I kind of figured that because I plan to do the same thing. Especially after seeing that Ford Pass Visa card that I posted earlier.
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I've thought about this too. I've got the credit limit. I've got the cash on hand. Figure I put the whole thing on the card, collect points/cash back on it, pay it off that month.
I'm not super educated on the subject, but this seems like a good idea given my parameters. I've been told that some dealers even take off money if you finance through them instead of a CC. It was framed to me this way because they have to pay a fee to the CC companies, so they'd rather just give that difference to the customer. But, this is hearsay.
I'm not super educated on the subject, but this seems like a good idea given my parameters. I've been told that some dealers even take off money if you finance through them instead of a CC. It was framed to me this way because they have to pay a fee to the CC companies, so they'd rather just give that difference to the customer. But, this is hearsay.
Many People don’t realize the merchant pays the credit card company costly fees. In some cases 3-5% of the purchase price. No dealer is going to want to eat 2000-3000 grand in fees so you can get airline miles.
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Like a few others here, I will use a credit card for the down payment:
- if the dealer doesn’t impose a fee to do so
- only to the extent that I can pay the card balance off entirely that same month
Gotta get those air miles, but it becomes a losing proposition if you have to pay fees or interest to get them...
- if the dealer doesn’t impose a fee to do so
- only to the extent that I can pay the card balance off entirely that same month
Gotta get those air miles, but it becomes a losing proposition if you have to pay fees or interest to get them...
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That would negate most of the points so if that's the case, I wouldn't do it. Where do see this 3% fee by the way?
We charge a pretty hefty fee for charges over 5k, but I don't think it would be impossible.
With the Ford Pass Visa card, they mention this:
"Make your first purchase of a $3,000 vehicle down payment".
Maybe that is the limit before they charge any fees...
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How about if you put X dollars down on the vehicle and then purchased the added options (dealer or factory) in another charge... Hey Mr. Dealer "I would love to have these options or model upgrade added but can only do it with a CC"
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I had a dealer mention this was an option 5 minutes after I hit the send button for a wire transfer. Was angry for a day or two I missed out on those points... I don't think OP means to 'finance' the vehicle with a CC - just a way for cash buyers to rake in some free points instead of writing a check/wire/suitcase of cash.
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Most dealerships I've bought at have limited it to 3k, then the rest I pay out of my bank account. AGreed they pay fees in the range of 3 percent so they usually dont allow you to do this. They could just let you pay cash and give you 3 percent off the vehicle purchase price....It would be the same.
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I’ve bought my last 2 vehicles(one car one motorcycle) on my credit card to get points/miles. I def wouldn’t recommend doing it if you don’t plan to pay it off right away, but if you’re planning to purchase outright and not get any sort of loan(so have the full amount in your bank account) then I don’t see why not. Neither of my purchases incurred any extra fees of any sort, and I paid off the balance soon as I got home so no interest at all. Over 30k in points/miles. The dealer I got the motorcycle from said they do it all the time, even got told a story by the finance guy bout a guy that came in and bought like 3 or 4 custom bikes and finance guy suggested to put it on his American Express business card, was like 150k total.
I don't see a dealer walking away from $1200 ($40k car) so you can pay by credit card. That would be out of their pocket. Unless you are paying MSRP. Then, they might do it out of mercy. 
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