Payment options

[CDM1855]

does anyone have recent experience with how you can pay Lotus

I paid my 2 deposits via a visa debit card and I hope to make the entire balance payment using the same card. This would be preferable to me

Any idea if lotus would allow it, or would they make us pay an actual bank transfer

Cheers
Chris

 

[Bradw]

HI chris
Can not see why they wouldn't as the % fee lotus would have to pay for debit card is small, something around 0.4%. They definitely will not take credit card

does anyone have recent experience with how you can pay Lotus

I paid my 2 deposits via a visa debit card and I hope to make the entire balance payment using the same card. This would be preferable to me

Any idea if lotus would allow it, or would they make us pay an actual bank transfer

Cheers
Chris

 

[CDM1855]

Hopefully that is the case

 

[NickR]

does anyone have recent experience with how you can pay Lotus

I paid my 2 deposits via a visa debit card and I hope to make the entire balance payment using the same card. This would be preferable to me

Any idea if lotus would allow it, or would they make us pay an actual bank transfer

Cheers
Chris

You would need to check with your bank if they allow payments of that size with person not present. I can't see why this is easier or better than chaps though?

 

[CDM1855]

My reason is that I get 3% cash back using the particular card I have money parked on

 

[NickR]

My reason is that I get 3% cash back using the particular card I have money parked on

Blimey. That's a good deal on a debit card

 

[Leonard]

My last 3 car purchases I've used debit card and even though I let the bank know about it beforehand its been a nightmare. Put aside at least an hour for phone calls back and forth trying to resolve If u are getting 3% tgo probably worth the hassle!
Anything over 10k I'd just transfer now to be on safe side

 

[CDM1855]

I am checking with the card issuer if there are limits, it’s issued from a bank in Singapore but I can load it with multiples currencies

 

[TomE]

I expect they'll allow it but it'll be whether their payment handler can cope with it and whether your card issuer will allow a large sum to be done this way. I assume we'll get more info about paying the balance in a few months, as not due until May for first batch.

 

[andrew6382]

I expect they'll allow it but it'll be whether their payment handler can cope with it and whether your card issuer will allow a large sum to be done this way. I assume we'll get more info about paying the balance in a few months, as not due until May for first batch.

Yep.... thats my understanding.... if the parties are aproved for those amounts.... worth calling the card issuer to let them know.... anti fraud systems and that...... but saying that.... last time in france and letting the bank know.... they still stopped my card

.... 3% cash back.... why would you not.... will pay for PPF and a good meel out

 

[LotusB]

No, it will not be allowed based on my experience. I've yet to purchase a single car where I was allowed to use a credit card past the deposit. I've always tried, but there were maximums. Would be awesome to get 2% cash back on a $100k+ purchase.

It's in all dealers' interest to get you to finance anyway these days. That's where they make their money. And they lose money on credit card fees. It's fine for deposits, due to convenience. The highest I've yet been able to "deposit" onto my CC was $15k. Most cars have been $2.5-5k range though and past that it's a wire/ACH

 

[andrew6382]

No, it will not be allowed based on my experience. I've yet to purchase a single car where I was allowed to use a credit card past the deposit. I've always tried, but there were maximums. Would be awesome to get 2% cash back on a $100k+ purchase.

It's in all dealers' interest to get you to finance anyway these days. That's where they make their money. And they lose money on credit card fees. It's fine for deposits, due to convenience. The highest I've yet been able to "deposit" onto my CC was $15k. Most cars have been $2.5-5k range though and past that it's a wire/ACH

With respect. ... you are in the USA and banking is not the same world wide... he was asking about using debit card... not credit... I know from talking to dealers in the past.... they can be set up for larger sums I paid 15k deposit on card for my last car

 

[LotusB]

With respect. ... you are in the USA and banking is not the same world wide... he was asking about using debit card... not credit... I know from talking to dealers in the past.... they can be set up for larger sums I paid 15k deposit on card for my last car

Oh, I'm sorry, I totally missed that this was a talk amongst UK folks

I still wish I could put the whole car on the card. Free money!

 

[andrew6382]

Oh, I'm sorry, I totally missed that this was a talk amongst UK folks

I still wish I could put the whole car on the card. Free money!

OMG yes...... 2 or 3% back..... ppf, meal out..... road trip..... in better hotels.......

 

[PaulP]

I expect they'll allow it but it'll be whether their payment handler can cope with it and whether your card issuer will allow a large sum to be done this way. I assume we'll get more info about paying the balance in a few months, as not due until May for first batch.

Shitty Life Pro TIP:

To avoid denial due to large charge amount, just ask them to swipe it 100 times for $999.99

 

[SloAlfa]

With respect. ... you are in the USA and banking is not the same world wide... he was asking about using debit card... not credit... I know from talking to dealers in the past.... they can be set up for larger sums I paid 15k deposit on card for my last car

I’m in the cc/debt card industry. It doesn’t matter if you use a cc or debit card, there are still processing fees involved. 100% the same worldwide. Bank cards, cc and debit cards all go through the same digital rails that cost the merchant money (some pass this fee on to the consumer). This is mainly why they don’t like to use any type of card on the transaction with large amounts. Each transaction type costs a different amount and debit is one of the smallest amounts which is why maybe they don’t mind. The norm in the US is a 10k max cc transaction for cars but I never tried to force the issue. I’m sure if the dealer is making enough and you have a card with enough limit on it you can do more here on CC. Each dealer can make their own rules. The limitation here in the US that may be different anywhere else is the banks here limit debit card transactions to a certain amount each day ($5000 for example) to limit fraud and someone draining an account if they get ahold of your info. In the US, if you want to use a debit card for more than a certain amount, they would have you write a check so they don’t get hit with processing fees.

 

[andrew6382]

I’m in the cc/debt card industry. It doesn’t matter if you use a cc or debit card, there are still processing fees involved. 100% the same worldwide. Bank cards, cc and debit cards all go through the same digital rails that cost the merchant money (some pass this fee on to the consumer). This is mainly why they don’t like to use any type of card on the transaction with large amounts. Each transaction type costs a different amount and debit is one of the smallest amounts which is why maybe they don’t mind. The norm in the US is a 10k max cc transaction for cars but I never tried to force the issue. I’m sure if the dealer is making enough and you have a card with enough limit on it you can do more here on CC. Each dealer can make their own rules. The limitation here in the US that may be different anywhere else is the banks here limit debit card transactions to a certain amount each day ($5000 for example) to limit fraud and someone draining an account if they get ahold of your info. In the US, if you want to use a debit card for more than a certain amount, they would have you write a check so they don’t get hit with processing fees.

Card systems are a like, but like you said limits can differ.... if the bank can charge you for doing something they will..... I do know.... that Debit Card have lower fees than some credit card.... Amazon nearly stopped people in the uk using VISA because of the fees

 

[Quantox]

The £52k balance on my recent new campervan went through perfectly OK, no hassle with a Lloyds Bank (Visa) debit card.

Colin

EDIT: Just remembered, there was a £50k limit on the Lloyds (Visa) debit card so had to do it in two lots over two days.

 

[Bradw]

Been speak with the UK finance team. Lotus are not going to offer (which at the start they said they would) a 50/50 offer at 0% over 12 or 24 months. Just offering PCP & HP both at 5.9%

 

[Bradw]

The £52k balance on my recent new campervan went through perfectly OK, no hassle with a Lloyds Bank (Visa) debit card.

Colin

There really shouldn't be a problem paying by DEBIT CARD as it only cost lotus around 0.3% so the £80k purchase price would only cost them £24.00 to take that payment