BMW X5
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read

Post Reply
 
Thread Tools Search this Thread
      02-27-2021, 10:36 PM   #23
bobbis1
Private First Class
128
Rep
196
Posts

Drives: M5
Join Date: Oct 2010
Location: NJ

iTrader: (0)

Quote:
Originally Posted by jettie1767 View Post
Who said about carrying a balance on the card? I payoff my cards including the $14k I charged two weeks ago. I want the points so I charged as much as I could. I put a down payment because I financed the car. If it was a lease, I won’t be putting any money down and BMW leases usually have GAP insurance included.
For a 14k charge I’ve rarely met a small to medium business owner that would not give me at least 2% discount to not use a cc for payment. Im sure this could get lost for an auto group or high volume dealer but it does cut both ways.
Appreciate 0
      02-28-2021, 06:32 PM   #24
jettie1767
Captain
137
Rep
755
Posts

Drives: '23 BMW i7 xdrive60
Join Date: Feb 2008
Location: Colts Neck, NJ

iTrader: (0)

Garage List
Quote:
Originally Posted by bobbis1 View Post
For a 14k charge I’ve rarely met a small to medium business owner that would not give me at least 2% discount to not use a cc for payment. Im sure this could get lost for an auto group or high volume dealer but it does cut both ways.
I got $14k off MSRP. That discount is more than fair and charging $14k on my rewards card was just extra that I asked plus all weather mats.
__________________
'23 BMW i7 xdrive60 - Frozen Deep Grey
'22 BMW 228xi Gran Coupe - Phytonic Blue
Appreciate 0
      03-06-2021, 09:58 PM   #25
Lance Alot
Private First Class
58
Rep
174
Posts

Drives: 2021 X5M50i
Join Date: Feb 2008
Location: SF Bay Area

iTrader: (0)

My dealer let me charge $5k at delivery. As others have said, I did it strictly for points and pay my card balance in full every month.
Appreciate 0
      03-12-2021, 01:20 PM   #26
GREENPUS
Second Lieutenant
132
Rep
260
Posts

Drives: 2019 BMW M5C
Join Date: Mar 2021
Location: St. Louis, Missouri

iTrader: (0)

Quote:
Originally Posted by gqgambler View Post
Up to individual dealers, most I've ever seen or done was $5000. I too was interested in the cash back instead of writing a check.
That was the cut-off for my dealer when I asked. He said he would go higher but after $5000 he would charge me what the CC charges them to cover costs of transaction.
__________________
2019 M5 Competition
2021 X6 xDrive40i M Sport
2018 Toyota RAV4 AWD
2008 Corolla S Souped Up - The Black Widow
Appreciate 0
      03-14-2021, 09:23 PM   #27
VetteZ06
Private
VetteZ06's Avatar
Canada
60
Rep
52
Posts

Drives: BMW X5 G05 X40i
Join Date: Dec 2020
Location: Toronto

iTrader: (0)

Quote:
Originally Posted by ksavostin View Post
Hello folks from US. I am planning to put $15,000 down, so this reduce my monthly payment, can I do it with credit card? Did anyone do this at your MBW dealership? I remember, I've read about this on Lexus forum that Lexus dealer did not allow to pay downpayment by credit card.
My credit card has 2% cashback, would be nice to get $300 back, Thanks.
My dealer allowed only $5K on credit card so I will end up putting the rest on debit card. I get points on both cards.
Appreciate 0
      03-15-2021, 05:28 PM   #28
darksilkx1
Lieutenant
155
Rep
491
Posts

Drives: Monthly Payment
Join Date: Jun 2011
Location: FL

iTrader: (0)

Quote:
Originally Posted by gqgambler View Post
Leasing is a different story, but leasing is a money pit and poor financial strategy.
I agree with almost everything you said except the above friend. Like most things financial it all depends on your circumstances and priorities. I've purchased outright and owned cars until they were paid off and became ridiculously expensive to maintain and unreliable (RIP 2006 E60). I've also purchased and sold cars before they were paid off. In either case its a fast depreciating asset (unless its a classic or antique that appreciates) and when you sell it that upfront money is not coming back. Speaking personally we have decided In the last 8 years that we make and save enough money that we are willing to pay a little more for the "privilege" of leasing if it means we don't deal with paying for maintenance, maintaining a car outside warranty, and one of my pet peeves negotiating trade ins, and have a reliable vehicle. Plus my wife likes to trade in cars often which is always a money losing venture. We've done the math and it makes sense for us - two incomes one IT CISO and one surgeon if you're wondering.

Having said that I'll be a hypocrite and ask why does the CEO of Goldman need a jet, cant he fly Southwest? Kidding. His time is obviously more valuable than mine.
__________________
Appreciate 0
      03-15-2021, 06:46 PM   #29
JonArcher06033
Private
JonArcher06033's Avatar
No_Country
56
Rep
71
Posts

Drives: 2024 X5 50E
Join Date: Aug 2020
Location: Glastonbury CT

iTrader: (0)

Garage List
2020 840i GC  [0.00]
Quote:
Originally Posted by ksavostin View Post
Hello folks from US. I am planning to put $15,000 down, so this reduce my monthly payment, can I do it with credit card? Did anyone do this at your MBW dealership? I remember, I've read about this on Lexus forum that Lexus dealer did not allow to pay downpayment by credit card.
My credit card has 2% cashback, would be nice to get $300 back, Thanks.
Most around CT allow 2500-5000. Bought a Range Rover exactly a year ago yesterday; allowed me to do $26,000 down on card. Points!!!

Talk to them- they get charged a credit card processing fee. Worth a discussion.
Appreciate 1
      03-15-2021, 07:03 PM   #30
gqgambler
Major
gqgambler's Avatar
United_States
716
Rep
1,449
Posts

Drives: Fast & Furious
Join Date: Jun 2018
Location: Beast from the East

iTrader: (1)

Quote:
Originally Posted by darksilkx1 View Post
I agree with almost everything you said except the above friend. Like most things financial it all depends on your circumstances and priorities. I've purchased outright and owned cars until they were paid off and became ridiculously expensive to maintain and unreliable (RIP 2006 E60). I've also purchased and sold cars before they were paid off. In either case its a fast depreciating asset (unless its a classic or antique that appreciates) and when you sell it that upfront money is not coming back. Speaking personally we have decided In the last 8 years that we make and save enough money that we are willing to pay a little more for the "privilege" of leasing if it means we don't deal with paying for maintenance, maintaining a car outside warranty, and one of my pet peeves negotiating trade ins, and have a reliable vehicle. Plus my wife likes to trade in cars often which is always a money losing venture. We've done the math and it makes sense for us - two incomes one IT CISO and one surgeon if you're wondering.

Having said that I'll be a hypocrite and ask why does the CEO of Goldman need a jet, cant he fly Southwest? Kidding. His time is obviously more valuable than mine.
Let's start out by saying buying a luxury car is a poor financial decision. You can get a $100,000 BMW or a $30,000 Honda and they both get you from Point A to B. And the best way to own a car financially is to keep the one that you have until you run it into the ground and/or repairs don't make financial sense to keep the car up and running OR buy a car in cash pre-owned to avoid paying both interest and depreciation (many people aren’t in a position to pay cash for their cars).

Certainly you have some good points and reasons, and for you and your wife it works out well. It also depends on the type of car and lease terms to know if it works; the vast majority of luxury cars are leases. You have the disposable income, and the numbers work for you and there are certain hassles it saves you from dealing with - and time is money. We have the disposable income and have made the decision to purchase in most cases (both new and CPO); the last lease we did was knowing that in 3 years we wanted to get out of the car and planned for a SUV thinking we would have kids by then. I've purchased outright as well and owned until paid off (mostly my M cars and the wife's cars), I've sold or traded cars before they were paid off (often for more than was owed on them). I've bought new, used, and CPO as well. I tend to turn over cars every 2-3 years or so because of high mileage I put on (driving for work) and I like to get out of them before major issues arise, I'll often buy my daily driver CPO/used with low mileage for that reason as I would pay too much on a lease for the miles I drive.

For MOST people leasing is a poor financial move (just talking numbers here); its beneficial for some such as business owners or anyone who can deduct certain vehicle costs. For a certain subset, it makes sense to lease. We are under the assumption that we aren't buying a piece of junk money pit car; but if that's the case lease or buy you are covered under warranty and can bail before the warranty is up.

The decision to buy or lease is a preference: Would you rather always drive a new car at a relatively low monthly payment or finance a car that you’ll someday own for a long time? Leasing is a luxury. If you constantly like to get new cars every few years for whatever reason, then leasing makes sense; remember leasing is a big money winner for the dealers/manufactures otherwise they wouldn't offer it. They get you with the lower monthly payment and little up front cost; initial cost of purchasing is higher than leasing. You're in their door every 3 years for another deal, maintenance is covered but they are still being paid by the manufactures for the work, and when its all said in done they acquire an asset that they can sell at a premium as a CPO car.

Don't forget the hidden factors of a lease: mileage limits, extra mileage cost, cost for wear and tear not covered under warranty, damage expenses, higher insurance cost, liability for payment (i.e. lose your job), stuck with term until contract ends (can always refinance a car loan), can't claim the vehicle as an asset, etc. When you buy the car payments will eventually end and you now own an asset (even if its a depreciated one), whereas lease payments won’t end assuming that you always need a car and you never acquire an asset. Similar debate as buy a home or rent; a home is a more valuable asset that tends to appreciate over time, but in some HCOL areas renting is financially sensible.
__________________
No. Try not. Do. Or do not. There is no try.
-Yoda
Appreciate 0
      03-15-2021, 07:06 PM   #31
gqgambler
Major
gqgambler's Avatar
United_States
716
Rep
1,449
Posts

Drives: Fast & Furious
Join Date: Jun 2018
Location: Beast from the East

iTrader: (1)

Quote:
Originally Posted by JonArcher06033 View Post
allowed me to do $26,000 down on card. Points!!!
$26K!!! Jealous!!
__________________
No. Try not. Do. Or do not. There is no try.
-Yoda
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 08:48 AM.




xbimmers
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST