Buying a Car Using Amex Platinum

[Anonymous]

Anyone here put a car on their platinum card and then refinance it? Any problems with the refinancing bank?

And to those about to say a dealer won't do it, Amex has a car buying portal and yes, you can.

[Anonymous]

The dealer will charge you the cc fees.

[Anonymous]

Anonymous wrote:The dealer will charge you the cc fees.

That wasn't the question, and no they don't.

[Anonymous]

What's the name of the portal or how do I get to it? I have the same card, and we're going to buy a new car next month. Getting all those points would be worth it.

[Anonymous]

Ahh it's this:
https://amexnetwork.truecar.com/

And in the fine print:

"All participating Certified Dealers on the site accept the American Express Card for at least $2,000 and up to the full purchase price. ... Fulfillment of the opportunity for you to use your American Express Card for at least $2,000 of your purchase price is the sole responsibility of the participating Certified Dealer. "

So the dealer needs to let you charge $2k of the price, but is not required to allow you to charge more. All the cars I've bought would allow me to chage only up to $5k.

[Anonymous]

Anonymous wrote:What's the name of the portal or how do I get to it? I have the same card, and we're going to buy a new car next month. Getting all those points would be worth it.

Plus dealers qualify for Shop Small. 5X points

[Anonymous]

Anonymous wrote:Ahh it's this:
https://amexnetwork.truecar.com/

And in the fine print:

"All participating Certified Dealers on the site accept the American Express Card for at least $2,000 and up to the full purchase price. ... Fulfillment of the opportunity for you to use your American Express Card for at least $2,000 of your purchase price is the sole responsibility of the participating Certified Dealer. "

So the dealer needs to let you charge $2k of the price, but is not required to allow you to charge more. All the cars I've bought would allow me to chage only up to $5k.

I don't think that's right.

"Each participating Certified Dealer in the American Express Auto Purchasing Program will accept the American Express Card for at least $2,000 and up to the full purchase price. Please note your ability to use your American Express Card to pay all or some of purchase price is subject to the amount of credit available on your American Express Card."

So call Amex first make sure that they know you're making a one time purchase for that amount and have financing to pay the rest. They don't care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ahh it's this:
https://amexnetwork.truecar.com/

And in the fine print:

"All participating Certified Dealers on the site accept the American Express Card for at least $2,000 and up to the full purchase price. ... Fulfillment of the opportunity for you to use your American Express Card for at least $2,000 of your purchase price is the sole responsibility of the participating Certified Dealer. "

So the dealer needs to let you charge $2k of the price, but is not required to allow you to charge more. All the cars I've bought would allow me to chage only up to $5k.

I don't think that's right.

"Each participating Certified Dealer in the American Express Auto Purchasing Program will accept the American Express Card for at least $2,000 and up to the full purchase price. Please note your ability to use your American Express Card to pay all or some of purchase price is subject to the amount of credit available on your American Express Card."

So call Amex first make sure that they know you're making a one time purchase for that amount and have financing to pay the rest. They don't care.

If by some miracle you find a dealer willing to let you charge the additional 58k+, they will charge you a fee to make up for the fee amex charges them. You are essentially looking for free money by getting the points and then refinancing instead of financing directly at purchase time. In what world do you think the dealer will take that loss

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ahh it's this:
https://amexnetwork.truecar.com/

And in the fine print:

"All participating Certified Dealers on the site accept the American Express Card for at least $2,000 and up to the full purchase price. ... Fulfillment of the opportunity for you to use your American Express Card for at least $2,000 of your purchase price is the sole responsibility of the participating Certified Dealer. "

So the dealer needs to let you charge $2k of the price, but is not required to allow you to charge more. All the cars I've bought would allow me to chage only up to $5k.

I don't think that's right.

"Each participating Certified Dealer in the American Express Auto Purchasing Program will accept the American Express Card for at least $2,000 and up to the full purchase price. Please note your ability to use your American Express Card to pay all or some of purchase price is subject to the amount of credit available on your American Express Card."

So call Amex first make sure that they know you're making a one time purchase for that amount and have financing to pay the rest. They don't care.

If by some miracle you find a dealer willing to let you charge the additional 58k+, they will charge you a fee to make up for the fee amex charges them. You are essentially looking for free money by getting the points and then refinancing instead of financing directly at purchase time. In what world do you think the dealer will take that loss

Since dealers enter into a contract with Amex to do this, it stands to reason that the dealers have figured out how to get value out of it.

[Anonymous]

DH and I tried to do this last year and the dealership would only allow $2000 or $2500.
Good luck, I hope that you can do it😛

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ahh it's this:
https://amexnetwork.truecar.com/

And in the fine print:

"All participating Certified Dealers on the site accept the American Express Card for at least $2,000 and up to the full purchase price. ... Fulfillment of the opportunity for you to use your American Express Card for at least $2,000 of your purchase price is the sole responsibility of the participating Certified Dealer. "

So the dealer needs to let you charge $2k of the price, but is not required to allow you to charge more. All the cars I've bought would allow me to chage only up to $5k.

I don't think that's right.

"Each participating Certified Dealer in the American Express Auto Purchasing Program will accept the American Express Card for at least $2,000 and up to the full purchase price. Please note your ability to use your American Express Card to pay all or some of purchase price is subject to the amount of credit available on your American Express Card."

So call Amex first make sure that they know you're making a one time purchase for that amount and have financing to pay the rest. They don't care.

If by some miracle you find a dealer willing to let you charge the additional 58k+, they will charge you a fee to make up for the fee amex charges them. You are essentially looking for free money by getting the points and then refinancing instead of financing directly at purchase time. In what world do you think the dealer will take that loss

Since dealers enter into a contract with Amex to do this, it stands to reason that the dealers have figured out how to get value out of it.

They enter into a contract with Amex to let you charge at least $2,000. There is a big difference between eating a 2% transaction fee on 2k and on 70k. In this market, there is no reason for them to take the loss on the whole purchase price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ahh it's this:
https://amexnetwork.truecar.com/

And in the fine print:

"All participating Certified Dealers on the site accept the American Express Card for at least $2,000 and up to the full purchase price. ... Fulfillment of the opportunity for you to use your American Express Card for at least $2,000 of your purchase price is the sole responsibility of the participating Certified Dealer. "

So the dealer needs to let you charge $2k of the price, but is not required to allow you to charge more. All the cars I've bought would allow me to chage only up to $5k.

I don't think that's right.

"Each participating Certified Dealer in the American Express Auto Purchasing Program will accept the American Express Card for at least $2,000 and up to the full purchase price. Please note your ability to use your American Express Card to pay all or some of purchase price is subject to the amount of credit available on your American Express Card."

So call Amex first make sure that they know you're making a one time purchase for that amount and have financing to pay the rest. They don't care.

If by some miracle you find a dealer willing to let you charge the additional 58k+, they will charge you a fee to make up for the fee amex charges them. You are essentially looking for free money by getting the points and then refinancing instead of financing directly at purchase time. In what world do you think the dealer will take that loss

Since dealers enter into a contract with Amex to do this, it stands to reason that the dealers have figured out how to get value out of it.

They enter into a contract with Amex to let you charge at least $2,000. There is a big difference between eating a 2% transaction fee on 2k and on 70k. In this market, there is no reason for them to take the loss on the whole purchase price.

It says AT LEAST and UP TO the purchase price limited by your credit limit on the card. It does not say limited to whatever the dealer wants. That's part of the program. If you just walk in, yes the dealer will limit it but the limit doesn't apply if you work through the program.

But again, the question was about refinancing the purchase and whether a refinancing bank has a problem pying Amex instead of a traditional finance company or bank.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ahh it's this:
https://amexnetwork.truecar.com/

And in the fine print:

"All participating Certified Dealers on the site accept the American Express Card for at least $2,000 and up to the full purchase price. ... Fulfillment of the opportunity for you to use your American Express Card for at least $2,000 of your purchase price is the sole responsibility of the participating Certified Dealer. "

So the dealer needs to let you charge $2k of the price, but is not required to allow you to charge more. All the cars I've bought would allow me to chage only up to $5k.

I don't think that's right.

"Each participating Certified Dealer in the American Express Auto Purchasing Program will accept the American Express Card for at least $2,000 and up to the full purchase price. Please note your ability to use your American Express Card to pay all or some of purchase price is subject to the amount of credit available on your American Express Card."

So call Amex first make sure that they know you're making a one time purchase for that amount and have financing to pay the rest. They don't care.

If by some miracle you find a dealer willing to let you charge the additional 58k+, they will charge you a fee to make up for the fee amex charges them. You are essentially looking for free money by getting the points and then refinancing instead of financing directly at purchase time. In what world do you think the dealer will take that loss

Since dealers enter into a contract with Amex to do this, it stands to reason that the dealers have figured out how to get value out of it.

They enter into a contract with Amex to let you charge at least $2,000. There is a big difference between eating a 2% transaction fee on 2k and on 70k. In this market, there is no reason for them to take the loss on the whole purchase price.

It says AT LEAST and UP TO the purchase price limited by your credit limit on the card. It does not say limited to whatever the dealer wants. That's part of the program. If you just walk in, yes the dealer will limit it but the limit doesn't apply if you work through the program.

But again, the question was about refinancing the purchase and whether a refinancing bank has a problem pying Amex instead of a traditional finance company or bank.

Good luck with that. You've found the free money cheat. In a business where dealers aren't bothering to negotiate below MSRP, you've found a way to get both the True Car price and have them eat an additional 2%.

[Anonymous]

“Each participating Certified Dealer in the American Express Auto Purchasing Program will accept the American Express Card for [a certain limit of their choosing that is] at least $2,000 and up to the full purchase price“

Does this make more sense to you this way?

[Anonymous]

Anonymous wrote:“Each participating Certified Dealer in the American Express Auto Purchasing Program will accept the American Express Card for [a certain limit of their choosing that is] at least $2,000 and up to the full purchase price“

Does this make more sense to you this way?

But that isn't what it says, is it?

Inventing facts to suit your purpose. You must be in politics.