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      11-27-2012, 09:22 PM   #1
BMWsully
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Down payment on credit card?

Hey guys, I'm picking up my M3 next week and I'm set to put 3k down on the car. My question is, could I put this on my CC to rake in some bonus points, or must it be cash?

Thanks
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      11-27-2012, 09:24 PM   #2
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CC is fine. Rack up those points.
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      11-27-2012, 09:52 PM   #3
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Depends on the size of the down payment and the dealer. With most CC companies charging somewhere around 1.5-2.0%, that cuts into dealer profit as the CC payment gets larger. My dealer would only allow me to charge the first $2,500. The rest was paid by check...
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      11-27-2012, 10:06 PM   #4
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I just did the same thing. Used a Chase visa card for the down payment of $2500. I am sure I was able to put more money down on the card but only wanted to put down $2500. Got a few extra points on the card
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      11-27-2012, 10:39 PM   #5
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Quote:
Originally Posted by kscarrol View Post
Depends on the size of the down payment and the dealer. With most CC companies charging somewhere around 1.5-2.0%, that cuts into dealer profit as the CC payment gets larger. My dealer would only allow me to charge the first $2,500. The rest was paid by check...
The same with my BMW dealer only allowing me to charge 2.5k. I know other dealer ship that allow you to put up to 5k on your credit card.
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      11-27-2012, 11:04 PM   #6
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I recall reading a couple years ago that most cc would not credit you with bonus points for car payments and some other big ticket charges like that. Can anyone verify that they did get bonus points?
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      11-27-2012, 11:13 PM   #7
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all hogwash, a dealer can charge up to 5k on the card. If they claim otherwise, they don't want your business enough.
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      11-27-2012, 11:57 PM   #8
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Quote:
Originally Posted by S65NAPWR View Post
all hogwash, a dealer can charge up to 5k on the card. If they claim otherwise, they don't want your business enough.
+1 I put 5k down on a CC and paid remaining via cheque.
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      11-28-2012, 01:36 AM   #9
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+1 on 5k.
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      11-28-2012, 05:23 AM   #10
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I ordered mine thru Military Sales in Germany! I'm deployed and paid the $3000 down with my CC just called the bank and told them to authorize it for that dealership and they did.
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      11-28-2012, 08:51 AM   #11
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Quote:
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+1 I put 5k down on a CC and paid remaining via cheque.
Exactly what I did. I always put the first 5K on my credit card!
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      11-28-2012, 09:01 AM   #12
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Quote:
Originally Posted by askjeeves
I recall reading a couple years ago that most cc would not credit you with bonus points for car payments and some other big ticket charges like that. Can anyone verify that they did get bonus points?
Call the bank and find out
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      11-28-2012, 10:30 AM   #13
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Always use cc if you can.
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      11-28-2012, 12:26 PM   #14
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Yep. I put mine on my AMEX.
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      11-28-2012, 03:56 PM   #15
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Amex!
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      11-28-2012, 07:40 PM   #16
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      11-28-2012, 08:30 PM   #17
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Quote:
Originally Posted by Cyclone Chris View Post
Yep. I put mine on my AMEX.
The whole purchase or a down payment?
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      11-29-2012, 08:10 AM   #18
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Quote:
Originally Posted by kscarrol View Post
The whole purchase or a down payment?
Just the $3K deposit. I thought about doing my whole deposit on my AMEX; however, I got charged 3% by AMEX, since my deposit got transfered into euros as I was going through a BMW broker for US Military Sales.
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      11-29-2012, 08:38 AM   #19
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Thanks, just wanted to clarify the amount...
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      11-29-2012, 12:09 PM   #20
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Quote:
Originally Posted by Cyclone Chris View Post
Just the $3K deposit. I thought about doing my whole deposit on my AMEX; however, I got charged 3% by AMEX, since my deposit got transfered into euros as I was going through a BMW broker for US Military Sales.
That's why you needed to get black or at least platinum amex. No foreign fees there.
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      11-29-2012, 01:13 PM   #21
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Quote:
Originally Posted by Johndong888 View Post
That's why you needed to get black or at least platinum amex. No foreign fees there.
Doesn't the black cost about 20k per year? And I think you need to make half a million bucks a year just to get it.

If I had time to travel more, I would definetly get the platnium, however, I can't justify the $600+ annual fee. I'll just stick with my green card for now, and keep raking up those reward points. I should have a free 7 day cruise for 2 in about a years time.
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      11-29-2012, 01:16 PM   #22
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Quote:
Originally Posted by kscarrol View Post
Thanks, just wanted to clarify the amount...
You could charge the whole car on an Amex card; however, I'm sure they'll be calling you as the card gets declined initially. Once you verify the transaction they should let the charge through. Just be ready to pay it in full within 30 days.
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