One-Pay Lease on Credit Card (credit card hackr?)

I’m doing a one-pay lease on a 4xe order… just waiting for it to be built. The dealer said I can put up to $10,000 of the payment on a credit-card.

I found the FCA DrivePlus MasterCard that offers 5% bonus “points” (1 point = $1) on dealership purchases plus a $100 statement credit after spending $100. If I put the $10,000 on the DrivePlus card, then that’s essentially a $600 post-sale rebate, reducing my effective monthly by $17 for a 36-month lease.

I also read somewhere that the points could be redeemed at a FCA dealership or the MOPAR site for double the value, turning the $600 into $1100, but I think this may no longer be the case.

Do y’all think this would work? Has anyone tried this?

Are there better credit cards to use for the $10,000? I’ve found other cards with 5% or 6% cash back in some categories, but not at dealers. I’m also aware of much better signup bonus offers with annual fee cards (AmEx Platinum, Venture X), but I either have these cards already or don’t want another card with an annual fee.

Which dealer is allowing a $10k cc payment?

1 Like

Chase INK if you have a sapphire to tie to it.

2 Likes

I went through @DistrictLeases for the 4xe order - one of their dealers.

1 Like

If the dealer will accept $10k on a credit card then there’s no reason you won’t get whatever points/rebates/etc. that are tied to whatever credit card you end up using.

For my past 5 auto purchases/leases I’ve always charged the DAS amounts on credit cards for that exact reason. Most dealers will only accept up to $2,500 to $5k or so on a credit card, so $10k is very generous.

As to “are there better credit cards”, well there are entire forums dedicated to that question. No one right answer, entirely depends if you want just cash back or points or something in between (I say this as someone with 17 credit cards currently).

That said, I don’t know of anything that would get you more than 5% back on a purchase at a dealer, I would read the fine print and make sure there’s no maximum rebate amount or purchase limit, etc.

1 Like

There was that Amex shop small businesses thing going on that many of the dealers qualified for that might be worth looking at.

2 Likes

Before signing up for a new card I would confirm that the dealer will take it (mostly an issue with AMEX). If they will take it then I would look into one of the credit card websites to determine the best use of that spend. You are going to get way more value from a large sign-up bonus than trying to target the highest straight % back; the better sign-up bonuses are going to be 20-30% return on spend vs 5%. If you don’t typically have a lot of spend then maximizing the large offers with large spend is going to be the best use of this unique opportunity. Personally I like Doctor of Credit for finding the best current offers, but there are plenty of other resources to help find the best current offers. R/churning is also another great resource.

2 Likes

I’ve done it before with one of their blank BT cheque’s. It was a rare 0% for 18mos with 1% fee offers that no one gets anymore.

Open one or more cards that have a minimum spending requirement to hit a sign-up bonus (worth at least $500 by itself).

Capital One X pays 100,000 points (worth $1,000) when you spend $10k, which you’d wipe out in one swipe.

https://www.capitalone.com/credit-cards/travel-and-miles/

Plus you’ll earn 20,000 points (worth $200) for the purchase itself.

It’s only up from there if you’re willing to open 2-3 new cards, if they’ll let you split the purchase into a couple of transactions.

Edited to reflect 2x/$, or $200 in rewards for the purchase itself, on top of the $1,000 SUB.

2 Likes

Wow, r/churning is quite the rabbit hole :exploding_head: - I’m going to need the weekend to process all that info.

It looks like finding the best sign-up bonus is the way to go, and I’ve got some homework to do. Thanks!

1 Like

Like @AustinF mentioned, Doctor of Credit is a pretty great resource with user generated questions / comments for each post.

Also make sure the dealer isn’t charging a fee for using the card…

1 Like

SBS bonuses has been extremely limited in the last few years. for example last year it was limited to certain African american owned businesses.

There is a Amex Plat offer through Resy for 125k points SUB plus 15x points per dollar spent at small businesses( which I imagine the dealer is) on up to 25k spend.

So your 10k swipe would net you 275k points which is worth way more than the annual fee you’d be paying(downgrade after first year).

The Venture X or one of the Chase Inks are also good options.

THIS. I have this offer, and not only was pleasantly surprised when i got 15x my deposit on my lease, but learned that my furnace replacement will also trigger the 15x. Amex-Resy FTW here, IMO. Though I like Chase UR points more