Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com
 
autoguy
Go Back   Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com > General Camaro Forums > Camaro Price | Ordering | Tracking | Dealers Discussions

Camaro Price | Ordering | Tracking | Dealers Discussions Discuss pricing and ordering experiences.

Reply
 
Thread Tools
Old 01-26-2010, 06:22 PM   #1
AstroLander
 
Drives: 2010 2LT Camaro
Join Date: Jan 2010
Location: Madison, AL
Posts: 13
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
AstroLander is offline   Reply With Quote
Old 01-26-2010, 06:29 PM   #2
Mindz
E.B.A.H.
 
Mindz's Avatar
 
Drives: you wild...
Join Date: Mar 2007
Location: In the happy padded room wearing a jacket that makes me hug myself...
Posts: 17,910
If you only put 10k on the credit car and can pay it off before the 12 months, I say go for it. =)
__________________
"J, you're my favorite Pokemod" ~Revo1
Mindz is offline   Reply With Quote
Old 01-26-2010, 06:34 PM   #3
BackinBlackSS/RS
Go Blue!!!!!
 
BackinBlackSS/RS's Avatar
 
Drives: 2012 Cruze LT
Join Date: Mar 2009
Location: Indiana
Posts: 23,369
Yep, as long as you pay it off, then I see no problem.
BackinBlackSS/RS is offline   Reply With Quote
Old 01-26-2010, 07:08 PM   #4
CamaroScotty
Account Suspended
 
Drives: Your new SLP Camaro!
Join Date: Jul 2008
Location: Cedarburg, WI
Posts: 6,806
Send a message via Yahoo to 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.
CamaroScotty is offline   Reply With Quote
Old 01-26-2010, 07:21 PM   #5
AstroLander
 
Drives: 2010 2LT Camaro
Join Date: Jan 2010
Location: Madison, AL
Posts: 13
Quote:
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.
AstroLander is offline   Reply With Quote
Old 01-26-2010, 08:00 PM   #6
Kendell347
Doc
 
Kendell347's Avatar
 
Drives: BLACKOUT (2SS/RS)
Join Date: Jul 2009
Location: Long Island, NY
Posts: 1,317
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.
__________________
1100-7/20/2009 * 6000-2/4/10 Proud Owner of Autographed Litho # 128Mods: CAI CAI, Emblempros Dash Plaque, R/C Lic. Plate, Fbodfathers signature, AAC SMD SML, AAC P13 LED DRL, TF center console, Full dash ABL, Noweed Exhaust Diverters, Heritage Grille, Door Projectors, 20watt LED reverse lights with strobe features, S.S. black billet grille with air scoops, custom designed engine cover, custom designed "BLACKOUT" cross drilled / slotted rotors, Borla S-type exhaust, Elite Engineering oil catch can, Nitto Invo Tires WWW. NY5THGEN.COM
Kendell347 is offline   Reply With Quote
Old 01-26-2010, 08:08 PM   #7
2010victoryredss_ron
Born: August 27, 2009
 
2010victoryredss_ron's Avatar
 
Drives: 10CAMARO SS,12CRUZE RS,07 YAM R6
Join Date: Aug 2009
Location: Waterloo, Ontario, Canada
Posts: 832
Send a message via MSN to 2010victoryredss_ron
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.
__________________
Victory Red 2SS/RS
Vin# A9130145
2010victoryredss_ron is offline   Reply With Quote
Old 01-26-2010, 08:08 PM   #8
AstroLander
 
Drives: 2010 2LT Camaro
Join Date: Jan 2010
Location: Madison, AL
Posts: 13
Quote:
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.
AstroLander is offline   Reply With Quote
Old 01-26-2010, 08:36 PM   #9
Scrappy Doo


 
Scrappy Doo's Avatar
 
Drives: Taylor Made SLDR
Join Date: Jul 2009
Location: W8n 4 Snow, Minnesota
Posts: 4,629
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.
Scrappy Doo is offline   Reply With Quote
Old 01-26-2010, 09:53 PM   #10
2010Bill
 
2010Bill's Avatar
 
Drives: 2010 2SS/RS
Join Date: Nov 2009
Location: Frisco, TX
Posts: 283
Quote:
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.
ALERTALERTALERTALERTALERTALERT

SCOTTY IS ALWAYS RIGHT.....

NOW RETURNING TO REGULAR PROGRAMMING.......

__________________
2SS/RS IOM
Delivered: 12/21/09
The Thompson Group at Classic Chevrolet, Grapevine, TX

Last edited by 2010Bill; 01-26-2010 at 11:02 PM.
2010Bill is offline   Reply With Quote
Old 01-26-2010, 10:49 PM   #11
David3.14159
 
Drives: 2010 Camaro SS
Join Date: Nov 2009
Location: Bay Area CA
Posts: 10
Quote:
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?
David3.14159 is offline   Reply With Quote
Old 01-27-2010, 07:27 AM   #12
bmclark
 
bmclark's Avatar
 
Drives: 2013 Camaro and 2013 Malibu Eco
Join Date: Jan 2010
Location: Fort Myers, FL
Posts: 94
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...
__________________
New one: 2013 IOM 1LT Auto w/ 19" Polished Aluminum wheels

Old one: 2010 Black on Black 1LT Auto w/ Convenience & Connectivity package and Sunroof
bmclark is offline   Reply With Quote
Old 01-27-2010, 07:48 AM   #13
tjbusa
Serious Sleeper
 
tjbusa's Avatar
 
Drives: 2010 CGM 2SS/RS M6
Join Date: Nov 2008
Location: Lexington,SC
Posts: 3,170
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.
__________________
***************************************
Drive-by

Fact of Life:

After Monday and Tuesday
even the calendar reads...
W T F
***************************************
tjbusa is offline   Reply With Quote
Old 01-27-2010, 02:14 PM   #14
MarylandSpeed



 
MarylandSpeed's Avatar
 
Drives: 2012 ZL1 & 2010 2SS/RS
Join Date: Jul 2009
Location: Maryland
Posts: 2,554
Also if financing is involved a alot of dealers will not let you put the down payment on a CC.
__________________
www.marylandspeed.com * 443-730-9428 * Great Prices and Experienced Service!

MarylandSpeed is offline   Reply With Quote
Old 01-27-2010, 02:17 PM   #15
caper

 
Drives: 2010 IOM 2ss/RS
Join Date: Sep 2009
Location: SoCal, I.E.
Posts: 1,211
i ended up with 6K on my card, that was the max.
caper is offline   Reply With Quote
Old 01-27-2010, 02:44 PM   #16
Michael_Js
SoCal C5 Family Member
 
Michael_Js's Avatar
 
Drives: 2010 Camaro SS/RS - Black w/IOM; 6M
Join Date: Jul 2009
Location: San Diego, CA, USA
Posts: 5,322
Send a message via AIM to Michael_Js Send a message via MSN to Michael_Js
Yup, I think my max was $6K also...
__________________
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~
2010 Black 2SS/RS; 6M; IOM, GFX, sunroof; ADM Race CAI; Zoomers CB; Viper Alarm; Pdaft F&R sways, Adj Endlinks, Rtrailing arms, Camber kit, strut brace, Front Trailing Arm Bushing; SLP Skip-Shift Elim; Tinted lights/windows; Hurst Short-throw; LoJack; Door & Dash ABL Mods; Subthump; JBA Shorty headers; AACStyle LEDs; Stillen DS rotors, Hawk Ceramic pads; Havoc Blk Chrome wheels: 20x9s; Lingenfelter Blk Al Pedals; RevXtreme Catch Can; Goodridge SS lines; Ported TB; RK Sport hood; Hotchkis chassis brace; KW V3 coilovers;
Michael_Js is offline   Reply With Quote
Old 01-27-2010, 02:51 PM   #17
Angrybird 12
Retired, Cancer Survivor
 
Angrybird 12's Avatar
 
Drives: 12 CAMARO 1LT, 08 Vue, 96 S-10 LS
Join Date: Dec 2007
Location: J. C. Tennessee
Posts: 16,442
I just got a cash advance from mine then paid it off the next week...
__________________
Cancer's a bitch! Enjoy life while you can! LIVE, LOVE, DRIVE...CAMARO!

Previous Camaros: 1974, 1979 and 2010.
Angrybird 12 is offline   Reply With Quote
Old 01-27-2010, 02:58 PM   #18
ssump29
LOL at most people here.
 
ssump29's Avatar
 
Drives: 2005 GTO,2006 M6, 2007 300 Touring
Join Date: May 2009
Location: MI
Posts: 1,331
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.
__________________
Number 5952. oh yeahhhhhhh
ssump29 is offline   Reply With Quote
Old 01-27-2010, 05:07 PM   #19
camarowa

 
camarowa's Avatar
 
Drives: 2013 SVT Raptor, sold 2010 Camaro
Join Date: Jul 2009
Location: PNW....almost canada
Posts: 1,899
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.
__________________
- Pfadt Suspension Package; Springs & Sways
- Brembo Brake Upgrade (Yellow); Courtesy Fesler Built
- Custom Magnaflow Exhaust
- Blacked-Out Bowties & RS Emblems, Front bowtie delete
- Full Dynamat Extreme Trunk Coverage
- Tinted side markers
- Interior DSV Customs Leather Upgrades
- Airaid CAI V2
- Forgestar F14 Gunmetal 20x9, 20x11
- Doug Thorley Shorties
camarowa is offline   Reply With Quote
Old 01-27-2010, 06:00 PM   #20
camarorad
Out of my way
 
camarorad's Avatar
 
Drives: RY 2SS/RS
Join Date: Jan 2010
Location: a long empty road
Posts: 98
Quote:
Originally Posted by bmclark View Post
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.
__________________
camarorad is offline   Reply With Quote
Old 01-27-2010, 06:04 PM   #21
Fivestars
 
Drives: 2010 Camaro 2SS/RS CGM
Join Date: Dec 2009
Location: Virginia Beach
Posts: 28
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?
Fivestars is offline   Reply With Quote
Old 01-27-2010, 06:26 PM   #22
AstroLander
 
Drives: 2010 2LT Camaro
Join Date: Jan 2010
Location: Madison, AL
Posts: 13
Quote:
Originally Posted by Fivestars View Post
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
AstroLander is offline   Reply With Quote
Old 01-27-2010, 06:51 PM   #23
Darth_Emma
Psssssssssshhhhhhhhhhhhh!
 
Darth_Emma's Avatar
 
Drives: under contruction
Join Date: Nov 2009
Location: Marysville, Ohio
Posts: 13,151
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.
__________________
Darth_Emma is offline   Reply With Quote
Old 01-27-2010, 09:18 PM   #24
CamaroScotty
Account Suspended
 
Drives: Your new SLP Camaro!
Join Date: Jul 2008
Location: Cedarburg, WI
Posts: 6,806
Send a message via Yahoo to CamaroScotty
Quote:
Originally Posted by ssump29 View Post
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.....
CamaroScotty is offline   Reply With Quote
Old 01-28-2010, 12:02 AM   #25
Kendell347
Doc
 
Kendell347's Avatar
 
Drives: BLACKOUT (2SS/RS)
Join Date: Jul 2009
Location: Long Island, NY
Posts: 1,317
Quote:
Originally Posted by Fivestars View Post
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.
__________________
1100-7/20/2009 * 6000-2/4/10 Proud Owner of Autographed Litho # 128Mods: CAI CAI, Emblempros Dash Plaque, R/C Lic. Plate, Fbodfathers signature, AAC SMD SML, AAC P13 LED DRL, TF center console, Full dash ABL, Noweed Exhaust Diverters, Heritage Grille, Door Projectors, 20watt LED reverse lights with strobe features, S.S. black billet grille with air scoops, custom designed engine cover, custom designed "BLACKOUT" cross drilled / slotted rotors, Borla S-type exhaust, Elite Engineering oil catch can, Nitto Invo Tires WWW. NY5THGEN.COM
Kendell347 is offline   Reply With Quote
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
New Camaro Exterior and Interior Stainless Steel Trim Parts from RPI Designs! RPI Designs Exterior Parts & Accessories 32 04-16-2014 06:16 PM
Does the v6 have enough power? cstproductions Camaro V6 LLT Engine, Exhaust, and Bolt-Ons 305 08-29-2012 09:27 PM
GM memo to dealers Moose 5th Gen Camaro SS LS LT General Discussions 41 02-04-2010 07:33 PM
Suspension guys out there - lets talk wheel hop Crowley Suspension / Brakes / Chassis 14 10-09-2009 12:06 AM
Answeres to questions I have stumbled on dieseldave24v 5th Gen Camaro SS LS LT General Discussions 13 02-23-2009 06:56 PM


All times are GMT -5. The time now is 03:58 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.