why cant i use credit card & debit card to purchase a truck

Cummins is half up front on bigger work. And it also gets you moved up in the order of repair too.

How much?
$8700 We need half up front.
Here's a com check. When will it be ready?
Oh. Umm. Well. Wednesday.
Cool. Ty.

 

The reasons dealers don't want credit cards, is because you can stop payment, or get your money back for incorrect or improper repairs.

 

Again. Don't even consider this unless you have $20K to back you up, after you're in your truck and ready to go.

 

Car dealers will only let you pay a couple thousabd on a credit card, as they don’t want to pay 4% charge on $40,000 sale. That would be a $1,600 expense to them.

 

1) Back on 10/24/2019 I purchased a 2016 Kia Soul from a Kia dealership in Wichita KS. It was an original owner car with 35,700+ miles on it. The car was well taken care of, both the inside & outside of the car was immaculate kept up by the previous owner. Mechanically, the car was, and still is, in EXCELLENT condition.
2) I liquidated several certificates of deposit, (CD's), that I had purchased over the years, both to be able to buy a car when needed, along with having emergency funds, in case I got laid off or terminated from my job, (NEVER know what happens till it happens).
3) With negotiations & a trade in, along with the purchase of the remainder of the 10 year warranty, the price of the car was just over $15,000. The car dealership allowed me to charge $5,000 on my Visa credit card, which I went ahead and did. I paid the remaining balance with a check for just over $10,000. The car dealership both called my credit union, and ran my check through their electronic system. The check immediately cleared. I also had called my insurance company & received my insurance card through the internet, as proof of insurance, (FULL coverage).
4) For the next 30 days, between working a LOT of extra overtime, along with remaining balances from my liquidated CD's, I PAID off the $5,000 that I owed on my Visa credit card.
5) 12/20/2019, I received the title to my car, went to the Kansas DMV, processed all my paperwork, paid the necessary inspection & registration fees, and received my tag for my car.
6) The only thing that I had a problem with was the color, (lime green). I do NOT like lime green. HOWEVER, since everything else worked out quite well, I have LEARNED to live with it. One MUST be grateful for the things that do turn out well.

God bless every American and their families! God bless the U.S.A.!

 

BINGO!!! ​

I was going to say that and add that it is really stupid to finance a truck with credit cards. I know someone who used credit cards to put money down on a house and what do you think happened?

They declare bankruptcy and walked away from $35,000 debt and got to keep the house.

 

NOW you tell me.

 

Dealer got their money. It's all on the bank now.

It depends on the spending habits and the bank.
I had my credit card shut down immediately for a $250 fuel purchase. I've never spent that much for a transaction. And bank can't see that much being spent at a gas station. So their system red flagged and shut down my card. Thinking it was stolen.

 

Not many have cards that big. And even if you did you probably cannot. Or want to.

If you possess that kind of horsepower on credit, then you already have assets such as say 250,000 cash on hand etc. Pay cash or write a check and be done with it.

You do not want to use credit cards anyway for something that big, they generally go for 25% interest if not more and not much better than say 7% One time we had about 30,000 on hand ready to go on one card. 50,000 in a combination of cards at 8% average. That was years ago. That kind of credit is particularly dangerous without assets or cash.

Even if you did charge a big rig the payments and interest will hollow you out and BK you with a shocking rapid progress. You would never keep up or payoff. No dealer will be that stupid.

Yes you can buy a car with credit or debit etc. Its small enough not to be a real problem.

In fact we are cash only. Any actual credit card use as required by certain purchasing is backed by cash as security. If I default on that the cardholder simply takes that cash security and cancels the card. Its not like a bank debit card where whatever you put in the bank is availible. Thats not credit purchasing.