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Would a dealer accept a Credit card for payment / part payment of a car? It?s an easy way to pay for me, and gives a couple of weeks for me to transfer cash from various accounts. Plus I'd get £30 of Tesco vouchers.
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I think my friend did exactly this when he paid for his Focus. He had to phone the credit card company to get a temporary hike on his credit limit.
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They will pass on the 2.5% charge they incur directly to you - they will normally take a deposit on your card for free, but any other payments will incur this charge.
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Piad for my last card by credit card.....(SWMBO's idea)
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Ford, Audi and Vauxhall all told me there would be a 2.5% surcharge when paying by credit card - who are you buying your car from?
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They should be told in simple terms, 2.5% surcharge means no sale. They will agree rather than loose the deal.
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Depends on the dealers margin on the deal.
If their margin has already been reduced by discounts etc then they may not be in a position to give you a further 2.5% discount. There is not much point in them agreeing to a deal that means they sell the car at a loss.
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I agree with RF.
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Why don't they just build credit card functionality into their business model like other retailers do?
Maybe the low number of transactions compared to other businesses means it isn't cost-effective?
Mind, I agree with RF that a quick ultimatum should see the surcharge dropped. That's always my strategy with a retailer - they usually need you far more than you need them. Amazing the concessions you can get if you shrug your shoulders and walk away, muttering about taking your money elsewhere.
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If they do limit its use to deposit try and make them accept as larger deposit as possible.
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Our standard terms are credit cards up to a limit of £500 in one transaction but you can use a switch/maestro to pay for the remainder.
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Last time i bought a car, i paid by card for the first £1500 and the balance by cash. Above £1500 i would been charged the surcharge (1% from memory).
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I paid the (small) deposit on my car by credit card. For the balance I could have used a debit (but not credit) card. I opted for a building society cheque because I'm not in the habit of keeping the required amount in my current account.
If the garage will accept a credit card it's obviously very worthwile if you have a cashback card. Sadly, these don't pay out as much as they used to. For the best deals, have a look at www.moneysavingexpert.com .
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Also it means you can do a 'Balance Transfer' to a new Credit Card who might offer you say 6+ months interest free !
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& you'll have added consumer protection, should a problem develop, with the car.
Mrs V bought her Mx5 on the Thomas Cook card - earn't 1.5% of the cars value, in holiday points!!
& NO surcharge was made, although they initailly wanted to charge 2%.
I wouldn't charge a card premium, to my customers. It'd be a barrier to LOOSE the sale - instead of an AID to make one!!
VB
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Also it means you can do a 'Balance Transfer' to a new Credit Card who might offer you say 6+ months interest free !
Work colleague did exactly that: £5000 cash purchase, transferred it THREE times 0% each time, got 0% finance for about 14 months in the end.
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I bought my 52 plate VW Passat V6 TDi on my AMEX. Sweet deal since it was hassel free and allowed me to earn far too many AMEX reward points that allowed me to get free flights for our impending holiday. Dealers usually baulk at plastic and try to pass on all or some of the surcharge to you. But if they want the sale bad enough ;)
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