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Old 01-26-2010, 06:22 PM   #1
AstroLander
 
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Buying a Camaro with a credit card

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?

Last edited by AstroLander; 01-26-2010 at 06:25 PM. Reason: edited because everyone is one word
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Old 01-26-2010, 06:29 PM   #2
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If you only put 10k on the credit car and can pay it off before the 12 months, I say go for it. =)
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Old 01-26-2010, 06:34 PM   #3
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Yep, as long as you pay it off, then I see no problem.
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Old 01-26-2010, 07:08 PM   #4
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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.
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Old 01-26-2010, 07:21 PM   #5
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Originally Posted by CamaroScotty View Post
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.

CamaroScotty,

It's interesting that you say that, as I have gotten conflicting views from the dealership about this. I specifically asked if there was a limit on the credit card charge, and the inventory specialist said no, that I could charge as much as I wanted.

Certainly he could be wrong. Have you ever heard of a dealership not having a limit? Thanks for the inputs so far from everyone.
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Old 01-26-2010, 08:00 PM   #6
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Scotty is right, I asked my dealership if I could do what you're looking to and they said no. The most they would accept is $1k. I figured it was an easy way to gain some extra GM points...unfortunately...denied.
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Old 01-26-2010, 08:08 PM   #7
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maximum up here at my dealer was $2500. but thats canadian dollars. i wanted to pay for the whole thing on my card too. just for the cash rewards. but oh well, $2500 is better than nothing.
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Old 01-26-2010, 08:08 PM   #8
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Originally Posted by Kendell347 View Post
Scotty is right, I asked my dealership if I could do what you're looking to and they said no. The most they would accept is $1k. I figured it was an easy way to gain some extra GM points...unfortunately...denied.


It sounds like dealers have different takes on this tactic. Even though the inventory guy told me I could charge as much as I wanted, I also asked a rep in the financial section at the dealership and he told me $3k.

Even if I can only charge $3,000, it's essentially like an interest free loan for 12 months, just as long as I pay it off when the APR kicks in.
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Old 01-26-2010, 08:36 PM   #9
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Basically the same concept as going to Best buy and doing a TV for 24 months interest. I picked up a new 52" LG and did that. Sure I couldve bought it outright, but may as well let my $2,000 earn some interest for awhile on Best Buy's dime.
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Old 01-26-2010, 09:53 PM   #10
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Originally Posted by AstroLander View Post
CamaroScotty,

It's interesting that you say that, as I have gotten conflicting views from the dealership about this. I specifically asked if there was a limit on the credit card charge, and the inventory specialist said no, that I could charge as much as I wanted.

Certainly he could be wrong. Have you ever heard of a dealership not having a limit? Thanks for the inputs so far from everyone.
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Old 01-26-2010, 10:49 PM   #11
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Originally Posted by CamaroScotty View Post
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.
I think the key word from CamaroScotty is "most" (dealers).

The dealers in my area that I contacted said they could only take $1,000 on credit card since they didn't want to have a high amount on credit card as it would result in a higher amount the dealer had to pay the credit card company:

read, less profit for the dealer.

But heck, I'll still do the $1,000 so that I can get some reward points.

I don't know what the fee is for the seller on a credit card purchase. Anyone know?
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Old 01-27-2010, 07:27 AM   #12
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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...
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Old 01-27-2010, 07:48 AM   #13
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Those credit card companies used to be great. Zero percent for a year, no balance transfer fee, ect. Well look close, you will see there is zero percent and no transfer fee, but I will bet there is a transaction fee, usualy 3% with no MAX. They are out to make money and maybe 3% is a good deal, just make sure its paid off before that 12th month or..... I don't even like to think about it.
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Old 01-27-2010, 02:14 PM   #14
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Also if financing is involved a alot of dealers will not let you put the down payment on a CC.
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