Down Payment on Credit Card?

ORD_Flyer · 07-15-2020, 04:42 PM

Hey All -

I'm taking delivery of my G05 this Friday and wondering if anyone has put their down payment on a credit card? I would pay it off immediately of course but would like to get the points from the down payment vs. nothing from a check. Chase Sapphire Reserve has an amazing travel redemption for whenever it's safe to travel again.

If anyone has done so, mind sharing your experience with cc limits (or fees) at the dealership? Fees alone would likely steer me towards check/cash.

utcadman · 07-15-2020, 05:28 PM

Generally the dealership will limit you to 2500. It is not a rule so always good to ask—always

ORD_Flyer · 07-15-2020, 05:37 PM

Quote:

Originally Posted by utcadman

Generally the dealership will limit you to 2500. It is not a rule so always good to ask—always

That limit is helpful. Thanks! I'll report back here if my experience is different.

bforbrian · 07-15-2020, 06:53 PM

My experience was $3,500 on a credit card, the rest in cash or certified check.

produhktiv · 07-15-2020, 07:00 PM

I did my M850i purchase remotely and I put all of my Due at Signing and the Tax on my amex. Was over $6k. Every dealer is different I believe, so YMMV.

BMWZ4 · 07-15-2020, 08:08 PM

Max I ever managed in my Amex was $5kCAD. Don't know about the US but in Canada Amex would cost the dealer an additional ~2%+ in card TX fees...so they're not super eager to take CC's

mrracer · 07-15-2020, 08:37 PM

I was able to apply my deposit toward the pruchase, although it was only $1,000.

bodybybalco86 · 07-15-2020, 08:47 PM

Every dealer has arbitrary numbers for CC deposits. I was able to put 5k on a CC then return a couple months later only to be able to put 3500. There really is no set "rule". It really depends who you talk to and their mood that day.

bluzbra · 07-16-2020, 01:17 AM

The dealership we picked up our X5 from in March had a CC limit of $5,000, though you could split it among how many ever credit cards you wanted. No fee for using a card vs. cash/check. So my wife and I applied for the same CC that was offering a $500 bonus if you spend $3,000 in 3 months. We split our $5k drive off onto the cards ($2,500 each), put $500 in monthly expenses on each card to reach the $3k requirement, and we were able to get $1,000 back, making our effective drive off only $4k. Add the CCA rebate on top of that and our effective drive off was $3k (essentially the first month's payment, acquisition fee, registration, etc. and a couple hundred towards cap cost). Definitely a no-brainer to use a CC with rewards versus paying cash or check, but just make sure you know in advance what the max is (just call and talk to finance beforehand) and also make sure they don't charge an extra fee for paying with a CC. Hope that helps!

DBV · 07-17-2020, 04:59 AM

I've used a CC for almost every down payment so far. Once I was able to get a screaming one pay lease deal on a loaner 3 series, ended up charging the whole thing to my AMEX for the points. It's all about your relationship with the dealer I guess.

ORD_Flyer · 07-18-2020, 08:26 PM

Hey All -

Just reporting back my experience. I was able to put $3k down on a cc, it did seem like it varies from dealer to dealer. Thanks for everyone's feedback on this!

parkstr8 · 07-19-2020, 10:20 AM

I did 10k recently, but put 20 down to cover an upside down trade - it was split 50/50 credit card/check. They charged me 2%.

I usually do this to get miles, and its on my company card. I use the lease as a business expense so its easier to track that way.

DBV - like you, a while back - I did an entire lease on my AmEx, too. Kinda fun...

Quote:

Originally Posted by DBV

I've used a CC for almost every down payment so far. Once I was able to get a screaming one pay lease deal on a loaner 3 series, ended up charging the whole thing to my AMEX for the points. It's all about your relationship with the dealer I guess.

Silververtu · 07-22-2020, 04:00 PM

Every dealership has different CC limit, possibly also depending on your relationship with the SA/dealership. My highest was $8k on credit card, SA didn't bother to get approval from sales manager.

araje · 07-31-2020, 10:13 PM

Quote:

Originally Posted by Silververtu

Every dealership has different CC limit, possibly also depending on your relationship with the SA/dealership. My highest was $8k on credit card, SA didn't bother to get approval from sales manager.

Yes. I had 2K downpayment at the time of booking. Then at the time of delivery, I had the remaining payment of 5K again on the card.
Got those reward points and paid it before the statement got generated so that it didn't dip my score.

lpfinally · 08-01-2020, 07:54 AM

I'll reiterate but pretty much everyone else has said. It's dealer dependent. I was able to put 5k

jphcbpa · 08-06-2020, 11:06 AM

i was able to put 5K on cc for down payment.

07-15-2020, 04:42 PM	#1
ORD_Flyer Enlisted Member 64 Rep 49 Posts Drives: 2020 BMW X5 40i MSport Join Date: Jul 2020 Location: Chicago iTrader: (0)	Down Payment on Credit Card? Hey All - I'm taking delivery of my G05 this Friday and wondering if anyone has put their down payment on a credit card? I would pay it off immediately of course but would like to get the points from the down payment vs. nothing from a check. Chase Sapphire Reserve has an amazing travel redemption for whenever it's safe to travel again. If anyone has done so, mind sharing your experience with cc limits (or fees) at the dealership? Fees alone would likely steer me towards check/cash.
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07-15-2020, 05:28 PM	#2
utcadman Second Lieutenant 87 Rep 210 Posts Drives: X5 M50i Join Date: Jun 2011 Location: Park City UT iTrader: (0) Garage List 2021 BMW X5 M50i [0.00] 2018 BMW X3 M40i [0.00] 2011 BMW X3 3.5i [0.00]	Generally the dealership will limit you to 2500. It is not a rule so always good to ask—always
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07-15-2020, 06:53 PM	#4
bforbrian Captain 714 Rep 702 Posts Drives: 2020 BMW X5 x40i Join Date: Jul 2016 Location: New York, NY iTrader: (0)	My experience was $3,500 on a credit card, the rest in cash or certified check.
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07-15-2020, 07:00 PM	#5
produhktiv Private 63 Rep 89 Posts Drives: 2019 M850i First Edition Join Date: Feb 2020 Location: Atlanta, GA iTrader: (0) Garage List 2021 X5 M50i [0.00] 2019 M850i [0.00]	I did my M850i purchase remotely and I put all of my Due at Signing and the Tax on my amex. Was over $6k. Every dealer is different I believe, so YMMV.
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07-15-2020, 08:08 PM	#6
BMWZ4 Major General 1907 Rep 5,100 Posts Drives: '23 X1/'23 Allroad Progressiv Join Date: Apr 2010 Location: Toronto iTrader: (1)	Max I ever managed in my Amex was $5kCAD. Don't know about the US but in Canada Amex would cost the dealer an additional ~2%+ in card TX fees...so they're not super eager to take CC's __________________ '11 Z4 30i (retired);'11 X3 28i (retired); '15 M235i Stage 1 Dinan (recalled & crushed); '16 M235i Stage 3 Dinan (retired); '15 X3 28i (retired); '14 328i (retired), 2019 X3M40i (retired); Loaded '18 X1 (retired); Loaded '20 X3MC DG, Black/Tan Merino (retired); Loaded '23 X1 Cape York green and Red/Black interior; '23 Audi A4 Allroad Progressiv
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07-15-2020, 08:37 PM	#7
mrracer Private First Class 45 Rep 106 Posts Drives: X5 s40i Join Date: Oct 2019 Location: USA iTrader: (0)	I was able to apply my deposit toward the pruchase, although it was only $1,000.
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07-15-2020, 08:47 PM	#8
bodybybalco86 Enlisted Member 29 Rep 34 Posts Drives: 2014 328i xdrive Join Date: Oct 2014 Location: Massachusetts iTrader: (0)	Every dealer has arbitrary numbers for CC deposits. I was able to put 5k on a CC then return a couple months later only to be able to put 3500. There really is no set "rule". It really depends who you talk to and their mood that day.
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07-16-2020, 01:17 AM	#9
bluzbra Lieutenant 269 Rep 466 Posts Drives: '21 M550i / '20 X5 40i Join Date: Aug 2018 Location: Los Angeles, CA iTrader: (0)	The dealership we picked up our X5 from in March had a CC limit of $5,000, though you could split it among how many ever credit cards you wanted. No fee for using a card vs. cash/check. So my wife and I applied for the same CC that was offering a $500 bonus if you spend $3,000 in 3 months. We split our $5k drive off onto the cards ($2,500 each), put $500 in monthly expenses on each card to reach the $3k requirement, and we were able to get $1,000 back, making our effective drive off only $4k. Add the CCA rebate on top of that and our effective drive off was $3k (essentially the first month's payment, acquisition fee, registration, etc. and a couple hundred towards cap cost). Definitely a no-brainer to use a CC with rewards versus paying cash or check, but just make sure you know in advance what the max is (just call and talk to finance beforehand) and also make sure they don't charge an extra fee for paying with a CC. Hope that helps! __________________ Current BMWs - '21 M550i Bernina Grey/Black Nappa, '20 X5 sDrive40i xLine Alpine White/Coffee Extended Merino Past BMWs - '20 740i, '20 X3M, '19 540i M-Sport, '19 440i GC M-Sport, '18 M3 Comp., '18 X5 sDrive35i, '18 340i, '17 X3 sDrive28i, '15 335i xDrive Sport Line, '14 428i Coupe
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07-17-2020, 04:59 AM	#10
DBV Captain 776 Rep 961 Posts Drives: G87 M2, G20 330d, Brabus Smart Join Date: Mar 2013 Location: Berlin iTrader: (0) Garage List 2023 BMW M2 [8.75] 2018 Brabus Smart [0.00] 2021 BMW 330d [0.00]	I've used a CC for almost every down payment so far. Once I was able to get a screaming one pay lease deal on a loaner 3 series, ended up charging the whole thing to my AMEX for the points. It's all about your relationship with the dealer I guess. __________________ @DBV_ Current: '23 G87 M2 6MT / '21 G20 330d / '18 Brabus Smart Gone: '21 G05 X5 M50d / '18 MB C63s (632hp) / '16 F80 M3 6MT (570hp) / '09 F01 750i / '16 Abarth 595 Competizione (202hp)
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07-18-2020, 08:26 PM	#11
ORD_Flyer Enlisted Member 64 Rep 49 Posts Drives: 2020 BMW X5 40i MSport Join Date: Jul 2020 Location: Chicago iTrader: (0)	Hey All - Just reporting back my experience. I was able to put $3k down on a cc, it did seem like it varies from dealer to dealer. Thanks for everyone's feedback on this!
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07-22-2020, 04:00 PM	#13
Silververtu Major 231 Rep 1,066 Posts Drives: 2015 X5 50i M Sport Join Date: Aug 2007 Location: US of A iTrader: (5) Garage List 2019 Porsche Cayenn ... [10.00]	Every dealership has different CC limit, possibly also depending on your relationship with the SA/dealership. My highest was $8k on credit card, SA didn't bother to get approval from sales manager. __________________ 2019 Cayenne Turbo Gone but not forgotten: 2006 2.0T A4 Avant, 2007 Z4 Roadster 3.0si, 2006 M Roadster, 2013 550i M Sport, 2015 Cayman S, 2015 X5 50i M Sport
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08-01-2020, 07:54 AM	#15
lpfinally New Member 9 Rep 11 Posts Drives: X5 Join Date: May 2020 Location: NYC iTrader: (0)	I'll reiterate but pretty much everyone else has said. It's dealer dependent. I was able to put 5k
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08-06-2020, 11:06 AM	#16
jphcbpa Lieutenant 309 Rep 548 Posts Drives: 2022 M550i & 2023 X7 40i Join Date: May 2019 Location: Houston iTrader: (0)	i was able to put 5K on cc for down payment.
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