unbelieveable BMW card story :-o
12-28-2005, 06:37 PM
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to make an $8,300 purchase - a down payment on a 2006 M5! 
My limit on the card was well over what I needed, and I had plenty of room to spare, and they would not allow me to use the card to put towards a BMW!!! Can you believe that? It had nothing to do with the security issue, they simply denied me the right to make the purchase that was well within my limit! I almost lost it on the phone and told them if I couldn't use it to buy a BMW, why the hell did I have it? I also told them I had the money in my checking account and was going to pay it off the next day. They still said no. At that point, I propmtly cancelled the card.
I then emailed BMWNA, so I am hoping to hear back from them soon. I will keep you posted. Anyone else ever get denied the use of a card within your limit, esp a BMW card? It's not like I put the whole car on the card. The dealer had no problem taking it, so I am not sure why BMW financial services did.
Anyone have an owner's circle account? Look at the prominently displayed card when you login, because that is the card I have in question.
My limit on the card was well over what I needed, and I had plenty of room to spare, and they would not allow me to use the card to put towards a BMW!!! Can you believe that? It had nothing to do with the security issue, they simply denied me the right to make the purchase that was well within my limit! I almost lost it on the phone and told them if I couldn't use it to buy a BMW, why the hell did I have it? I also told them I had the money in my checking account and was going to pay it off the next day. They still said no. At that point, I propmtly cancelled the card.
I then emailed BMWNA, so I am hoping to hear back from them soon. I will keep you posted. Anyone else ever get denied the use of a card within your limit, esp a BMW card? It's not like I put the whole car on the card. The dealer had no problem taking it, so I am not sure why BMW financial services did.
Anyone have an owner's circle account? Look at the prominently displayed card when you login, because that is the card I have in question.
12-28-2005, 06:42 PM
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Originally Posted by ky_soldier' post='216593' date='Dec 28 2005, 10:37 PM
to make an $8,300 purchase - a down payment on a 2006 M5!
My limit on the card was well over what I needed, and I had plenty of room to spare, and they would not allow me to use the card to put towards a BMW!!! Can you believe that? It had nothing to do with the security issue, they simply denied me the right to make the purchase that was well within my limit! I almost lost it on the phone and told them if I couldn't use it to buy a BMW, why the hell did I have it? I also told them I had the money in my checking account and was going to pay it off the next day. They still said no. At that point, I propmtly cancelled the card.
I then emailed BMWNA, so I am hoping to hear back from them soon. I will keep you posted. Anyone else ever get denied the use of a card within your limit, esp a BMW card? It's not like I put the whole car on the card. The dealer had no problem taking it, so I am not sure why BMW financial services did.
Anyone have an owner's circle account? Look at the prominently displayed card when you login, because that is the card I have in question.
My limit on the card was well over what I needed, and I had plenty of room to spare, and they would not allow me to use the card to put towards a BMW!!! Can you believe that? It had nothing to do with the security issue, they simply denied me the right to make the purchase that was well within my limit! I almost lost it on the phone and told them if I couldn't use it to buy a BMW, why the hell did I have it? I also told them I had the money in my checking account and was going to pay it off the next day. They still said no. At that point, I propmtly cancelled the card.
I then emailed BMWNA, so I am hoping to hear back from them soon. I will keep you posted. Anyone else ever get denied the use of a card within your limit, esp a BMW card? It's not like I put the whole car on the card. The dealer had no problem taking it, so I am not sure why BMW financial services did.
Anyone have an owner's circle account? Look at the prominently displayed card when you login, because that is the card I have in question.
12-28-2005, 06:47 PM
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they simply did not want to allow it because they said it would put me "close" to my limit, which it really wouldn't have because I had over $10k free on it. I told them I could make $10k in small purchases without blinking an eyelash, but $8300 towards a BMW and I can't do it?
Also, I never carry a balance and pay it off several x a month, so maybe I was flagged as a customer they could afford to lose???
Also, I never carry a balance and pay it off several x a month, so maybe I was flagged as a customer they could afford to lose???
12-28-2005, 07:01 PM
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The reason most dealers/lenders (or whoever places the lien on your car) do not accept credit cards as down payment is due to cardholder rights allowing you to dispute a charge. I've heard of stories where customers, after taking ownership of a vehicle, filed a dispute with the credit card company (for whatever reason - be it a lemon, etc.) which basically left the dealer/lender out of pocket. This in turn, is cause for default, and it's just a battle from there. Thus most policies simply won't allow you to use credit cards to purchase "lienable" assets.
I agree with those policies. But I understand where you're coming from.
I agree with those policies. But I understand where you're coming from.
12-28-2005, 07:03 PM
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Originally Posted by durbina79' post='216605' date='Dec 28 2005, 11:01 PM
The reason most dealers/lenders (or whoever places the lien on your car) do not accept credit cards as down payment is due to cardholder rights allowing you to dispute a charge. I've heard of stories where customers, after taking ownership of a vehicle, filed a dispute with the credit card company (for whatever reason - be it a lemon, etc.) which basically left the dealer/lender out of pocket. This in turn, is cause for default, and it's just a battle from there. Thus most policies simply won't allow you to use credit cards to purchase "lienable" assets.
I agree with those policies. But I understand where you're coming from.
I agree with those policies. But I understand where you're coming from.
12-28-2005, 07:07 PM
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If BMW Financial Services is to be lienholder, I very much still agree that they would deny this purchase due to those issues.
But, if it isn't, and I'm totally wrong, just get an American Express! One of the better financial decisions I've ever made.
But, if it isn't, and I'm totally wrong, just get an American Express! One of the better financial decisions I've ever made.
12-28-2005, 07:15 PM
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The reason most dealers/lenders (or whoever places the lien on your car) do not accept credit cards as down payment is due to cardholder rights allowing you to dispute a charge. I've heard of stories where customers, after taking ownership of a vehicle, filed a dispute with the credit card company (for whatever reason - be it a lemon, etc.) which basically left the dealer/lender out of pocket. This in turn, is cause for default, and it's just a battle from there. Thus most policies simply won't allow you to use credit cards to purchase "lienable" assets.
I agree with those policies. But I understand where you're coming from.
I agree with those policies. But I understand where you're coming from.
[/quote]I can't remember exactly what I was told, but I wanted to buy my whole Z06 using credit cards and ended up not doing so. I think the reason was essentially what dur...79 said. It was the dealer that balked. We still miss those frequent flyer miles. Darn.
12-28-2005, 08:09 PM
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Originally Posted by ky_soldier' post='216623' date='Dec 29 2005, 12:03 AM
the dealer WAS willing to take it, and BMWFS was NOT going to be the lienholder.
12-28-2005, 08:35 PM
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They don't want to accept that large a credit card charge because they don't want to pay the credit card fee on it. Most dealers will let you charge up to $5K as a deposit or part of actual payment. When you consider that BMWs have ~9% margin at MSRP (not including holdback), to pay a few points to a credit card company cuts into their profit.