Well the law or common sense for that matter would differentiate a credit card transaction from dollar bills but ultimately it doesn't matter. The law as far as I know doesn't have a clause for charging back the fees from said sales commission. So whether the law differentiates them or not doesn't matter.
My guess is that what he's doing is legal. ty but legal.
For the sake of sales talk the word "cash" is considered to be any form of upfront payment where the seller doesn't have to set up a payment plan. Even that's ed because if I set up financing through say US Bank we get paid in full by them just the same as if someone walked in with a bag of money. (this is why I tell people to not open their mouths when they're paying cash) The only transactions that cost us extra are the credit card ones.
Like everything in this country....the system is broke and re ed.
Sounds like your boss would have asked you to try to impose the fee and if they balked pull that let me talk to my boss BS and then waive the fee.
Or rather that's what he'll do in the future.
As far as I see it, worst case scenario is you pay 1.5 and he pays the other.
That has happened before but its rare, very rare. We usually just add it to freight, le and license, road and bridge tax or dealer prep. People are too stupid to know what fees should run what and what fees shouldn't even be on there.
Maybe your boss is trying to get some money back for the tire you traded for the shrimp.
Nice burn.
Out of curiosity, and me not knowing, why do you tell people this?
Because if you pay cash I can carry a larger margin without worrying about a bank asking for money down to close the gap on the loan advance.
If someone has the time to find it I wrote an entire thread about it here. Much more detailed.
I'll look for it.
here
The part about not paying cash is the fact that you want your salesperson to think he'll have to overcome securing financing for you. Banks only advance a certain percentage based on dealer invoice. Say 13k on a 10k car. Thats an advance of 3k. But salesguy wants to sell it to you for 15k and you don't have the 2k difference in down payment then the deal is squashed or he'll have to lower his price.
Its highly likely he won't shoot for the homerun unless you're cash buying because no one wants to come down after a deal is done, that leaves a bad taste in peoples mouths. Most people would be "well it why didn't you come down in the first place". If they try and sell you something thats too expense the salesperson is stuck having to ask you for some big money down to close the gap. If you cash buy there is no gap to close all he has to do is get you to make the purchase and if you like what he has he can charge you an arm an leg for it without having to overcome a bank or the worry of a downpayment.
Everyone wants little to no down so a salesperson will write skinny to medium size deals to keep from having issues. Less issues = quicker close.
Thats why they ask you if you have a downpayment. They can bump the price without a bank getting in the way.
mark it
You need financing and you probably need 0 down. Then go from there.
So as a salesman I ask myself. Why is this person going to buy? Or better yet what will it take for them to buy?
I don't care what anyone says its almost always in this order.
1. Because you have what they want.
2. The price is right
3. The terms work
So if you're paying cash all I really have to do is convince you that I have what you want and you'll buy it. Deal done. Write it up.
Now if you're financing I have to do the above and also make sure that my margin isn't too high otherwise the bank is going to come back and ask that my customer put some money down. Most people don't have or aren't prepared for 3k or more down. So I price it fair upfront to avoid the deal getting squashed in financing.
Never a concern if you're a cash buyer so I can swing for the fences and go from there.
So when I go buy my truck I can call you up and have you go with me?
I thought all this bull with people getting ed was over after OBamma took over?
Anything to get out of the house.
You can always decline that form of payment. The only thing you cant decline is cash.
I'm not in position to decline anything.
you have an idiot for an employer if that's what his definition is. anyone who thinks that is. credit card payments aren't cash. that's why it's called credit card payments. my employer rolls into the customers total. you're being hoodwinked.
My employer isn't the one that considers credit cards to be cash its a universal idea across the board. For the sake of the argument its sales people talk. I know you're too stupid to look around but I explained the thought process in a few posts above.
Cash is anything taken up front as payment in full.
IE credit cards, bank drafts and dollar bills. Yeah bank drafts are financing. We aren't setting it up so its looked upon as cash.
You can't roll the expense in, its illegal. Well you can do it but you're breaking the law.
No surprise to see Viva coming in with some pointless post.
No I'm getting ed.
you're just an idiot. my employer owns 4 warehouses across the country for more than 25 years and we don't get screwed like you're about to be. who's the idiot now?
I don't care what he owns. If he's rolling the credit card fees into his billing he's breaking the law.
The idiot is always you.
http://www.oag.state.tx.us/consumer/credit_cards.shtml
Scroll down to the bottom smart one. I also posted the blurb on the front page of this thread.
but but but he owns warehouses.Charging Extra For Credit Card Use
In Texas, a business can not penalize you for paying with a credit card. Businesses that add a surcharge to those who pay by credit card might be violating provisions of the Texas Finance Code.
Hey B2B, just out of curiosity, what kind of financing could you have gotten for this guy? Paying with a credit card (average interest about 15% right?) seems crazy to me---unless he got one of those 12 month no interest type deals.
you just let me know when you're umemployed e-tough guy. will you do me that favor?
Sure thing e-know-it-all.
Unless he works with a credit union the best rates on financing under 10k dollars start at around 11%. He said he could have been at 6.49% with his bank but opted for 5.99 on the card. Now whether that's true I don't know. I personally, even with a better rate, wouldn't have put it on the card because of the credit score hit you would take by carrying such a high balance.
Unless he pays it off within a year and doesn't plan on needing his credit to make a major purchase between now and then.
And Viva's company might be doing it as a freight or prep charge, and not as a credit card fee or they don't advertise a "drive out price" like your stupid ass employer does.
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