Does anyone know if Tesla accepts american express for payment for their car. I used american express for S and X reservations but was wondering about payment as well.
Is your credit limit high enough? I know mine isn't.
No CC accepted for final payment, only for reservations.
Thanks for the answer BYT. No limit, but I suspected that it would not be accepted.
I tried AmEx Platinum. They wanted a check.
Amex Platinum or Black can easily handle it. That's not the issue. It would be silly for TM to forego 2% of their margin for just the payment instrument.
Good point Mark, and thinking about it, even if they did allow it I'd rather Tesla keep the 2 % then have the miles.
Most car companies, of course, are happy to get an Amex card and deal with the bite however they do it.
Tesla's a startup, and we all have to live with that, in many respects. I didn't love paying by check, but I am SO not giving the car back.
My limit is more than high enough. Was told that if they were to take credit cards, it would be a smarter decision the reduce the price of the Model S by a couple of thousand dollars instead of giving it to the card company.
No car dealer is allowed to take a Reddit card for a payment of a new vehicle since they are required by law to ensure that you have ability to pay without undue hardship ( yes it is true). Credit card obfuscates your financial capabilities and therefore are not accepted as a form of payment for NEW cars.
@FlyingCircus: A little late to the party? :-)
Maybe the OP has been hanging out for seven years, waiting to purchase after he got an answer.. ;)
"No car dealer is allowed to take a (credit) card for a payment of a new vehicle since they are required by law to ensure that you have ability to pay without undue hardship ( yes it is true)."
I think it is all about the fees, not the law. Do you have a reference for that?
Car dealers have been selling cars on credit to people that can't afford them for 100 years.
@tes-s - But dealers want to get that fat 18% finance rate rather than give it to the credit car company :)
I've tried to pay with credit cards a few times in the past (not Tesla), and the dealer always limited the CC to $5,000 and they wanted the rest either in cash or through their own financing.
I figured they have to pay arround 1.5-3% of the cost with any CC money and is a prime reason they are not excited about taking CC for the full amount.