Do dealers accept credit cards for downpayment?

This is another of those areas that the credit card deposit amount a dealer will accept towards a vehicle purchase correlates directly with how badly they want to sell it.

In that regard, in today's market, I would imagine that dealers would be willing to accept any credit card amount a buyer wants to charge towards the purchase of a new mid-size SUV or full-size pickup truck.

With the current hot sales market of the Prius, dealers can afford to be more picky.

 

<div class='quotetop'>QUOTE(Miss_Taz @ Aug 10 2006, 07:32 PM) [snapback]301171[/snapback]</div>

Which dealer did you get your Prius from?

 

It is of note that having a credit card that is near its limit in balance reflects more negatively on your credit than a car loan. So while the offer of 0% balance transfers for a year on my credit card could have saved me interest...I'll save my credit rating instead.

 

Yes, as long as the dealership accepts credit cards, as almost all do.

 

<div class='quotetop'>QUOTE(HokieHybrid @ Aug 11 2006, 12:59 PM) [snapback]301671[/snapback]</div>

My understanding is it does not matter as long as you pay it off before the due date because it will not be reported to the credit bureaus until then? In other words the credit card company makes a report on your balance to the credit bureau once a month and if you pay before then they will report a zero balance not the highest it was for the month. Please correct me if that is not true.

 

<div class='quotetop'>QUOTE(tumbleweed @ Aug 11 2006, 02:20 PM) [snapback]301732[/snapback]</div>

You are 100% correct according to a friend who works for Visa. You can spend as much as you like, as long as you pay it all off each month.

Carrying a balance from month to month is another story.

Oh, and as far as the OP goes, I put my deposit on my MC, no questions asked.

 

Credit card rates are way too high - You should consider getting a peer loan through Prosper.com or something like that.

 

The dealer I was originally going to buy the car from was willing to use my credit card for the $500 deposit (I mailed them a check). As I didn't buy from them I didn't find out know how much they would take on the CC.

 

I'm certain there are no state laws anywhere that would limit how much of a car you can pay for with a credit card, as it's a legal transaction entered into between two contracting parties (buyer and seller). But those merchant fees can be substantial. In Mexico it's common for any kind of store to charge more if you pay with a credit card. In the U.S. the c/c companies make the merchants sign a contract that prohibits them from charging more for c/c purchases. But whether a company that accepts cards at all can refuse to accept them for all or part of certain transactions is another matter.

I get 1% cash back from my bank for c/c purchases, so I've taken to putting large purchases on the card. Merchants assume most people will use a card, so they build the fee right into their retail price. I'll probably try to put my next car purchase on the card, and see what happens. But that won't be for a while yet. I won't be considering a new car before the 2009 model year Prius. And if EDrive Systems ever actually starts doing their Plug-in Prius conversions, maybe I'd go that route and keep my '04.

Of course I pay my balance in full every month.

 

<div class='quotetop'>QUOTE(mike_m @ Aug 10 2006, 12:05 PM) [snapback]300906[/snapback]</div>

I tried to do this, but when I bought my 2006 from Toyota Carlsbad in March they limited my charges to the $500 deposit followed by a $3,000 payment for a total of $3,500.
I probably should complain to AMEX about this as I suspect it is a violation of the merchant agreement. Still if the dealer is paying substantial fees, will AMEX really bite the hand...?
It has definitely been a seller's market here in San Diego county, so I pretty much gave in without a fight, but in retrospect, perhaps I should have tried harder
For what its worth, when we bought our 325i from Brecht BMW (Escondido, CA) in May of 2002, they limited our AMEX charge to $4,000.

 

<div class='quotetop'>QUOTE(hv74656 @ Aug 11 2006, 03:49 PM) [snapback]301666[/snapback]</div>

I bought from Central Florida Toyota. (It was my 4th new car purchase from them in 3 years.)
I have had very good experiences with both sales & service there.

If you list me as your referral person when you buy from them, I'll split the referral bonus with you!!!

 

<div class='quotetop'>QUOTE(Miss_Taz @ Aug 15 2006, 02:35 PM) [snapback]303628[/snapback]</div>

Who was your sales rep? I ask because I always seem to get someone who wants me to buy a car right there when all I really want to do is ask questions. My planned date of Nov/Dec for getting a car has been unexpectedly pushed up to Oct. 1 so any help as far as a good salesperson would be greatly appreciated. Better yet, anyone who can find a used '04 to '06 Prius for under $18k would be my hero. I don't care if I have to fly to California and drive the car back to Florida to get one, as long as it has less than 70k miles and isn't a salvage car.

 

<div class='quotetop'>QUOTE(hv74656 @ Aug 15 2006, 09:50 PM) [snapback]303849[/snapback]</div>

I used Courtney Kohn at Centrral FLorida Toyota. She was the internet salesperson. I am in sales myself, and she did very good! No pressure, and a genuine interest in my needs. IF you are willing to go 18K, why wouldn't you just buy a new one, get the full tax credit, and have a warranty? Isn't a package 1, 22K? If you minus the $3150, you're pretty darn close.

 

Bought my Prius no money down.

 

<div class='quotetop'>QUOTE(Soylent @ Aug 16 2006, 09:05 AM) [snapback]304010[/snapback]</div>

I've actually found quite a few Prius' for less than $20k online, but the problem is that the ones that aren't salvage go pretty fast. As for the Civic, I test drove one and liked it EXCEPT for two things, first it is a sedan, and it's built in Mexico. The Honda Fit is a very nice car and is my backup in the event I can't find a Prius. Concerning the tax credit, the full $3150 expires Sep. 30th, the $1575 isn't bad if you can find an absolute base model Prius (not even package 1), which SE Toyota has very few of. But judging from the general good experiences of others with Central Florida Toyota, and the fact that they accept credit cards, they'll be my first stop if I choose to go with a new car.