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Old 12-08-2004, 14:46   #1 (permalink)
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Buy a new car on Credit Card?

I was thinking of using an American Express Card (my visa has a limit, whereas my amex has no limit) to buy a new Terri, (so I can get the frequent flyer points). Anyone heard whether this is a do-able thing when buying a new car. Someone said to me the other day that dealers do not take "cards", but surely they have to for spare parts section.

I had a search of these forums and it looks like this has never been discussed. :-(
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Old 12-08-2004, 14:48   #2 (permalink)
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Re: Buy a new car on Credit Card?

It will cost you an extra 2-4% dependant on the Merchant Service Fee being charged by the relavant bank to the Dealership
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Old 12-08-2004, 15:08   #3 (permalink)
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Re: Buy a new car on Credit Card?

I'd give it a go, talk to the dealer.
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Old 12-08-2004, 15:15   #4 (permalink)
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Re: Buy a new car on Credit Card?

I have paid a few deposits on Visa card but usually only about $500 each time.

Perhaps you could pay a deposit of say $40,000...
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Old 12-08-2004, 15:21   #5 (permalink)
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Re: Buy a new car on Credit Card?

empty - while ammex have no limit, they have approvals, it will more then likely not go through, unless you are in the habit of making very large purchases on the amex and awlays paying it back in full on time, I only say this as I heard about a guy who wanted to do exactley what you are saying and the reasons above is why they did not allow it.
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Old 12-08-2004, 15:36   #6 (permalink)
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Re: Buy a new car on Credit Card?

i got offered am Australian Platiunum Amex card a few times - and knocked them back due to the $1500 a year fee - but one of the perks was that i could get preferential seating in some of the finest restaurants in Europe. (very useful for me (not)). The amex is a conveniance card, not a credit card, and if you tell them that you are going to be using it for an upcoming large purchase - it should go through. Sometimes the seller will telephone amex, and all that has happened before is that the seller hands me the phone, i speak to amex directly, and give them a few key words / passwords, and it all is approved. I pay it off each month anyway.
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Old 12-08-2004, 15:45   #7 (permalink)
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Re: Buy a new car on Credit Card?

ok then, I am not saying it wont be approved, I was just saying it may not :0) , good luck withg the Terri purchase, dont forget to post pics in the showroom when you get it.
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Old 12-08-2004, 16:09   #8 (permalink)
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Re: Buy a new car on Credit Card?

I believe that Darryl Eastlake a few years ago bought a Harley Davison on a credit card and with the loyality program attached to the card he also got a holiday to Fuji or somewhere like that for gratus.
I don't know how Amex works but on some cards you can deposit funds on to your card which increases your buying power. If it works you could put the balance owing on the Terra on to your card, then when the transaction is made it is only 'withdrawing' the money you have already put on the card.
I could only put 10% on the credit card as a deposit with the remaining only accepted as a bank cheque on my Territory purchase at my dealer.
Give it a go, you'll never know, unless you give it a go.
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Old 12-08-2004, 16:14   #9 (permalink)
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Re: Buy a new car on Credit Card?

My oldies bought two new Hyndai's on a bankcard a few years ago... it was all pre-arranged as they were simply in the process of transferring some money from their nest egg to cover it.. No doubt if you arrange it with AMEX and the dealer it wouldn't be a drama
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Old 12-08-2004, 18:22   #10 (permalink)
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Re: Buy a new car on Credit Card?

As mentioned by others Amex charge a 2-4% fee to the dealer. That's 2-4% you're not getting off the car. Since you have to pay Amex fairly quick there's no benefit re interest rates so it comes down to whether you think you'll get $1-2k worth of points from Amex :-)

Nothing's free in life so you need to understand who's getting what. I'd personally suggest that if you've got the money ready then go to the dealer and bargain - forget the credit card.

P.S. We're coming up to end of year - sales people need to meet targets - nudge-nudge wink-wink.

Also if you're buying a TX push really hard - my dealer said they had spare TX's. Buying something that's occupying space in a dealer's yard is always good value to negotiate with.
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