Comments on: Buying a Car with a Credit Card – Can You Do It? http://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/ A place to discuss money...for the rest of us. Wed, 09 May 2012 04:21:58 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Abbie Reidhttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-398031 Abbie Reid Thu, 01 Mar 2012 03:21:52 +0000 http://www.mytwodollars.com/?p=2570#comment-398031 I have a family member that bought a van with a credit card. Financing a credit card that way saved my relative a lot of money. My family member had a low interest credit card and had good credit and always paid their bills on time. From what I understand that credit card debt was paid off in less than 2 years because of the large monthly payments that was made. I have a family member that bought a van with a credit card. Financing a credit card that way saved my relative a lot of money. My family member had a low interest credit card and had good credit and always paid their bills on time. From what I understand that credit card debt was paid off in less than 2 years because of the large monthly payments that was made.

]]> By: Doughttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-383626 Doug Wed, 15 Feb 2012 05:38:20 +0000 http://www.mytwodollars.com/?p=2570#comment-383626 In case you guys didn't know.The car dealer is responsible for paying the cc fee.By law,they can not charge the coustomer for the fee.That is the contract between the dealers and cc companys. (Fact) My friend runs a dealership and told me this today.So watch out for the way they type in the sales reciept.If you look for a cc fee,you will not see it on there.They add it into the price so you will have to pay for it.The Damn cheap asses. In case you guys didn’t know.The car dealer is responsible for paying the cc fee.By law,they can not charge the coustomer for the fee.That is the contract between the dealers and cc companys. (Fact) My friend runs a dealership and told me this today.So watch out for the way they type in the sales reciept.If you look for a cc fee,you will not see it on there.They add it into the price so you will have to pay for it.The Damn cheap asses.

]]> By: mariehttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-358604 marie Mon, 23 Jan 2012 19:17:44 +0000 http://www.mytwodollars.com/?p=2570#comment-358604 I talked my car dealer into letting me put $10,000 after quite a bit of back & forther. But here's a tip: Have the credit card customer service department on the phone with you before your cc is run through. I had contacted Capital One several times to give them advance warning - the last a phone call 2 days prior. They just waved me off with a "that's no problem." Then Capital One still declined the purchase 3 times until I got a Capital One manager on the phone. Embarrassing! I talked my car dealer into letting me put $10,000 after quite a bit of back & forther. But here’s a tip: Have the credit card customer service department on the phone with you before your cc is run through. I had contacted Capital One several times to give them advance warning – the last a phone call 2 days prior. They just waved me off with a “that’s no problem.” Then Capital One still declined the purchase 3 times until I got a Capital One manager on the phone. Embarrassing!

]]> By: Loshttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-326497 Los Fri, 06 Jan 2012 12:15:27 +0000 http://www.mytwodollars.com/?p=2570#comment-326497 Thanks Eli. I have the cash on hand and have been researching this topic to see if there are dealers that are willing to let you use the credit card. You are right on the fact that if they do, it is because they are already making the 3% fee in profit. This is something to definitely keep in mind when negotiating the price and the decision to use the credit card for points instead of getting a healthy cash discount. THANKS! Thanks Eli. I have the cash on hand and have been researching this topic to see if there are dealers that are willing to let you use the credit card. You are right on the fact that if they do, it is because they are already making the 3% fee in profit. This is something to definitely keep in mind when negotiating the price and the decision to use the credit card for points instead of getting a healthy cash discount. THANKS!

]]> By: Elihttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-37567 Eli Fri, 19 Nov 2010 01:33:02 +0000 http://www.mytwodollars.com/?p=2570#comment-37567 Recognize that the dealer paid a cc fee, so they may have been willing to accept the card because they were making a healthy enough profit on the sale. One could argue that negotiating better could have reduced the price of the car more by paying cash than the amount you earned in rewards. If they were willing to "give the money back" on the cc fee, they probably would have been willing to give it back on the price if the car. Recognize that the dealer paid a cc fee, so they may have been willing to accept the card because they were making a healthy enough profit on the sale. One could argue that negotiating better could have reduced the price of the car more by paying cash than the amount you earned in rewards. If they were willing to “give the money back” on the cc fee, they probably would have been willing to give it back on the price if the car.

]]> By: Amanda L Grossmanhttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-37507 Amanda L Grossman Tue, 09 Nov 2010 20:28:46 +0000 http://www.mytwodollars.com/?p=2570#comment-37507 Great job getting those reward points! I love to use my credit card, especially on large purchases (if I have to make them anyway), but we always pay it off before the end of the grace period. Great job getting those reward points! I love to use my credit card, especially on large purchases (if I have to make them anyway), but we always pay it off before the end of the grace period.

]]> By: Davidhttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-37506 David Tue, 09 Nov 2010 18:40:31 +0000 http://www.mytwodollars.com/?p=2570#comment-37506 Not if it gets paid off right away. Not if it gets paid off right away.

]]> By: JWhttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-37501 JW Tue, 09 Nov 2010 16:12:30 +0000 http://www.mytwodollars.com/?p=2570#comment-37501 Wouldn't this mess with your credit score and show a huge highest balance on your account? Wouldn’t this mess with your credit score and show a huge highest balance on your account?

]]> By: David/moneycrashershttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-37486 David/moneycrashers Sat, 06 Nov 2010 03:05:36 +0000 http://www.mytwodollars.com/?p=2570#comment-37486 Great concept--if you have that kind of cash. It also speaks more to the argument to save up completely for your new car before you buy it! Great concept–if you have that kind of cash.

It also speaks more to the argument to save up completely for your new car before you buy it!

]]> By: Janettehttp://www.mytwodollars.com/2010/11/03/buying-a-car-with-a-credit-card/#comment-37470 Janette Thu, 04 Nov 2010 14:08:55 +0000 http://www.mytwodollars.com/?p=2570#comment-37470 Our dealership only let us put $10,000 on the card. It threw off our pie charts from the bank- but the miles were worth it! Our dealership only let us put $10,000 on the card. It threw off our pie charts from the bank- but the miles were worth it!

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