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Old 02-22-2007, 03:54 PM   #1
Steven
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Using a CC to buy a bike

I was talking to Jim at Freedom Motorsports in Richwood and he told me it was illegal in the State of Texas to purchase a motorcycle with a credit card. He even took that further and said that it applies to all dealerships (including cars) because under Texas law, once a contract is signed, the bike/car is legally yours. He then stated that under all credit card agreements, the buyer is allowed to return the item for a certain period of time. Due to these differences, he said that Texas decided to make it illegal to purchase a vehicle with a CC to avoid conflicting policies.

I told him that I had bought my R6 with my card (but in Oklahoma) and had purchased my Civic in Texas last year with my card. I called my CC company and they had never heard of this, and then I called several dealers in Houston and they said they use them all the time. Jim then "clarified" that the rule he believes only applies to new vehicles but stated they are probably breaking the law. I tried to look through the Texas legislature but couldn't find anything.

I don't think I'd buy a bike from them anyways, but am now curious if this guy is full of . Anyone have any experience with this?
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Old 02-22-2007, 03:55 PM   #2
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they wouldnt let me when i tried.

texas yamaha.
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Old 02-22-2007, 03:56 PM   #3
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i thought a credit card= line of credit= loan

its all the same but different interest rate
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Old 02-22-2007, 03:58 PM   #4
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my mom bought her car on a card and it was new, dont no what the difference would be with a bike as long as your credit limit was high enough
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Old 02-22-2007, 04:00 PM   #5
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done it on a checkcard
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Old 02-22-2007, 04:00 PM   #6
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think of the intrest =/
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Old 02-22-2007, 04:01 PM   #7
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ya but the cc company is going to charge the dealers ship anywhere from 2-14 % of the transaction.. financing is normally nothing and sometimes you get a discount back from the company depending on what terms..

IE.. one of our sales guys sells a $5,000 home gym
1 12 months same as cash (will cost me **%) financing
2 48 months @ 9.99% int. (will get me **% discount *money back from finance company*)
3 pay with CC (amex visa disc and MC all charge me the same **%)
4 pay cash or check(no charges)
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Old 02-22-2007, 04:01 PM   #8
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sounds like b/s.
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Old 02-22-2007, 04:03 PM   #9
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texas yamaha will get you approved for a certain credit card you can buy a bike with i used to have one of those
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Old 02-22-2007, 04:04 PM   #10
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Quote:
Originally Posted by whosthis
think of the intrest =/
if you dont have good credit then it would be a bad idea.

i bought my first bike on a cc when i was 19.
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Old 02-22-2007, 04:05 PM   #11
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since most shops sell alot of small parts i bet amex and disc. charge them from 8-14% just like they do gas stations... Patrick may back this up since he doesnt accept amex and i bet that is why (not a bad thing. it really kills businesses that have alot of small transactions) my average ticket price with amex last year was around $4k so they charge me a MUCH lower % so i can take that.

so the bike shop probably doesnt want to lose 14% of the sale to AMEX.
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Old 02-22-2007, 04:05 PM   #12
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Quote:
Originally Posted by arturo3rd
if you dont have good credit then it would be a bad idea.

i bought my first bike on a cc when i was 19.
i had a credit card it was a bad idea i maxd it out in like a week on nothin... my mom was mad lol
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Old 02-22-2007, 04:08 PM   #13
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Old 02-22-2007, 04:10 PM   #14
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My interest rate is only 6.9% fixed, which actually sucks because it has been fixed at 4.6% for the last 3 years. I got a notice in the mail last month that stated that even though my rate is fixed, under the clause on the agreement I signed, they can raise the rates due to "unforseeable circumstances", as long as it affects all customers equally. I think my bank has a motorcycle loan rate of 6.25%, but the CC allows me to own the bike therefore I don't have to have full coverage and I get the title.

And this card from Mastercard.
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Old 02-22-2007, 04:23 PM   #15
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I also asked jim at freedom motorsports the same thing a year ago. He gave me the same answer. I just wanted to use my cc so I could get all the airline miles. Maybe one of the people that work at a dealer can answer the question.
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Old 02-22-2007, 04:30 PM   #16
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well then,...someone come take me to jail.....'cause I bought my 929 on a credit card!!!
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Old 02-22-2007, 04:33 PM   #17
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seen ppl use a honda card to get bikes in Tx and thats a cc
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Old 02-22-2007, 04:35 PM   #18
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I put mine on my visa!
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Old 02-22-2007, 04:39 PM   #19
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I bought a used bike from Global Motorsports on Kuykendahl when I was 20 on my CC, cuz I couldn't get a loan. I had a one year no interest deal, so if I had paid it off in a year I would have gotten a really good deal. But of course I just bought gas and beer instead.
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Old 02-22-2007, 04:39 PM   #20
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Stubbs on telephone told me that they wouldn't accept a CC purchase for more than $5000
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