Buying a Car on Amex Gold

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
20 posts
flan
Centurion Member
Centurion Member
 
Posts: 388
Joined: Tue Apr 09, 2013 10:16 pm
Location: chicago

Postby flan » Mon Mar 02, 2015 7:13 pm

Jarrodpd wrote:I wonder if they really think the majority of us are willing to go around with several $K willing to get robbed and lose it all. I work at a restaurant and this family came in one day after just coming from a bank to get $5/6K, apparently someone followed them and broke into their car and took all of it.


How did that person know they were going to the bank to get a large sum of money? What kind of moron leaves $5K in cash in their car?

There are all sorts of ways to pay for a car in "cash" without involving banknotes.


websteth
Centurion Member
Centurion Member
 
Posts: 279
Joined: Sun Dec 05, 2010 10:40 am
Location: Florida

Postby websteth » Mon Mar 02, 2015 7:19 pm

I put $5k on my Amex Zync when I got my car. I would have put more (I had the cash but wanted the points) but the dealer would only go up to $5k. They said some people try to do the whole car as a way to get lower interest instead of financing through them.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard

benhollberg
Centurion Member
Centurion Member
 
Posts: 353
Joined: Mon Apr 29, 2013 6:51 pm
Location: Salt Lake City

Postby benhollberg » Mon Mar 02, 2015 9:01 pm

jcarte29 wrote:But I just don't see the benefit of putting the *entire* vehicle purchase on your AMEX. I would love to understand the benefits. (Because I only see drawbacks lol).


The only drawback I see is not paying I'm full and having to pay interest. If you pay in full and pay no interest I see no drawbacks, in fact I see many benefits.
American Express Platinum Card
American Express TrueEarnings Card from Costco
Marriott Rewards Premier Visa Signature Card
Chase Sapphire Preferred World MasterCard
Discover It

Battery111
Centurion Member
Centurion Member
 
Posts: 284
Joined: Wed Apr 09, 2014 9:40 pm
Location: Lawton, ok

Postby Battery111 » Mon Mar 02, 2015 9:18 pm

benhollberg wrote:The only drawback I see is not paying I'm full and having to pay interest. If you pay in full and pay no interest I see no drawbacks, in fact I see many benefits.


This is what I was thinking. I really don't "do" car loans. I pay in cash. If I could pay in cash with the added bonus of receiving a ton of points for the purchase, I fail to see the drawback for me, the consumer. I certainly see the drawback for the merchant, and I can understand reasons why they wouldn't want to take a CC for purchase. But really only for the merchant fees, the disputed charges claim is BS. No CC issuer is going to stiff a dealer for tens of thousands of dollars without a proper investigation. They would be eaten alive in court.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

Jarrodpd
Gold Member
Gold Member
 
Posts: 32
Joined: Fri Oct 03, 2014 12:45 pm
Location: Houston, Tx

Postby Jarrodpd » Mon Mar 02, 2015 11:48 pm

flan wrote:How did that person know they were going to the bank to get a large sum of money? What kind of moron leaves $5K in cash in their car?

There are all sorts of ways to pay for a car in "cash" without involving banknotes.


They just came from the bank, the police thought it may have been an inside job due to several crimes being done with huge similarities.
[size=80]USAA Secured Mastercard: $600 @9.9% APR
USAA Platinum Mastercard: $1500 @12.9% APR CLIed to $2500
American Express HHonors no AF: $2900 @17.24% APR CLIed to $8700
American Express Premier Rewards Gold: NPSL
American Express Platinum: NPSL

Exp: 721|Equ: 708|Tu: 729 (5th October 2014)[/size] | Exp: 743|Equ: 734|Tu: 743 (3rd December 2014)

steve25rx
Green Member
Green Member
 
Posts: 4
Joined: Mon Feb 16, 2015 5:55 pm
Location: Emerald Isle, NC

Postby steve25rx » Tue Mar 03, 2015 1:25 am

I've been looking at new cars recently. I wish I could just cut out the middle man and buy straight from the manufacturer.

MB131174
Centurion Member
Centurion Member
 
Posts: 512
Joined: Mon Mar 05, 2012 10:58 am
Location: PA

Postby MB131174 » Tue Mar 03, 2015 12:03 pm

steve25rx wrote:I've been looking at new cars recently. I wish I could just cut out the middle man and buy straight from the manufacturer.


This would be amazing!
stalk me
KIK: WMB1974

deathrider
Gold Member
Gold Member
 
Posts: 33
Joined: Sun Feb 01, 2015 2:25 pm
Location: brookfield

Postby deathrider » Tue Mar 03, 2015 1:09 pm

steve25rx wrote:I've been looking at new cars recently. I wish I could just cut out the middle man and buy straight from the manufacturer.


sounds like your looking for a Tesla!
[size=100]Citi Prestige CL 16.5k
Chase Sapphire CL12.5k
Amex Gold NPSL
Sears MasterCard CL 8k
JP Morgan Ritz Carlton Canceled[/size]

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1208
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Postby Vattené » Wed Mar 04, 2015 2:23 pm

websteth wrote:I put $5k on my Amex Zync when I got my car. I would have put more (I had the cash but wanted the points) but the dealer would only go up to $5k. They said some people try to do the whole car as a way to get lower interest instead of financing through them.


If a person can get a lower interest rate on a credit card(!) (excluding a 0% promotional period or something like that) than he or she can get from that dealer, there's no reason to go through that dealer. Surely some bank somewhere could do a lot better.

When I bought my car the salesman told me about a customer that just refinanced after getting her credit in order. I remember, according to him, she originally had an APR higher than my Discover card (14.99%). I couldn't imagine paying that much (in today's interest environment) for a car, or what a person's credit must look like to warrant such a rate, but of course that's much different from one person having a better option on a credit card than through this dealership.
-Vattené
FICO-8:
EX - 827 (4/17) | TU - 812 (4/17)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Darrvao777
Platinum Member
Platinum Member
 
Posts: 86
Joined: Tue Jul 22, 2014 9:23 am
Location: NYC

Postby Darrvao777 » Wed Mar 04, 2015 6:39 pm

brnsnd wrote:Hi obviously new member here but occationally searched this fourm for help before.

I know this question has been asked before but just wanted an updated answer. I was using the Amex auto program and on the site it mentioned that the Austin BMW dealership would accept my Amex for the full price of the car. When I called ahead to ask if I could put the M4 on the card I got a firm no. Has anyone had better luck with this anywhere?


I haven't heard of this. I've been allowed to put a down payment with a credit card but not the entire purchase of the vehicle.

My understanding, as others have already mentioned, was because of the narrow profit margin on the cars and the higher rates that Amex charges (or credit card companies in general even if it is lower than Amex)

I have made expensive jewelry purchases before using solely my Amex charge card but I'm assuming that's because they are laughing all the way to the bank anyway when you make big jewelry purchases (regardless of the percentage the credit card company charges)
- Fidelity Visa
- Citi Double Cash
- Amazon Prime Store Card



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests