unbelieveable BMW card story :-o
12-28-2005, 08:38 PM
#12
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Originally Posted by stream' post='216629' date='Dec 29 2005, 12:35 AM
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.
12-28-2005, 10:44 PM
#13
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Originally Posted by stream' post='216629' date='Dec 28 2005, 09:35 PM
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.
looking back now, i should have used a credit card check that i receive in the mail and used it for the entire down and have the cc waive the cash advance fee. but who knows now if they would've honored it b/c those checks look cheesy and fake anyways.
12-28-2005, 11:41 PM
#14
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anyone in Canada have similar problems? I plan on putting a big chunk on a cc. Wonder what kind of grief that will be.
12-28-2005, 11:51 PM
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My Ride: 2006 530xi. Deep green with beige interior. 6 speed manual. Premium package.
I do not think he crdit card companies get a lien on a purchase. A credit card is unsecured credit. I think if you bought a car with a credit card the title would not show a len.
12-28-2005, 11:57 PM
#16
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My Ride: 2006 550i Titanium Silver, Black Dakota Leather, Aluminum Cube Trim, M Sport Pkg, Premium Pkg, Comfort Access, Head Up Display, Steptronic, Comfort Seats, Rear Heated Seats, Through Load, Park Distance Control, Navigation , HK Logic 7, etc
thats correct! No lien would show.
12-29-2005, 02:53 AM
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My Ride: 2005 545i Black Sapphire Metallic, black leather, w/ sports pkg, cold weather pkg, Logic7, steptronic, navigation, satellite radio, electric rear shade, folding rear seat, Razr/Cingular phone
I tried to put the total difference between my trade in and the new car on my American Express. Amex approved the charge beforehand (I called them to be sure they would accept such a large amount). The dealer balked, and he said it was because of the fee they would have to pay Amex. That makes sense, so I dropped the idea.
It is possible the thread starter's problem was because his sales guys said yes to the credit card, but the manager said no and they just blamed it on the credit card company. He should call the credit card company directly to see what they say, although if he has canceled the card that may be pointless.
It is possible the thread starter's problem was because his sales guys said yes to the credit card, but the manager said no and they just blamed it on the credit card company. He should call the credit card company directly to see what they say, although if he has canceled the card that may be pointless.
12-29-2005, 03:30 AM
#18
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My Ride: 2006 550i Titanium Silver, Black Dakota Leather, Aluminum Cube Trim, M Sport Pkg, Premium Pkg, Comfort Access, Head Up Display, Steptronic, Comfort Seats, Rear Heated Seats, Through Load, Park Distance Control, Navigation , HK Logic 7, etc
My question is can they legally refuse to accept the credit card as payment? What are the rules here??? On small item's it is considered a normal cost of doing business. Typically the cost is anywhere from 1 % to 2 1\2 % Has anyone succeeded in putting a large balance on their card? What is legal and what is not?
12-29-2005, 05:27 AM
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My Ride: Alpine White/Biege 545i, CWP, Nav, Active Steering, Auto Step ordered 2/1/05
My dealer capped the CC payment to $2500. I paid ~$14K down on the car and I figured that if I charged the amount on the CC and get 1% (~$140) back, it would not be better than cutting a check. But noooooo, the dealer would not take anything > $2.5K on the CC.
12-29-2005, 05:37 AM
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Originally Posted by SolanNo1' post='216769' date='Dec 29 2005, 08:27 AM
My dealer capped the CC payment to $2500. I paid ~$14K down on the car and I figured that if I charged the amount on the CC and get 1% (~$140) back, it would not be better than cutting a check. But noooooo, the dealer would not take anything > $2.5K on the CC.