unbelieveable BMW card story :-o
12-29-2005, 10:26 AM
#31
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Originally Posted by JFiRB' post='216889' date='Dec 29 2005, 02:14 PM
I don't understand why people keep saying/blaming/explaining why dealer didn't want to take the CC while it is the BMW FS that didn't authorize the transaction.
Glad you got things worked out ky_soldier! Can't wait to hear about your new baby when you finally get it!
12-29-2005, 11:57 AM
#32
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I took a class in law school on secured transactions - like credit card purchases - my memory is weak, but here is another reason why the credit card company may not allow it.
They are unsecured if you put it on a credit card - meaning if you default on the payment there is nothing they can do - except put a ding on your credit
if there is a lien on the car - such as through a loan - the loan company holds the lien and has first access to the car if you default on payment
The credit card company would probably have to go to court to get you to pay.
Also, if I remember correctly - it is not necessarily a percentage of the purchase price that the credit card company gets - I am not sure - anyone out there own a business that uses visa could answer how much they charge for a transaction
They are unsecured if you put it on a credit card - meaning if you default on the payment there is nothing they can do - except put a ding on your credit
if there is a lien on the car - such as through a loan - the loan company holds the lien and has first access to the car if you default on payment
The credit card company would probably have to go to court to get you to pay.
Also, if I remember correctly - it is not necessarily a percentage of the purchase price that the credit card company gets - I am not sure - anyone out there own a business that uses visa could answer how much they charge for a transaction
12-29-2005, 12:56 PM
#33
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no one said yet if it is LEGAL for the dealer to not allow you to use the card. I'm still curious about that one? and yes it is a percentage. If you spend 10 grand on your card and they pay 2.5 % on every dollar, then it costs them $250.00 to process it. There are also monthly fees etc for the terminal in the store.
12-29-2005, 12:57 PM
#34
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I was also capped at $2000 at my dealership using my AMEX Gold Card and the rest by check. I was told that all card companies won't accept anything above $2000 on automobile payments. Now, I am thinking that it was the dealership trying to limit the payment fee they have to pay for the transaction that eats into the profits. Learn something new everyday.
12-29-2005, 01:04 PM
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That's EXACTLY what it was. I can't wait to see how these idiots in Saskatoon act when I break out the credit card 
12-29-2005, 01:05 PM
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My Ride: 2006 530xi. Deep green with beige interior. 6 speed manual. Premium package.
as far as is it legal - the answer I learned in law school is the same answer to every question. IT DEPENDS - and you can always argue both sides of it
12-29-2005, 01:15 PM
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I don't find it that hard to believe. The BMW card is nothing more than a cross-promotion. The card is owned by some bank that doesn't give a flying fig about BMWs, and the reverse is true-- there's no reason for BMW to treat that card any differently than any other credit card when you get right down to it. BMW 'sold' you to the bank so they could direct-market the card to you.
12-29-2005, 01:15 PM
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haha I suppose. What else is new! Maybe I'll bring a lawyer with me! 
12-29-2005, 01:36 PM
#39
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a credit card is unsecured credit. what is the difference between me making 100 trips to Wal-Mart and running up $8k in debt that I don't pay vs one $8k down payment on a vehicle? Either way they have no recourse other than to ding my credit. That's just what a credit card is - a risk they take, and for that, they charge much more interest than a secured loan.
again, to repeat, my dealer did NOT cap me at $2k, $5k or other. They WANTED to take any credit card as a down payment on the vehicle.
The net is that BMWFS credit card would not allow me to make a purchase of a down payment on a BMW that was WELL within my useable credit.
again, to repeat, my dealer did NOT cap me at $2k, $5k or other. They WANTED to take any credit card as a down payment on the vehicle.
The net is that BMWFS credit card would not allow me to make a purchase of a down payment on a BMW that was WELL within my useable credit.
12-29-2005, 02:36 PM
#40
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Originally Posted by ky_soldier' post='216970' date='Dec 29 2005, 04:36 PM
a credit card is unsecured credit. what is the difference between me making 100 trips to Wal-Mart and running up $8k in debt that I don't pay vs one $8k down payment on a vehicle? Either way they have no recourse other than to ding my credit. That's just what a credit card is - a risk they take, and for that, they charge much more interest than a secured loan.
again, to repeat, my dealer did NOT cap me at $2k, $5k or other. They WANTED to take any credit card as a down payment on the vehicle.
The net is that BMWFS credit card would not allow me to make a purchase of a down payment on a BMW that was WELL within my useable credit.
again, to repeat, my dealer did NOT cap me at $2k, $5k or other. They WANTED to take any credit card as a down payment on the vehicle.
The net is that BMWFS credit card would not allow me to make a purchase of a down payment on a BMW that was WELL within my useable credit.