07-15-2020, 04:42 PM | #1 |
Enlisted Member
64
Rep 49
Posts |
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. |
07-15-2020, 05:37 PM | #3 |
Enlisted Member
64
Rep 49
Posts |
|
Appreciate
0
|
07-15-2020, 07:00 PM | #5 |
Private
63
Rep 89
Posts
Drives: 2019 M850i First Edition
Join Date: Feb 2020
Location: Atlanta, GA
|
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.
|
Appreciate
1
ORD_Flyer63.50 |
07-15-2020, 08:08 PM | #6 |
Major General
1910
Rep 5,103
Posts |
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
|
Appreciate
1
ORD_Flyer63.50 |
07-15-2020, 08:47 PM | #8 |
Enlisted Member
29
Rep 34
Posts |
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.
|
Appreciate
1
ORD_Flyer63.50 |
07-16-2020, 01:17 AM | #9 |
Lieutenant
270
Rep 466
Posts |
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 |
Appreciate
1
ORD_Flyer63.50 |
07-17-2020, 04:59 AM | #10 |
Captain
779
Rep 961
Posts
Drives: G87 M2, G20 330d, Brabus Smart
Join Date: Mar 2013
Location: Berlin
|
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) |
Appreciate
1
ORD_Flyer63.50 |
07-18-2020, 08:26 PM | #11 |
Enlisted Member
64
Rep 49
Posts |
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! |
07-19-2020, 10:20 AM | #12 |
Lieutenant
562
Rep 530
Posts
Drives: 2020 BMW X5 MSport Arctic Grey
Join Date: Mar 2019
Location: Seattle & Los Angeles
|
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...
__________________
2020 BMW X5 M-Sport
2021 Audi Q7 Prestige 2016 Aston Martin Vantage V8 Last edited by parkstr8; 07-23-2020 at 10:34 AM.. |
Appreciate
1
ORD_Flyer63.50 |
07-22-2020, 04:00 PM | #13 |
Major
231
Rep 1,066
Posts
Drives: 2015 X5 50i M Sport
Join Date: Aug 2007
Location: US of A
|
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 |
Appreciate
1
ORD_Flyer63.50 |
07-31-2020, 10:13 PM | #14 | |
Private First Class
59
Rep 198
Posts |
Quote:
Got those reward points and paid it before the statement got generated so that it didn't dip my score. |
|
Appreciate
1
bluzbra270.00 |
Post Reply |
Bookmarks |
|
|