American Express Car Buying Review | LendingTree

cardholders can use american express’s auto buying service to find their next vehicle at a dealership that will allow them to use amex for all or part of the purchase. accumulating reward points is a great potential benefit. however, you may be able to negotiate better prices on a wider selection of vehicles on your own. we’ll walk you through the ins and outs of the american express car purchase program.

  • how does the american express car purchase program work?
  • more information about bartering
  • is the american express car buying program worth it?
  • other frequently asked questions
  • how does the american express car purchase program work?

    american express has partnered with online car buying platform barter, which provides research and price discounts (more on barter in a minute). amex cardholders using this program, known as the american express auto purchase program, are eligible for up to $2,000 in auto repair benefits and insurance deductible, if they report their purchase within 45 days. that’s in addition to the potential rewards points you could earn by using your american express card to pay for part or all of the vehicle.

    Reading: American express car buying service review

    Here are the steps to get started:

    1. Go to the amex barter network and type in the make, model and year of the vehicle you are looking for in your area.
    2. To see the price of the card member, you will need to provide your email address and phone number.
    3. participating dealers will contact you with offers.
    4. if you accept an offer, please report your purchase to american express to be eligible for the buyer rebate program.
    5. How much can I put on my amex card?

      Amex network dealers will accept an amex charge of at least $2,000 and possibly up to the full price of the vehicle, depending on your credit card limit. however, we want to stress that you shouldn’t walk into the dealership and expect to put a $60,000 charge for a car on your card; dealers are only required to accept a $2,000 charge.

      How many points can I earn?

      This depends on the card you use, how much you load onto it, and whether the charge is made in a welcome offer period. you can use the american express rewards calculator to calculate the value of your points when you redeem them.

      what is the buyer rebate program?

      Once you buy a vehicle through the American Express Auto Buying Program and report your purchase within 45 days, you could get up to $2,000 worth of auto repair benefits and insurance deductible.

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      here’s how it breaks down:

      • Repairs: Reimburses 20% of the payment for a repair performed on a vehicle purchased through the program, up to $500. covers parts and labor, except in new hampshire and new york, where only parts are covered.
      • Deductibles: Reimburses your insurance deductible up to $500, twice a year, when you file a claim with your auto insurance company (not available in New Hampshire or New York).
      • my auto expert™: speak directly with a certified mechanic to get an expert opinion on car problems, repairs and potential repair costs. The mechanic can review the repair estimates he received on your covered vehicle and help determine if he’s getting a fair price.
      • more information about bartering

        Tradecar isn’t just for american express customers: anyone can search for vehicles on their site to see various vehicle options, read owner reviews, and view pricing information. trade-in shows actual dealer prices, including incentives and fees, and what others in your area have recently paid for the same type of vehicle. once you’ve chosen your vehicle, you can print a guaranteed savings certificate (for new vehicles) and take it with you to the dealership.

        only dealers certified by bartercar can list their vehicles for sale on the site. They compete for your business knowing that you can see what others paid and other dealers’ prices in the same search results. distributors participate because they want the business. and to become and remain a barter dealer, dealers must meet high standards of customer service and pay a monthly barter fee.

        is the american express car buying program worth it?

        since anyone can use barter, not just amex cardholders, why bother using the american express car purchase program? these are the benefits and disadvantages of using barter through american express.

        pros of the amex car purchase program

        In addition to the convenience of shopping in one place, online, and having dealers come to you, there are the incentives of earning reward points and credit toward repairs and insurance deductibles.

        points for your down payment

        using your amex card to buy a vehicle could help you accumulate rewards points that you could then redeem for things like online purchases, trip reservations or upgrades, or transferring to a travel loyalty program.

        ability to use your credit card

        Not all dealerships accept credit cards. When you use the American Express car buying service, you are automatically connected to dealers who do.

        protection against repairs, accidents

        While a new vehicle is unlikely to need immediate repairs, american express cardholders who register their barter purchases can receive reimbursement of up to $2000 for repairs or insurance deductibles.

        cons of the amex car purchase program

        you may be able to get a better deal on a car by doing the legwork yourself.

        limited dealers

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        Not all dealers qualify or choose to participate in the American Express Auto Buying Program, which means your options may be more limited. the barter network includes around 16,000 dealerships, approximately 20% of all franchised dealerships.

        distributors have their contact information.

        By using the american express car buying program, you are allowing dealers to contact you, either by phone or email. While it might seem like a first-class deal at first to have someone contact you to schedule a test drive, it can also be annoying when salespeople from multiple dealerships text, call, and email until you unsubscribe.

        other frequently asked questions

        Are there auto loans from american express?

        no, american express does not offer auto loans. While you can buy a car in whole or in part with your Amex credit card, that still counts as a credit card purchase, not a car loan. We wouldn’t recommend putting a large charge on a credit card unless you can pay off your balance quickly. average credit card interest rates are much higher than average auto loan interest rates.

        Compare rates. If you’re looking for an auto loan, shop for one the same way you’d shop for a car. Potential lenders could include your bank, credit union, or online lender. If you complete an online form at lenders, you could receive up to five potential auto loan offers from lenders, based on your creditworthiness.

        what are the alternatives to the amex car purchase program?

        If you decide you don’t want to use the program or if you try it and it doesn’t work for you, here are some alternatives that might help you in your car buying quest.

        do it yourself

        industry guides. You shouldn’t pay more for a car than its value, and you can find its value the same way dealers and lenders do: through the National Automobile Dealers Association (NADA) and the Kelley Blue Book. both offer a free online guide to car values. you can show the seller the value of nothing or kbb from the web page and tell him that you are not paying more. those same guides can help you figure out how much money he should get for his trade, if he has one.

        hire a professional

        car racers. These are professional negotiators who will find the car you want and haggle over the price and add-ons you want. they charge a fee, the amount of which will depend on the broker.

        consider a competitor

        barter partners with other banks and organizations like the american automobile association, and aaa also provides its own member concierge service in certain areas. that’s in addition to services through consumer reports and others. check with your bank or credit union to see if similar services are available.

        who is the american express car buying program best for?

        the amex car purchase program is best for people who plan to use their american express credit card for part or all of their car purchase and can pay off quickly.

        the amex car purchase program might not be the best for those who couldn’t pay the credit card charge quickly. And if you have the time or inclination to do your own negotiation, you may be able to get an even lower price for your car.

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