08-23-2016, 08:03 PM | #1 |
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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.
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08-23-2016, 08:17 PM | #2 |
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yes
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08-24-2016, 07:52 AM | #4 |
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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.
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08-24-2016, 08:12 AM | #5 |
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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
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08-24-2016, 09:42 AM | #7 |
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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.
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08-24-2016, 08:20 PM | #8 |
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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. |
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09-18-2016, 07:52 PM | #13 | |
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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 |
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10-07-2016, 08:02 AM | #14 | |
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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 |
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