Friend actually got the parent to do the loan...........It's not even in my friends name, it's in the parents name - and they own a couple of houses! So, they must have at least ok credit

 

I think the only thing now is to get a copy of the contract. That would end all speculation and guessing. Maybe they charged him 4k for a wash?

 

Did that friend also recently close on a home with a $0 down interest only loan because in a few years he figured he could make $100k of dollars?

 

Credit card transactions cost dealerships in the tune of 1-2% of the transaction amount. No dealership will allow you to put more than $3k or so onto a credit card, unless the car's price was inflated (ie get their credit card fees back from the inflated car price).

 

+1... That's the only way I roll.

 

I put down a G on a vehicle earlier this year and paid cash. And I thought I was nuts, I guess I was wrong

 

lol, u guys hsould watch the movie called suckers. While working at the subaru/saab/toyota dealership in oakland .. the place had speical finiancing and a use car lot . the most one of the speical finiance guys there got on someone with (incredibily bad credit probably multiple repo, filed for bankrupt etc. ) was like 60k for a 20k neon. so yea. dont feel too bad but definitely go back to the dealership, if the dealer lied about anything, you can still get your money back since it's freud. So tell your friend to remember his salesmen and go straight to the sales or general manager. my 2 cents

-henry

 

well not exactly, if the parents are still paying off the houses ... finding a loan can be difficult.

 

If you buy a lower priced car w/ a credit card tho, the "loan" is not tied to the car, so ostensibly after paying on it, you could get a loan against the car and pay off the credit card. I have a friend who does this for the frequent flyer miles and oddly enough is here in HI sitting right near me on a free trip as I type.

As far as this post, you are handed the contract when you buy a car, so after you sign it you lose the right to complain about the contract details. Every time I have bought a new car, I was 100% sure about the details going on, even if it "took too long" to read the info. This is part of the deal when doing stuff like this.

As far as not buying cars over $3k with a credit card, BS. I have 2 credit cards with high enough limits, and they give me checks that I can write to myself, that will just go on the bill. I could write myself a check for $10k today, deposit it, "pay cash" for the car and then I would have an $10k credit card bill. Stupid, but it could be done. With that, I could get the airline miles, then go straight to my credit union to get a loan on the car. After paying cash for my last few cars tho, the "paid off" mod is my favorite. Forget car payments...

 

the breakdown is detailed in the sales contract, have you pored over it?

 

I don't know what to tell you other than Advantage Dodge in Maryland and Matt Slap Subaru in Delaware both let him do it. I'm sure they didn't lose money on the car regardless but I know that's how he did it both times.

 

3% I believe.
I try it every time.
they would not do it.



Nick

 

^^^my family has puchased multiple new and used cars on credit cards. Both in WA state.

 

It would be great if you could tell me which card gives mileage/reward points for the 0% checks they give. 99% of them only give reward points/mileage/% cash back on "purchases" actually charged to the card.

If you have a card that gives points for the checks, you can just write the check to yourself, get the points/rewards, then pay off the balance immediately with the cash you got from the check. Keep repeating and you will get infinite reward points/mileage.

So I would really want to know what card let you use the check for points. I don't think there's one unless there's a fee to use the checks which will offset the reward points they give you.

 

Not sure about the miles thing as I haven't tried it - my friend is the one with the miles card, not me. I do have two cards tho that give the checks, and I know many people who have bought cars at dealerships with credit cards.