Quick question about credit card deposit

myfirst1 · 07-10-2008, 05:58 PM

So in May I used a credit card to put a $1000 deposit on ordering my car, and to this date my credit card is still showing no balance. I know that it is common practice for hotels to just place a hold for a certain amount on your credit card, but it was my understanding that I was actually being charged the $1000. Also to note, my available credit is still completely open. I don't want to call the dealership and ask them because if they indeed did screw up, I would rather not have to put down the $1000. Who knows, maybe when I go to pay for the car it will still show that I put $1000 down on it...:thumbup:. If anyone has any insight to offer I would greatly appreciate it.

Steve135i · 07-10-2008, 08:25 PM

I think until the car comes in the paperwork isn't done yet. Thats when they will apply the $1k on your card unless you don't want to, and put down cash.

larryn · 07-10-2008, 08:27 PM

My last 3 BMWs I did CC down payments, and it was charged every time. It's possible that they are "good faithing" you that they did a $1000 reserve, and didn't actually charge anything yet.

myfirst1 · 07-11-2008, 12:46 AM

Thanks for the replies. I also thought it was common practice to charge the deposit to the card, but I think I figured out what happened. When I ordered the car I used one of those 0% checks that I received in the mail for one of my credit cards. The dealer called me several days later saying that the credit card company needed to verify my purchase (probably because I hadn't used the card in the year that I had it, plus I had moved), so I called the credit card company and verified the charge. I then told my CA, but after running it again it said the same thing. So I called the credit card company again and they said it may take a few days before any charges are allowed through. I told my CA this and he said that is fine. I have talked to him several times since then and he has said nothing of it. Sorry for the long reply, but maybe it will come in useful for someone wanting to get out of paying interest on their deposit...not that I would advocate trying to do anything like that

Oh, and I was just told that my car should be ready for me to pick up on the 11th of August

. Only 1 more month to wait for the 1!

Lexington · 07-11-2008, 07:12 AM

I ordered my 1er while overseas and had to put down a $1,000 dollar deposit and it was charged right away along with a 3% international transaction fee. Thank you Master Card.

07-10-2008, 05:58 PM	#1
myfirst1 New Member 0 Rep 14 Posts Drives: Join Date: Jun 2008 iTrader: (0)	Quick question about credit card deposit So in May I used a credit card to put a $1000 deposit on ordering my car, and to this date my credit card is still showing no balance. I know that it is common practice for hotels to just place a hold for a certain amount on your credit card, but it was my understanding that I was actually being charged the $1000. Also to note, my available credit is still completely open. I don't want to call the dealership and ask them because if they indeed did screw up, I would rather not have to put down the $1000. Who knows, maybe when I go to pay for the car it will still show that I put $1000 down on it...:thumbup:. If anyone has any insight to offer I would greatly appreciate it.
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07-10-2008, 08:25 PM	#2
Steve135i First Lieutenant 5 Rep 304 Posts Drives: Join Date: Jun 2008 iTrader: (0)	I think until the car comes in the paperwork isn't done yet. Thats when they will apply the $1k on your card unless you don't want to, and put down cash.
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07-10-2008, 08:27 PM	#3
larryn Lieutenant General 2148 Rep 10,176 Posts Drives: '97 332ti, '21 X5 45e, '16 GT4 Join Date: May 2005 Location: Seattle iTrader: (2)	My last 3 BMWs I did CC down payments, and it was charged every time. It's possible that they are "good faithing" you that they did a $1000 reserve, and didn't actually charge anything yet.
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07-11-2008, 12:46 AM	#4
myfirst1 New Member 0 Rep 14 Posts Drives: Join Date: Jun 2008 iTrader: (0)	i think i figured it out Thanks for the replies. I also thought it was common practice to charge the deposit to the card, but I think I figured out what happened. When I ordered the car I used one of those 0% checks that I received in the mail for one of my credit cards. The dealer called me several days later saying that the credit card company needed to verify my purchase (probably because I hadn't used the card in the year that I had it, plus I had moved), so I called the credit card company and verified the charge. I then told my CA, but after running it again it said the same thing. So I called the credit card company again and they said it may take a few days before any charges are allowed through. I told my CA this and he said that is fine. I have talked to him several times since then and he has said nothing of it. Sorry for the long reply, but maybe it will come in useful for someone wanting to get out of paying interest on their deposit...not that I would advocate trying to do anything like that Oh, and I was just told that my car should be ready for me to pick up on the 11th of August . Only 1 more month to wait for the 1!
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07-11-2008, 07:12 AM	#5
Lexington Lieutenant 53 Rep 404 Posts Drives: 2008 135i Blue Water Join Date: May 2008 Location: South Carolina iTrader: (0)	I ordered my 1er while overseas and had to put down a $1,000 dollar deposit and it was charged right away along with a 3% international transaction fee. Thank you Master Card.
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