Paying with Cash
#16
Lexus Connoisseur
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Sorry to get your hopes up. Nope. $5k is the most i've ever heard on a down payment at any particular dealership for a credit card transaction. This is to avoid fraud of many things. Imagine someone putting $45k on their AMX card and then contesting the charges. Dealerships won't do such a thing.
#17
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My dealer allows up to $5K on a credit card. I put $1K for my deposit and just put another $5K (took some convincing) because of the bonus rewards for the Lexus Visa card during the December to Remember event. Now, I just have to hope my car makes it here before the end of the month.
#20
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Originally Posted by TimboIS
I'm putting mine on credit card, to get the points. Then paying the card off immediately.
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#21
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Take in the cash and freak them out. Walk in with $40k in dead presidents and they will not know what to do with it. I was with a family membere that did that with a custom bike. The place wasn't giving him the time of day because he didn't look like he could afford a $50k bike. They actually called in the police when he layed $50k on the counter. The money was 100% legit but the reaction was priceless.
Don't expect a discount for paying with cash. It used to be a good thing. Now the dealers make most of their profit from financing.
Don't expect a discount for paying with cash. It used to be a good thing. Now the dealers make most of their profit from financing.
#23
Liquid Bra Champion
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I called my cc company. If they're an authorized visa/amex/mc merchant they can't enforce an amount restriction (aside for your own credit rating) according to the cc company. If they do, then they are in violations of their cc merchant agreement. It's no different than going into a high end jewelry store to buy a $40K Rolex, etc.
#24
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Originally Posted by TimboIS
I called my cc company. If they're an authorized visa/amex/mc merchant they can't enforce an amount restriction (aside for your own credit rating) according to the cc company. If they do, then they are in violations of their cc merchant agreement. It's no different than going into a high end jewelry store to buy a $40K Rolex, etc.
#25
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Originally Posted by TimboIS
I called my cc company. If they're an authorized visa/amex/mc merchant they can't enforce an amount restriction (aside for your own credit rating) according to the cc company. If they do, then they are in violations of their cc merchant agreement. It's no different than going into a high end jewelry store to buy a $40K Rolex, etc.
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#26
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Originally Posted by unit74
Actually, it's the exact opposite.......they don't want your cash. They make more money off you in the finance end of things.......
So in todays market, I beleive the cash buyer has less leverage.
And I wouldn't say anything about cash untill your ready to do it. negotiate the price first, then talk about financing/paying..........Be in control of the game is my theory.....
So in todays market, I beleive the cash buyer has less leverage.
And I wouldn't say anything about cash untill your ready to do it. negotiate the price first, then talk about financing/paying..........Be in control of the game is my theory.....
I once was shopping for a 2005 BMW M3 for a family member (who was going to pay cash), and I got up to $7000 off just over the phone.
I too heard few dealerships say that they rather have me finance the car (after they found out that I was trying to get a discount), i think its complete bs, like i mentioned if you count time value of money and the fact that any business needs free cash flow, a customer who pays cash is definiltey a plus for a dealership.
If the salesman says cash payment is not good for them, try talking to the manger in person.
Last edited by NINEZeRO; 01-02-06 at 11:13 PM.
#27
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My parents just purchased a Honda Odyssey (sp?) and they were able to write a check they received from the CC for $7K down payment with no problems. Not sure if they view the CC check differently than the actual CC card.
#28
Lexus Connoisseur
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Originally Posted by r00kie
My parents just purchased a Honda Odyssey (sp?) and they were able to write a check they received from the CC for $7K down payment with no problems. Not sure if they view the CC check differently than the actual CC card.
#29
Lexus Champion
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Originally Posted by TimboIS
I called my cc company. If they're an authorized visa/amex/mc merchant they can't enforce an amount restriction (aside for your own credit rating) according to the cc company. If they do, then they are in violations of their cc merchant agreement. It's no different than going into a high end jewelry store to buy a $40K Rolex, etc.
#30
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Originally Posted by PeteV
If paying with cash for a new IS, what is the best way to do that, both from a logistic, and a "best deal" point of view?
Should I walk into the dealership with $40,000 in cash - or pay with a check (maybe by showing them my online bank account, with the money to cover it)? Or maybe negotiating what the price will be, and then going to the bank to get a cashiers check for that amount, and come back to buy the car?
Is there any real advantage to the dealers that would make them want to give me a better deal?
Should I walk into the dealership with $40,000 in cash - or pay with a check (maybe by showing them my online bank account, with the money to cover it)? Or maybe negotiating what the price will be, and then going to the bank to get a cashiers check for that amount, and come back to buy the car?
Is there any real advantage to the dealers that would make them want to give me a better deal?
I remember Edmunds had a good article on fax negotiation, there should be variety of others. Good luck.