Payment question - cc payment for car
Discussion
Hi all
I am about to buy a new car . I have ended up going above my budget and dip into my credit card . The last dealership (Land Rover but different location and group ) explained the maximum on cc is £5000. Stupidly I assumed this dealership had a similar limit as I need to use the cc to pay £3000 of the overall 41000 cost .
However I have just looked at paperwork following signing the order form etc , and they clearly state ‘only a maximum of £1000 can be taken on credit card ‘.
I will email tomorrow and explain that I will need to pay £3k on cc and the rest (38kish) by bank transfer as per their request .
How responsive do you think they will be to this ? Or will they dig their heels in ?
I am about to buy a new car . I have ended up going above my budget and dip into my credit card . The last dealership (Land Rover but different location and group ) explained the maximum on cc is £5000. Stupidly I assumed this dealership had a similar limit as I need to use the cc to pay £3000 of the overall 41000 cost .
However I have just looked at paperwork following signing the order form etc , and they clearly state ‘only a maximum of £1000 can be taken on credit card ‘.
I will email tomorrow and explain that I will need to pay £3k on cc and the rest (38kish) by bank transfer as per their request .
How responsive do you think they will be to this ? Or will they dig their heels in ?
Depends on their reason for having such a limit?
Sometimes it is to do with transaction fees. If that's the issue then offer to cover the transaction fees as well. Might add a couple hundred to the bill.
If they have that limit because they want to avoid you getting purchase protection that might be more difficult but may be negotiable as I think it's a ratio whereby the credit card payment would have to be a minimum of 10% of the vehicle value in which case they may allow £3k on a £41k car.
Silly to ask on here really. Best just ask them at the dealership. If I were the dealer I'd be doing whatever I could to make the sale so would be flexible - but it does depend why they have that limit.
Sometimes it is to do with transaction fees. If that's the issue then offer to cover the transaction fees as well. Might add a couple hundred to the bill.
If they have that limit because they want to avoid you getting purchase protection that might be more difficult but may be negotiable as I think it's a ratio whereby the credit card payment would have to be a minimum of 10% of the vehicle value in which case they may allow £3k on a £41k car.
Silly to ask on here really. Best just ask them at the dealership. If I were the dealer I'd be doing whatever I could to make the sale so would be flexible - but it does depend why they have that limit.
ingenieur said:
Depends on their reason for having such a limit?
Sometimes it is to do with transaction fees. If that's the issue then offer to cover the transaction fees as well. Might add a couple hundred to the bill.
If they have that limit because they want to avoid you getting purchase protection that might be more difficult but may be negotiable as I think it's a ratio whereby the credit card payment would have to be a minimum of 10% of the vehicle value in which case they may allow £3k on a £41k car.
Silly to ask on here really. Best just ask them at the dealership. If I were the dealer I'd be doing whatever I could to make the sale so would be flexible - but it does depend why they have that limit.
As per Ingenieur, the transaction fees are higher on a credit card than zero on a bank transfer. Let's say the transaction fee is 3%, so 3% on £3,000 is £120, offer to cover this or half it with them.Sometimes it is to do with transaction fees. If that's the issue then offer to cover the transaction fees as well. Might add a couple hundred to the bill.
If they have that limit because they want to avoid you getting purchase protection that might be more difficult but may be negotiable as I think it's a ratio whereby the credit card payment would have to be a minimum of 10% of the vehicle value in which case they may allow £3k on a £41k car.
Silly to ask on here really. Best just ask them at the dealership. If I were the dealer I'd be doing whatever I could to make the sale so would be flexible - but it does depend why they have that limit.
It makes no difference as you still have the credit card protection if you went with their £1k limit (as over £100).
Speak to them and explain your predicament and I'm sure you'll reach an agreement.
Good luck on a £41k LR....
ingenieur said:
Depends on their reason for having such a limit?
Sometimes it is to do with transaction fees. If that's the issue then offer to cover the transaction fees as well. Might add a couple hundred to the bill.
I don't think it is legal for a retailer to charge for transaction fees any more, even by agreement.Sometimes it is to do with transaction fees. If that's the issue then offer to cover the transaction fees as well. Might add a couple hundred to the bill.
66HFM said:
As per Ingenieur, the transaction fees are higher on a credit card than zero on a bank transfer. Let's say the transaction fee is 3%, so 3% on £3,000 is £120, offer to cover this or half it with them.
It makes no difference as you still have the credit card protection if you went with their £1k limit (as over £100).
Speak to them and explain your predicament and I'm sure you'll reach an agreement.
Good luck on a £41k LR....
I think £30,000/item is the limit to get cover via a credit card. Happy to be corrected though.It makes no difference as you still have the credit card protection if you went with their £1k limit (as over £100).
Speak to them and explain your predicament and I'm sure you'll reach an agreement.
Good luck on a £41k LR....
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