Bankers have said this is the first time down payments are being made with credit cards. CHENNAI: Fancy lapping up that snazzy four wheeler quickly? With the auto sector on a recovery mode, some dealers want to make the most of it this season.To ensure spot conversion, many are luring customers to pay the margin money on the model (which is usually 20% of the value of the vehicle) upfront through credit card. "There is a lot of pressure on dealers to create conversion," Jairam Sridharan, head, consumer lending and payments, Axis Bank said.
Bankers have said this is the first time down payments are being made with credit cards. They said that some dealers don't want customers to go out of the showroom for fear of changing their buying decision and are pulling out all stops to ensure book a car by making some payment upfront, even if it means swiping the card.
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