Those who have an auto loan through Mercedes Benz Financial Services can now make payments directly with a credit card for a flat $4.95 fee. Mercedes partners with a payment processor called Repay for this service. They even accept Amex.
Good deal for those with a Mercedes loan; it’s probably worth the fee for most people, unless your monthly payments are small. For example, a $500 payment would cost just around 1% to pay with credit card which is likely less than you are getting back from your credit card.
Hat tip to abogado-de-aves
Done, thanks
looks like this is over – minimum 3.4% for cc
BAIT / SWITCH – got the pop-up from MBFS this was allowed for a ‘reduced fee of $4.95’ — log in and the fee was $8.95, debit cards. Visa / MC were increased to $32.95, and no option to add principal.
The internet is too smart,
$29.95 Amex fee isn’t great, but if you can pay $3500 for one fee, that seems like a no-brainer during the Amex 3 for all promo. that would net almost $150 to cash out via Schwab if my math is right (14k MR, 1.25x for Schwab, minus the $30 fee). I normally don’t like prepaying anything on my lease due to not wanting to fight with MBFS for money back if the car got totaled, but given how little I’m driving now it might be worth it. Anyone else doing anything similar?
What card are people using to maximize it? CFU is 1.5%, anything better?
Fee is now $29.95 for Amex. It was triggering shop small too..
There is a limit of $3,500. Just found that out when trying to make a much larger payment. :o(
…and no, you can’t call in and pay more via phone or get the limited increased. However, you can apparently do an unlimited # of 3.5k transactions per day.
Oh yeah! This is awesome. I have a bonus to hit too!
I must be dreaming lol. First Chase, now this. Things are just lining up for me lol. Was waiting for Plastiq promo to pay it off, no need now muahahaha.
I put a huge downpayment a couple years ago on my car and financed with them to build up some credit history so I still owed only around $15k when I saw the $4.95 fee. I decided to pay off the entire loan since I’ve been considering just paying it off since I never really needed to finance this anyway.
I was skeptical if it would work but I can confirm that as long as you pay the amount on your payoff quote, which they provide (remaining principle + some small fees), it will settle the account, saving you the future interest. I received my car’s title about a week later. You can input pretty much any amount you want, and the fee is flat at $4.95 regardless.
It’s great that Amex works, paid it with the Hilton Surpass and got the free night award. Also, I had the $0 Plan It offer on the card, which is pretty nice for these couple months for the sake of cash flow.
You OBVIOUSLY did not actually process such a transaction. Because the limit is 3.5k per Relay transaction. So cannot do 15k in 1 hit for 1 flat $4.95 fee. It would take a total of 5 transactions and a total of $24.75 in fees to pay off 15k. Just saying — in case anyone else wants to know how the process ACTUALLY works for doing a large payoff.