML on his am ex card I think it was around 40 or 50K -something like that. The dealer charged like $1000.00 more.
     
  22. sandersja

    sandersja Formula Junior

    Jan 16, 2003
    367
    Portland OR
    Full Name:
    John Sanders
    If you want charge-card points, just wait until the major service. At Ferrari of Denver I just put over 9K on my card for the full bore 30K.
     
  23. KKSBA

    KKSBA F1 World Champ
    Rossa Subscribed

    Oct 31, 2003
    13,964
    SBarbara-La Jolla CA
    Full Name:
    KKSBA
    $2.5 mil on Amex for a learjet in the early '80s. A high volume Amex account was all you needed then. Now, the black card will do it.
     
  24. Artherd

    Artherd F1 Veteran

    Jun 19, 2002
    6,588
    Bay Area, CA
    Full Name:
    Ben Cannon
    KKSBA- that's about the biggest I've heard of.

    The Annual fee on the black AMEX is pretty exhorborant too if I recall. Especially for what it buys you over their own offerings and that of their competitors. Still, I was under the impression it was still invitation-only. Not so anymore I guess? (was it ever then?)


    PS: Currently evaluating a CC gateway/merchant that will 'cap' my discount rates at $2k. (so I only get charged 3% of $2k for any charges above $2k, and 3% of the charge for charges below $2k.) May be for corporate cards only, I will have fine print in my hand monday.
     
  25. mwarrior

    mwarrior Formula Junior
    Silver Subscribed

    Mar 18, 2004
    339
    Ontario and Texas
    Full Name:
    Gagan P
    Where could one apply for it? Everything I've seen says that you have to be invited.
    Gagan


     
  26. Gilles27

    Gilles27 F1 World Champ

    Mar 16, 2002
    13,337
    Ex-Urbia
    Full Name:
    Jack
    I remember a story about 10 years ago where a guy bought some significant pieces of art at auction and used his AMEX to get the miles. It was a few million $$.
     
  27. Ed P.

    Ed P. Formula 3

    Dec 28, 2002
    2,177
    Long Island
    Full Name:
    No Longer
    I was just "invited" to get the Black Card. The annual fee for the first card is $2500.00 and each add'l is $1,500. I must admit the offer was presented in a very nice way, but it just doesn't make sense why Amex would think they are rewarding their high use customers by offering them a card with such a high membership fee. This card won't do anything more for me than a regular "green" card. I think they should "reward" their good customers with a card without an annual fee.
     
  28. mwarrior

    mwarrior Formula Junior
    Silver Subscribed

    Mar 18, 2004
    339
    Ontario and Texas
    Full Name:
    Gagan P
    Ed: It all depends on what you do. I dont remember if it was another thread on this site or another one I was reading (been looking into it a lot lately)... But if you look at it (at the Amex press release from '99 or just other sites with info), if you dont travel much, then theres no point to go with that, and you're better off with a Green or Platinum. At that point its just status. However, if you travel, it can pay for itself. For me its the upgrades and the companion tickets. My sister and I are both at med school in the Caribbean, so for the extra maybe 20-50% for the business or first class ticket for one person, I'd get a second ticket for free. In the long run it works out.

    As for the invitation, if you dont mind, PM me I'd like some more info about it.

    Thanks
    Gagan

     

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