THE LARGEST BMW 2-SERIES FORUM ON THE PLANET
2Addicts
2Addicts
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read
2Addicts | BMW 2-Series forum BMW 2 Series (F22) Forum 2 Series Pricing, Ordering, European Delivery credit card for down payment

Post Reply
 
Thread Tools Search this Thread
      08-23-2016, 08:03 PM   #1
Ivanz0709
New Member
5
Rep
25
Posts

Drives: BMW 230i
Join Date: Jul 2016
Location: San Diego

iTrader: (0)

credit card for down payment

I know this is properly a dumb question, but I'm just curious if I can able to use any credit card for a down payment. I'm searching around to see which bank I can maximize to cash back reward.
Appreciate 0
      08-23-2016, 08:17 PM   #2
F1HAMMY
Private
36
Rep
76
Posts

Drives: 2016 BMW 228
Join Date: Jan 2016
Location: Ft Riley Kansas/Camp B Kuwait

iTrader: (0)

yes
__________________
F1HAMMY, FT Riley KS 2008 E90 Manual Trans [Retired] 2013 Ford Focus ST2/Chalupa Batman 1 [Retired]
2017 F22 230/Chalupa Batman 2. M-Sport/THP/Manual Trans/Harman Kardon/Heated Seats, On Order
991.2 GT3R: In an old gym sock under my bed.....
Appreciate 0
      08-23-2016, 09:53 PM   #3
inc235
Private First Class
117
Rep
122
Posts

Drives: 23 m240i rwd
Join Date: Apr 2016
Location: west

iTrader: (1)

Amount varies by dealership but it is usually do-able.
Appreciate 0
      08-24-2016, 07:52 AM   #4
BEM-S4
Major General
BEM-S4's Avatar
United_States
4515
Rep
8,942
Posts

Drives: Dinan M235, Dinan Sport Wagon
Join Date: Oct 2012
Location: Philadelphia

iTrader: (5)

I put $5k down on my father's wagon to get the points wasn't a problem at all. You just can't lay your monthly lease or car payment w a CC.
__________________
2022 Macan S
2016 F31 328i xDrive Sport Wagon
2006 E46 330ci ZHP Convertible
Appreciate 0
      08-24-2016, 08:12 AM   #5
BMWZ4
Major General
BMWZ4's Avatar
1904
Rep
5,097
Posts

Drives: '23 X1/'23 Allroad Progressiv
Join Date: Apr 2010
Location: Toronto

iTrader: (1)

Yes, do-able. Some will permit many thousands to be put on the card, others less than $2k. Issue is around the interchange fees that retailers pay the credit card companies. For example, let's say you use Amex - typical interchange fee is around 2.5% for low volume retailers. The higher the amount put on the card, the larger the fee the dealer has to pay Amex. So on $2.5k deposit, the dealer would have to pay roughly $50 in fees. Obviously not a big deal until you start putting something like $10k down = $200 in fees, which is less profit for the dealer.

My 2 cents
__________________
'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 0
      08-24-2016, 09:04 AM   #6
Sleslie
Private
Sleslie's Avatar
Canada
40
Rep
78
Posts

Drives: 2017 230i xDrive
Join Date: Jun 2016
Location: Ottawa, Ontario

iTrader: (0)

I put my $2k deposit on my Visa for the points. No problem, the machine to do it was right on the sales manager's desk.
Appreciate 0
      08-24-2016, 09:42 AM   #7
LF
New Member
United_States
7
Rep
22
Posts

Drives: m240i
Join Date: Jul 2016
Location: Midwest

iTrader: (0)

Yup, I put $5k down on my previous car to get points. If you're into the points game, it's a great way to meet the minimum spend to get a signing bonus. Otherwise, I think the best cash back offer I've seen is 2% back on the Citi Double Cash card.
Appreciate 0
      08-24-2016, 08:20 PM   #8
Ivanz0709
New Member
5
Rep
25
Posts

Drives: BMW 230i
Join Date: Jul 2016
Location: San Diego

iTrader: (0)

thanks for the advised.

I was looking at Chase freedom unlimited. Currently they are offering 150 cash back on 500 dollars purchase in 3 months, then 1.5% cash back on every purchase.

Depend on the credit card limit and how much the dealer allow me to put in on the card... I'm shooting for 10k down.
Appreciate 0
      08-24-2016, 08:34 PM   #9
beemdoubleu2er
:D
beemdoubleu2er's Avatar
United_States
36
Rep
119
Posts

Drives: M240i Coupe
Join Date: Feb 2014
Location: San Francisco Bay Area, California

iTrader: (0)

Yeah ask the dealer if they're ok with that amount. I've used a CC in the past no problem.
Appreciate 0
      08-24-2016, 10:44 PM   #10
Topdown240
New Member
10
Rep
26
Posts

Drives: '17 m240i xdrive convertible
Join Date: Jun 2016
Location: Utah

iTrader: (0)

But, for example, my dealer said $2k was the limit for a credit card.
Appreciate 0
      08-29-2016, 08:57 AM   #11
Grentz
Second Lieutenant
Grentz's Avatar
58
Rep
227
Posts

Drives: X5 40i G05
Join Date: May 2009
Location: Midwest, USA

iTrader: (0)

Typically 2-5k is the limit.
Appreciate 0
      09-17-2016, 08:27 PM   #12
redontheline
Second Lieutenant
redontheline's Avatar
70
Rep
222
Posts

Drives: EB 235 MT
Join Date: Jan 2016
Location: NJ

iTrader: (0)

I was able to squeak out $6k as I paid $1k deposit on by card and then they allowed the full $5k at signing on the down payment.
Appreciate 0
      09-18-2016, 07:52 PM   #13
Hellrot
First Lieutenant
241
Rep
307
Posts

Drives: 16 M235i
Join Date: Sep 2016
Location: Orlando, FL

iTrader: (0)

Quote:
Originally Posted by BEM-S4 View Post
I put $5k down on my father's wagon to get the points wasn't a problem at all. You just can't lay your monthly lease or car payment w a CC.
I did this too, if they give you any grief just say you'll leave and they will figure out a way...

I flat out told the I wanted the points and that they were making plenty on me so there is no reason why they can't do it, so they did .

They told me they usually only do 2500 but I did 5000
Appreciate 0
      10-07-2016, 08:02 AM   #14
pcopley
New Member
United_States
3
Rep
11
Posts

Drives: 2017 M240i
Join Date: Sep 2016
Location: Harrisburg, PA

iTrader: (0)

Quote:
Originally Posted by Ivanz0709 View Post
thanks for the advised.

I was looking at Chase freedom unlimited. Currently they are offering 150 cash back on 500 dollars purchase in 3 months, then 1.5% cash back on every purchase.

Depend on the credit card limit and how much the dealer allow me to put in on the card... I'm shooting for 10k down.
My dealership allows up to $5k on any combination of cards. I am doing 5k on a Chase freedom for the 1.5% as well.

Quote:
Originally Posted by redontheline View Post
I was able to squeak out $6k as I paid $1k deposit on by card and then they allowed the full $5k at signing on the down payment.
I am hoping to do this as well, we closed by phone while I was on vacation so I put $1k down then and am hoping for the full $5k at delivery (same card). Will bring the cash just in case they put up a big stink.

Last edited by pcopley; 10-07-2016 at 08:04 AM.. Reason: Combining posts
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 07:27 AM.




2addicts
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST