buying a car on a credit card - Page 3 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

STW · 09-25-2012, 09:22 PM

I swiped 10K when I bought mine, down payment. I wasn't even meaning to buy a car that day. Bought it for MSRP OTD. Paid my statement. What's more important is that I am 3 years ahead on the car payment. To me, it didn't matter how good the deal was off the lot if I got bent over on the interest for 5 years.

Hindsight 20/20.....probably do it different next time. I've bought many cars over the years, all used, however this was my first new car buying experience.

Did the best I could with the light I could see by.

RiCorvette · 09-25-2012, 09:23 PM

Not directly; back when credit was free and easy, I financed by Balance Transfer offers.
I'd buy with the dealer's financing then immediately do a balance transfer to a CC or two, preferably one with 12-15 months at 0% and a small balance transfer fee - some as low as $75. Before the end of the term, I'd find another card.
This paid off the initial loan, and gave me the pink slip. The subsequent CC loans were 'unsecured' so there was no lien and I owned the vehicle outright and never worried about repossession.
An important caveat; I always had enough reserve funds to pay off any existing loan. I did it this way primarily to build a sterling credit history and take advantage of 'free' money (0%)

Bodih · 09-25-2012, 09:27 PM

Quote:

Originally Posted by Rhyder

soooo.....get a credit card with miles or cahs back, buy the car with that credit card, then pay it off with the loan money from the bank before interest kicks in.......collect free miles and cash back.....

I had 10K for a down payment when I bought my Impala SS. Put the down on my rewards card, racked up the points, then paid it off with the cash before interest accrued. As long as you can control your spending and pay off the balance each month, using a credit card is the best way to improve your credit rating. Just don't have too many cards at one time.

Mersades · 09-25-2012, 09:33 PM

Quote:

Originally Posted by stieger

Depends - if I had the money to buy the car in cash/check then I'd do it and just pay the whole thing off a few days later.

Did exactly this with my down payment on Raven. I wasn't planning on making a purchase that day and didn't have my checkbook with me, so charge it was! Logged in to online banking and sent off the payment when I got home and then

ParisTNDude · 09-25-2012, 09:45 PM

My son-in-law totaled his car coming to visit me on a 700 mile trip. We went and picked him and the grand kids up and brought them to our house. He was promised a good return on his full coverage insurance, but didn't have the money or credit to buy another car. I didn't have it to loan either, so we found a Ford dealership who had a nice used Chevy for around 10K and we put it on a credit card. Before the first payment came due, he had a check from his insurance company for more than enough to pay the balance on the card and that was that.

Run4two · 09-25-2012, 10:11 PM

My dealer allowed the 1K deposit on ordering my TF3 model SS and then only allowed 5K on purchase. I was sort of pissedl I was buying through American Express pricing.

tazz3 · 09-25-2012, 10:28 PM

Thanks guys for putting up with me

daveagogo1 · 09-25-2012, 10:30 PM

Umm yeah. If you have the cash to pay it then YES. Charge it then pay it off in full. FREE CC points. Can you say free airline ticket for nothing!! I use my cards for everything and get a truckload of free stuff.

mastertypodemon · 09-25-2012, 10:42 PM

Pretty sure if you had one of those American Express black cards, they'd let you do it.

Emig5m · 09-26-2012, 02:18 PM

Just buy a car on a credit card and then instantly file chapter 7. Got the car for free, and eliminated debt all at once!

BowtieBelle · 09-26-2012, 02:22 PM

My dad put something that was $25,000 on his American Express once that I remember seeing when I was a teenager. Can't remember what it was, but he paid it off a couple weeks later. I think we were overseas.

GearheadSS · 09-26-2012, 02:27 PM

Too much of a fee for the dealer to eat. We won't accept credit cards for anything other than the deposit or down payment.

DRKS1D3 · 09-26-2012, 02:27 PM

Quote:

Originally Posted by knitetrain05

Why do we put up with posts like this?

Agreed. Shear stupidity by the OP to even ponder this idea. With the interest, you'll end up paying double...if you EVER DO PAY IT OFF! These types of people are the ones always whining, "I have no money and my life is in the sh*tter, oh whoa is me. Where did I go wrong?".

Credit cards: Dumbest idea EVER! My wife and I own zero of them.

nmulvey · 09-26-2012, 02:28 PM

Quote:

Originally Posted by tazz3

this is just a question i would never do this but has any body ever put a 22 grand car on there credit card???

The only way I would put that much on my card would be to get rewards points or if I had 0% for a number of months. Then you could put the money away for the duration to earn some points on it before you pay it off. Otherwise prob not smart to put that big of a charge on a card without the ability to pay it off right away.

09-25-2012, 09:45 PM	#33
ParisTNDude Owning SSes for 50 Years Drives: Sharkskin Grey LT1 Join Date: Apr 2010 Location: Paris, TN Posts: 3,139 View My Garage	My son-in-law totaled his car coming to visit me on a 700 mile trip. We went and picked him and the grand kids up and brought them to our house. He was promised a good return on his full coverage insurance, but didn't have the money or credit to buy another car. I didn't have it to loan either, so we found a Ford dealership who had a nice used Chevy for around 10K and we put it on a credit card. Before the first payment came due, he had a check from his insurance company for more than enough to pay the balance on the card and that was that. __________________ The new ride: 2023 Camaro, LT1, Sharkskin Grey Previous Performance Cars: 1966 Chevelle SS 4M, 2010 Corvette 6M 1968 Dodge Charger R/T Auto 2012 1SS 6M 1982 Corvette Auto 2010 1SS 6A 1984 Corvette Auto 2016 2SS 8A 1999 Camaro Auto 2017 HBM 1SS 1le 2002 C5 Corvette 6M 2018 2SS 2006 Corvette Auto 2023 Camaro LT1

09-26-2012, 02:22 PM	#39
BowtieBelle They see me trollin'... Drives: 217 ci of fury; Chauffeured by SS Join Date: Jul 2011 Location: Oklahoma Posts: 13,876 View My Garage	My dad put something that was $25,000 on his American Express once that I remember seeing when I was a teenager. Can't remember what it was, but he paid it off a couple weeks later. I think we were overseas. __________________ "Never race anything you can't afford to light on fire and push off a cliff." -CamaroSpike 2011 Custom LT/RS: Bella's Build Thread

09-25-2012, 09:22 PM	#29
STW Drives: 2011 Camaro 1SS/RS LS3 Join Date: Apr 2012 Location: Chicago Posts: 422	I swiped 10K when I bought mine, down payment. I wasn't even meaning to buy a car that day. Bought it for MSRP OTD. Paid my statement. What's more important is that I am 3 years ahead on the car payment. To me, it didn't matter how good the deal was off the lot if I got bent over on the interest for 5 years. Hindsight 20/20.....probably do it different next time. I've bought many cars over the years, all used, however this was my first new car buying experience. Did the best I could with the light I could see by.

09-25-2012, 09:23 PM	#30
RiCorvette Drives: 2017 Corvette Grand Sport 3LT Join Date: Oct 2010 Location: Center of the known Universe Posts: 863	Not directly; back when credit was free and easy, I financed by Balance Transfer offers. I'd buy with the dealer's financing then immediately do a balance transfer to a CC or two, preferably one with 12-15 months at 0% and a small balance transfer fee - some as low as $75. Before the end of the term, I'd find another card. This paid off the initial loan, and gave me the pink slip. The subsequent CC loans were 'unsecured' so there was no lien and I owned the vehicle outright and never worried about repossession. An important caveat; I always had enough reserve funds to pay off any existing loan. I did it this way primarily to build a sterling credit history and take advantage of 'free' money (0%)

09-25-2012, 10:11 PM	#34
Run4two Drives: 2012 Camaro 2SS Transformer Edition Join Date: Sep 2011 Location: Temecula, Ca Posts: 451	My dealer allowed the 1K deposit on ordering my TF3 model SS and then only allowed 5K on purchase. I was sort of pissedl I was buying through American Express pricing.

09-25-2012, 10:28 PM	#35
tazz3 Drives: 2012 camaro Join Date: Sep 2012 Location: east islip ny Posts: 228	Thanks guys for putting up with me

09-25-2012, 10:42 PM	#37
mastertypodemon Late Night Crew Drives: 2010 SIM 1LT Join Date: Jun 2010 Location: Stafford, VA [Formerly Dallas, TX] Posts: 1,057	Pretty sure if you had one of those American Express black cards, they'd let you do it.

09-26-2012, 02:18 PM	#38
Emig5m 100% Sport Møde Drives: '17 Civic SI + '04 SVT Lightning Join Date: Apr 2012 Location: NJ, USA Posts: 753	Just buy a car on a credit card and then instantly file chapter 7. Got the car for free, and eliminated debt all at once!

09-26-2012, 02:27 PM	#40
GearheadSS Drives: 23 LT1/22 Colorado TB/69 Chevelle Join Date: Jun 2006 Location: Greenville, Tx Posts: 4,970 View My Garage	Too much of a fee for the dealer to eat. We won't accept credit cards for anything other than the deposit or down payment.