Buying a Camaro with a credit card - Page 3 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

AstroLander · 01-28-2010, 05:04 PM

Quote:

Originally Posted by irocnroll

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

Interesting how you're the only person to say that. Perhaps you didn't read my initial post that clearly states how I plan to finance the car, i.e. only using the credit card because I can get cash back and a 0% APR, then ensuring I pay it off before the interest takes effect.

I'd be more than happy to take a loan from you irocnroll instead of my recession-causing idea. Shall we say at 2 points?

Angrybird 12 · 01-28-2010, 06:28 PM

Quote:

Originally Posted by jrboyd_1980

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.

I don't think that is true, at least not here . there is no lien on the car by the credit card company.. A credit card is like a personal loan. There is no collateral involved...

SkyBoss · 01-28-2010, 06:55 PM

That's correct, CC company can't lien vehicle. You could default on them and even transfer title of vehicle and declare bankruptcy and you get to keep the car. Now that's what helped put us in this mess. Banks were free and loose with OUR money and now i really mean OUR money. We bailed them out and even GM.

Jer4251 · 01-28-2010, 07:06 PM

the dealer i bought from only let me put 1k on my credit card. wanted to put 4k on it, but they said i couldnt. so i had to get a check from the cc company for the rest. And then did boa at 3.84 for 72 mo. i had the same 3.4 at 60 mo. but i wanted a smaller payment.

AstroLander · 01-28-2010, 07:36 PM

Quote:

Originally Posted by 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.

Whoa! $35k, looks like we're thinking along the same lines.

Though I'm a little confused, what do you mean they could have worked something out with you? Did they charge your card and forget to levy a service charge, then contacted you complaining?

I kind of feel like I'm out of luck with getting a concrete answer from the dealership, though it's good to hear everyone's experience with attempting a similar transaction.

Mr Twisty · 01-28-2010, 07:47 PM

You must have good credit to be carrying around a $20,000. max. CC

SkyBoss · 01-28-2010, 09:14 PM

Astro, They can't levy an extra charge to offset what the % they pay the CC company, that's illegal and against the CC companies policy and should be reported. What I meant was that if they were willing to pay 3% of the 35K then I would have been willing say hey guys, let's split the difference and make it a cash deal. It was done by then and I'm getting back 1% cash anyway so it wasn't huge to me, but they could have ended up with a better deal.

superstockcam · 01-28-2010, 09:36 PM

Quote:

Originally Posted by CamaroScotty

Most dealers wouldn't accept over about $1000 on a card... Remember, they pay a fee. Get a check from your card company, and after it clears, you'll be in luck.

Yep, I did that and they still gave me .5 miles for every dollar!! Of course pay that off immediatley!!

solo40oz · 01-28-2010, 09:39 PM

I signed up for a 12mo 0% interest card right before I bought my GXP.....put my down payment on the card and then paid it off....If I remember correctly, I put $5k on the card

ssump29 · 02-03-2010, 01:27 PM

Quote:

Originally Posted by coolman

If they state that you can pay with a credit card then it's illegal. I never saw a car dealer advertise that you can pay with a credit card.

WOW how wrong you are, sometimes you make me wonder with your posts if you really know what you're talking about or if you are just a guy who wants to be the person to know everything.

What you stated is false and I know first hand, because I pay for all my cars on my AMEX black card. Yes its a special cc but that's only because you have to spend 250,000 or more annually on it to have it. So everything I purchase goes on it, but none the less its still a card credit and the dealerships I have used it with have never complained or denied it.. They have been more then happy to process it.

ssump29 · 02-03-2010, 01:33 PM

Quote:

Originally Posted by SkyBoss

That's correct, CC company can't lien vehicle. You could default on them and even transfer title of vehicle and declare bankruptcy and you get to keep the car. Now that's what helped put us in this mess. Banks were free and loose with OUR money and now i really mean OUR money. We bailed them out and even GM.

YEs this is correct and the reason is, Credit card debt is unsecured where as a home loan/car loans are secured debts. And what that means is if you file for bankruptcy you will more then likely not owe your debt to the CC company but as far as a house loan or car loan you will still be held accountable for that and if you couldn't make the payments then the bank would be the owner of said property, thus the meaning behind secured debt. The property that you got the loan for is what insures the bank they will not walk away empty handed.

terndude · 02-03-2010, 01:38 PM

I put $3K down using the Alaska Card...to get the miles...and had no problem at all. Must just depend on the dealer.

01-28-2010, 07:06 PM	#32
Jer4251 Camaro Addict Drives: too many Join Date: Sep 2009 Location: 912 Posts: 1,274	the dealer i bought from only let me put 1k on my credit card. wanted to put 4k on it, but they said i couldnt. so i had to get a check from the cc company for the rest. And then did boa at 3.84 for 72 mo. i had the same 3.4 at 60 mo. but i wanted a smaller payment. __________________ 1990 IROC-Z Vert LS 1996 SS Vert LT4 1992 Z28 Z03 T5 1992 Z28 Z03 L98 2018 Sierra Denali 6.2 1997 Z28 Z4C 1995 Z28

01-28-2010, 07:47 PM	#34
Mr Twisty Drives: the 2nd amendment home Join Date: May 2008 Location: OK Posts: 14,707	You must have good credit to be carrying around a $20,000. max. CC __________________ "They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." -- Benjamin Franklin

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01-28-2010, 06:55 PM	#31
SkyBoss Drives: 2SS White/Inferno Orange/Orange Str Join Date: Jan 2010 Location: Fort Lauderdale, FL Posts: 11	That's correct, CC company can't lien vehicle. You could default on them and even transfer title of vehicle and declare bankruptcy and you get to keep the car. Now that's what helped put us in this mess. Banks were free and loose with OUR money and now i really mean OUR money. We bailed them out and even GM.

01-28-2010, 09:14 PM	#35
SkyBoss Drives: 2SS White/Inferno Orange/Orange Str Join Date: Jan 2010 Location: Fort Lauderdale, FL Posts: 11	Astro, They can't levy an extra charge to offset what the % they pay the CC company, that's illegal and against the CC companies policy and should be reported. What I meant was that if they were willing to pay 3% of the 35K then I would have been willing say hey guys, let's split the difference and make it a cash deal. It was done by then and I'm getting back 1% cash anyway so it wasn't huge to me, but they could have ended up with a better deal.

01-28-2010, 09:39 PM	#37
solo40oz Drives: My wife crazy Join Date: May 2009 Location: Austin Posts: 740 View My Garage	I signed up for a 12mo 0% interest card right before I bought my GXP.....put my down payment on the card and then paid it off....If I remember correctly, I put $5k on the card

02-03-2010, 01:38 PM	#40
terndude Drives: '88FieroGT'04ColoradoZ71'10CamaroLS Join Date: Mar 2009 Location: Oregon Posts: 67 View My Garage	I put $3K down using the Alaska Card...to get the miles...and had no problem at all. Must just depend on the dealer.