Use credit card for the payment

SanJoseNinjya

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I saw some thread here or fb about the usage of credit card for the payment of Tesla vehicle, not for deposit. today I called tesla customer support (888-518-3752) and asked about this, the answer was simple "no". As far as I recalled from past thread, someone mentioned that they were able to their credit card for car payment in the past. Is there any special process for credit card payment or any tips to make this happen somehow? btw I called up amex and they gave me approval for up to $125K purchase. no issue on credit card side.
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Not happening. The only credit card usage is for the $100 initial deposit, and the follow on deposit of either $250 or $1000 depending on date. The remainder shall be presented at or before delivery. Financed or cash. Credit card is not and option.
 

Derektsla

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The retailer has to pay the credit card fees that support all the lovely benefits you get via Amex. It seems very unlikely they would want to pay the 2-3% fee to the CC processor so that you can get points. Most companies that take large payments don’t accept CCs or have fees associated.
 

REM

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My brother in Christ.

The only way you're buying a luxury vehicle with a credit card is if the Dubai First Royale Mastercard is sitting in your wallet.
 

Huntsman

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I tried it 30 yrs ago on a used car insisting the dealership accepted credit cards in the parts & service departments but they were willing to cancel the deal the more I insisted it was my method of payment.
Several years ago a coworker told me he used Amex to purchase a Jaguar. He may have traded a vehicle in where the dealership was able to recover the cc fees.
 


cybercoffee

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I saw some thread here or fb about the usage of credit card for the payment of Tesla vehicle, not for deposit. today I called tesla customer support (888-518-3752) and asked about this, the answer was simple "no". As far as I recalled from past thread, someone mentioned that they were able to their credit card for car payment in the past. Is there any special process for credit card payment or any tips to make this happen somehow? btw I called up amex and they gave me approval for up to $125K purchase. no issue on credit card side.
they used to allow this. Back in 2017-2018 a family member got an X and paid the not-financed balance with a CC. Shortly thereafter I tried doing the same for my model 3 and was told absolutely not lol
 

Woodrick

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There at least used to be a credit card company that would basically write a check to Tesla and then put it on a card, pretty shady sounding to me.

But no, they aren't going to pay a credit card company 6% of the car.
 

mfg310

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There at least used to be a credit card company that would basically write a check to Tesla and then put it on a card, pretty shady sounding to me.

But no, they aren't going to pay a credit card company 6% of the car.
My Bank of America CC still has “convenience checks”……. you write one of their checks for whatever amount your credit line covers, it acts like a check to the business and goes on your credit card balance. You pay the extra convenience check fee, which probably takes care of the money they lose from the business. I think they’re mostly supposed to be used for balance transfers, but you can actually use them for any purchase. Another benefit to using these checks is they all come with 0% or 1% interest offers for 12-18 months.
 

Woodrick

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My Bank of America CC still has “convenience checks”……. you write one of their checks for whatever amount your credit line covers, it acts like a check to the business and goes on your credit card balance. You pay the extra convenience check fee, which probably takes care of the money they lose from the business. I think they’re mostly supposed to be used for balance transfers, but you can actually use them for any purchase. Another benefit to using these checks is they all come with 0% or 1% interest offers for 12-18 months.
How many points do you get? And why would I want to put it on a 18+++% loan?
 

mfg310

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How many points do you get? And why would I want to put it on a 18+++% loan?
You misunderstand the situation. People who put big ticket items on credit cards are doing it for the points, and pay off the balance immediately. It’s not used instead of a traditional auto loan.
 


Rutrow

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You could probably talk a franchise dealership into taking a credit card if you increased the sales price by 3%. Dealerships have a haggle pricing model, so they're free to increase the sale price or decrease your trade in price so that they don't have to eat the CC company's fees. Tesla uses fixed pricing so they can't hide the fees in the sales price.

You wouldn't even be able to break even on the rewards points because the dealership will pay more in fees than the Credit Card Company gives to you in cash back. Forget it, you'd get screwed.

[Edit]
No wait, I take it back. The dealership would expose themselves to too much risk. Credit card reimbursment takes to long, and is way too easy to discharge in bankruptcy or by contesting a charge. You'd have to pay a LOT more for the privilege to charge it.
 
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SanJoseNinjya

SanJoseNinjya

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How many points do you get? And why would I want to put it on a 18+++% loan?
I plan to pay out on due date. this is just for points. I get 1.5X, so 100K will be 150K points, not bad if business does not charge any
 
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SanJoseNinjya

SanJoseNinjya

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My Bank of America CC still has “convenience checks”……. you write one of their checks for whatever amount your credit line covers, it acts like a check to the business and goes on your credit card balance. You pay the extra convenience check fee, which probably takes care of the money they lose from the business. I think they’re mostly supposed to be used for balance transfers, but you can actually use them for any purchase. Another benefit to using these checks is they all come with 0% or 1% interest offers for 12-18 months.
Wow, this is the best idea so far. I will try tomorrow. thanks for your tip!
 

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I buy a lot of motorcycles - some I've paid $2500 on cc and the remainder cash, a very few dealers let me put 100% on my Amex. But $25k significantly less than the CT Price and Tesla is not in a position of need to reduce their margin by another 3% (cc fees)
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