Do dealers accept credit cards for downpayment?

When i got mine, the dealer accepted the credit card for the down payment (i think it was like $1000), but not for the whole thing (they said the fees the CC company charges them would completely eat away their profits)

but then again, that was just the "i want the car, see what you can do" down payment. i then paid for the entire thing upon delivery.

 

That depends on your personal credit status, existing debt load, and the lender you are using. Each situation is unique, but except in borderline credit situations, most dealers should accept a CC as tender.

 

<div class='quotetop'>QUOTE(GadgetHead @ Aug 10 2006, 11:58 AM) [snapback]300897[/snapback]</div>

I was able to use cc for $2K plus the extended warranty. I think there is a problem with many of the cc companies offering extended warranties for products you purchase with their cards...

 

You bet they do. I put 10K on my Amex to get the points. They said nothing about it. I wish they would have told me that it eats away their profits, because would have wrote them a check.........NOT! :lol:

 

Your best bet is to call the dealer you are going to work with and ask them, each one will be different.

Phil

 

Depends on the dealer. My dealer doesn't accept CCs for deposits.

 

<div class='quotetop'>QUOTE(ttaylor @ Aug 10 2006, 10:01 AM) [snapback]300901[/snapback]</div>

Time to read the fine print if you think credit card Purchase Security programs are going to do you much good. :mellow:

If it is not an excluded item, then you must make the entire purchase on the credit card, the benefit is usually limited to 90 days, and a $500 maximum payout.

THIS FROM VISA:
What items are not covered?
Boats, automobiles, aircraft, and any other motorized vehicles and their motors, equipment, or accessories, including trailers and other items that can be towed by or attached to any motorized vehicle.
http://www.usa.visa.com/personal/cards/ben...ervice#anchor_9


It is up to the individual dealer if they wish to accept a credit card for the purchase of a car.

 

<div class='quotetop'>QUOTE(Soylent @ Aug 10 2006, 12:45 PM) [snapback]300879[/snapback]</div>

I used a credit card for a $500 deposit, which counted toward the downpayment. The salesman said I could use the card to pay as much up front as I wanted. I went with cash for the rest. He also made sure to gripe about the percentage the dealership has to pay for transactions by credit card. I really felt sorry for him. Yeah.

 

My dealer accepted my card for the $1000 it took to order my car.

 

<div class='quotetop'>QUOTE(Soylent @ Aug 10 2006, 11:45 AM) [snapback]300879[/snapback]</div>

My delaer took a credit card and charged it only for 500 as a downpayment. In fact i wanted 100% finance on the car for various reasons and he even refunded back the 500 on the credit card and charged the full amount on my loan upon delivery.

 

I wanted to put the whole amount on a credit card so I could get some "cash back" or a goofy little prize or something. They said the credit card fees were to high for that but they did let me put $5000 on it.

 

My dealer took the credit card downpayment for my order, in the amount of $500.

Looking for inexpensive financing, I took advantage of a CC promotional offer to finance a portion of the rest of the purchase. 2.99% fixed rate to the end of the loan was a better deal than I found on the money elsewhere. I could have written the promotional check directly to the dealer, but chose to deposit it in my account first. I'll write the dealer a check for the balance of payment in full as soon as my car arrives.

Godfrey
--- soon to be Prius owner - about five more days ---

 

<div class='quotetop'>QUOTE(BenR @ Aug 10 2006, 10:50 AM) [snapback]300932[/snapback]</div>

The percentage depends on the card you used. Bank Cards, e.g., Visa, have fairly small merchant fees while if you use AmEx it can be pretty hefty. Bank Cards have started to charge interest pretty quickly now and they might even process the down payment as a loan against the line of credit instead of a purchase. Check your agreement.

 

My dealer let me put the $300 deposit on a credit card, and asked if I'd like to put more down for the points...so I guess it depends on the dealership.

 

You guys can send a complaint to Visa/MC if a dealership has a maximum charge they will allow from a credit card. The card companies are very strict about rules like this because its is against their merchant agreement. The food store at my school had a minimum credit card charge until I complained to MC a few months ago, and then the store removed the minimum.

Complain to MC here:

http://www.mastercard.com/us/personal/en/c...violations.html

If you frequent a place that has these charges or plan to make a big purchase somewhere (such as a dealership) using the complaint process along with a rewards card is a great way to take back some of your money.

 

My dealer took $500 on my credit card in April, the car was delivered July 17, 06...and I paid cash for rest.

 

I also put a little over $10,000 on my credit card to get the cash back. The dealer had no issue with it (and that's in FL, so it can't be a state limit).

 

Note: usually talk of "charging a Prius" has to do with the battery system!

Keep in mind that even large business are charged merchant fees of around 2-3% for transactions. If they allowed you to charge an entire $23k+ Prius, that's $500 off of their bottom line. No, I'm not asking for a symphony of sympathy violins for car dealerships (though I do attempt to pay cash whenever I do business with small non-chain food or retail establishments); I'm just pointing out that that $500 has gotta come from somewhere in your deal, else they wouldn't make the deal.

Yes, I used a credit card for my $500 deposit when I placed my order. I wanted the backing of a major credit card company behind me in case of disputes, as I was spending a lot of money for absolutely nothing except for a vague place in line for an unseen vehicle. I also have no sympathy as they had my $500 for 3+ months...

Another point: when the car arrived, I financed part of it in as a standard car loan soas to improve my own credit rating -- which had a "black mark" on it because I hadn't had a loan of any kind in ten years. Seems backwards, but those are the rules. I already have credit cards in good standing, so paying for that car that way wouldn't have helped me.