Buying a Camaro with a credit card

[caper]

i ended up with 6K on my card, that was the max.

[Michael_Js]

Yup, I think my max was $6K also...

[Angrybird 12]

I just got a cash advance from mine then paid it off the next week...

[ssump29]

Well I guess it depends on who you are and what you are worth because I have put many cars onto my AMEX black card and never had a problem. I say get the check from the credit card company and do it that way, they have to accept that.

[camarowa]

tried doing it, max was $5k. I wanted the miles (alaska card). Decided it was not worth the hassle and just wrote a check for the full balance instead.

[camarorad]

Originally Posted by bmclark

We sold two cars once on a single credit card... I think it was like an $18000 transaction. We just informed the customer that we would be passing on the fee after the first $1000 and then charged the 4% card processing fee...

It is because of this that I would think there are different reasons dealers don't like credit cards. If the charge back truly were a problem, just tell the customer to pay that amount on top of the agreed on price.

I think a big reason might be credit card transactions are potentially messier. You can call the credit card anytime and dispute the charge for almost any reason. The credit card company will then freeze that transaction pending arbitration or whatever. What a headache for them. Check clears, done. Your only recourse is to sue, much harder than calling the credit card company.

[Fivestars]

Hey man how did you get Bank of America at 3.4% Did your dealer negotiate that? The lowest rate they have listed is 4.2% in my area. Can it really vary that much?

[AstroLander]

Originally Posted by Fivestars

Hey man how did you get Bank of America at 3.4% Did your dealer negotiate that? The lowest rate they have listed is 4.2% in my area. Can it really vary that much?

Did you go for the 72 month loan? BoA's website right now says 3.4% on new cars for 60 months, but I would imagine that rate fluctuates and is regional. I just applied online and a rep contacted me and said I qualified for the 3.4%

Thanks for everyone's replies. I'm worried about the dealership passing the charge fee onto me; though I would hope they'll disclose that to me when I hand over my card.

I guess as of right now, I'll just go in assuming I can put a limited amount down, say $3000, and put down a hefty down payment then finance the rest.

I'm just trying to game the system in my favor with all of this

Edit: I guess it is regional, as the rate on the website says this:

Today's Rates for Alabama

*Rates quoted below include eligible discounts. See Assumptions for details.
January 27, 2010, 07:23 PM Eastern
Loan Type Up to 60 Months (%) 61 - 72 Months (%)
New car 3.40 4.00

[Darth_Emma]

My dealer would only allow up to $2500 on the credit card. It costs them money to take the credit card. I ended up not using the credit card at all.

[CamaroScotty]

Originally Posted by ssump29

Well I guess it depends on who you are and what you are worth because I have put many cars onto my AMEX black card and never had a problem. I say get the check from the credit card company and do it that way, they have to accept that.

After it clears, of course.....

[Kendell347]

Originally Posted by Fivestars

Hey man how did you get Bank of America at 3.4% Did your dealer negotiate that? The lowest rate they have listed is 4.2% in my area. Can it really vary that much?

Apparently the rates vary by area and also by your credit score and history. You may also want to do plenty of research and make sure your dealer is a participating dealership with your bank. For BoA, if your dealership is not a participating dealership you will have to pay an additional $200.00. I just learned this today. WIth some other banks if the dealership is not a participating dealership, you don't get the car. Just a heads up.

[SkyBoss]

After my trade (Let's not discuss that) I put the rest, 35K on my Master Card with 1% cash back. They bitched that it woud cost them 3% and I said they could have worked something out with me. I'll have avout 2 months to pay off mastercard with no hits.

[jrboyd_1980]

Originally Posted by AstroLander

I need some advice from my fellow Camaro brethren. My 2LT is scheduled to arrive in about 3 weeks, and I'm weighing different options on how I want to pay.

I have been approved for $30k in financing through Bank of America at 3.4% interest rate for 60 months. Originally I had planned to put about $10k for a down payment and then just finance the rest through the BoA loan. However, I've recently come up with the idea of putting a vast majority of the car on a credit card.

Now, before people have apoplexy, here is my reasoning:

I have contacted the dealership and they confirmed that I can put any amount on the credit card, even up to financing the entire car. To avoid the exorbitant interest rate charges from the credit card, I was looking at the Capital One no hassles reward card, which gives 0% APR for 12 months.

If I were to put a large amount on credit card, say $20k, I could put the $10k down payment towards the CC amount the next day, which means I'd have $10k to pay off within 12 months. Obviously for this idea to be practical, I'd have to be able to pay off that credit card debt before the interest kicks in, and I'm highly confident I could.

I'd also get 1% cashback on all purchases, so right off the bat that's a $200 dollar bonus.

What does everyone think?

WAIT. You need to check on your state laws. In Texas you can NOT put down payment on a credit card, unless it is a certain type. Basically, you are taking out two loans on the car. If you were to default loan, which has happened, the bank and the credit card company fight over who has right to vehicle.

[irocnroll]

This is the reason we are in a recession right here.