Credit Card Balance Transfer to Pay Off Car
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Posted: Tue Aug 31, 2004 10:15 pm
Post subject: Credit Card Balance Transfer to Pay Off Car
MOTHER STRESSED OUT!!!
Date: 4/11/2001 5:22 pm CDT
I WOULD LIKE TO KNOW IF IT IS MAKES SENSE TO PAY OFF A AUTOMOBILE WITH A BALANCE TRANSFER PROMOTION. I FINANCED MY 18 YEAR OLD SON A CAR NOT LONG AGO AND HE HAS BROKEN THE CAR DOWN TO IT.S BRAKE PADS SO TO SPEAK. HE STOPPED WORKING AND AT THIS TIME I,M PAYING THE NOTE.. I FINALLY TOOK THE CAR FROM HIM TO MAKE HIM REALIZE A KNOWN FACT "YOU WORK YOU RIDE" AND TO NO AVAIL- IT DIDN"T HELP AND I,M STILL PAYING THE NOTE.. I'VE EVEN TRIED TO TRADE THE CAR FOR SOMETHING I CAN DRIVE AND APPRECIATE BUT WAS OFFERED ONLY A 500.00 TRADE IN ALLOWANCE ON A CAR I STILL OWE 8700.00 ON. I HAVE GOOD CREDIT BUT ANOTHER CARNOTE AND INSURANCE PYMT. IS REALLY TAKING A TOLL ON ME. I JUST WANT TO GET THIS DEBT OVER WITH AND WITH A BALANCE TRANSFER AT 6 MONTHS-MAYBE I CAN GET IT OUT THE WAY . MY CURRENT INTEREST RATE ON THE CAR IS 12.9% FOR THE NEXT 4 YEARS AND I PAY 120.00 FOR COMPLETE COVERAGE ON THE VEHICLE -WHICH I PLAN TO DROP AS SOON AS THE TITLE REACH MY HANDS. I INTEND TO APPLY IT TOWARD PAYING THE CREDIT CARD. WHAT DO YOU ALL THINK? DOES IT MAKE SENSE? REPLY ASAP AND THANKS FOR ANY FEEDBACK.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Aug 31, 2004 10:15 pm
Post subject: Credit Card Balance Transfer to Pay Off Car
Joe
Date: 4/11/2001 11:27 pm CDT
It doesn't make sense to me unless you can pay it all off in the 6 months and if you are in a financial position to be able to do something like that you are much better off than me. A lot of times, after the promotional time is over you might be paying a rate in the high teens or even over 20%! It would make more sense to me to get a fixed rate if you put it on a credit card. You might be able to beat 12.9% and you might not, you can call your credit cards and find out, or you may even get an offer in the mail without even contacting them. Good luck!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Aug 31, 2004 10:16 pm
Post subject: Credit Card Balance Transfer to Pay Off Car
Linda in VA
Date: 4/12/2001 1:11 am CDT
Hi,
Interest rates have come down, perhaps you could refinance it at a better rate. A balance transfer is risky, as has already been pointed out. B of A is offering 9.9 on transfers until the transfer is paid off, but finance rate is now around 9.5 for used cars - at least, a friend of mine with no credit history at all, got 9.5 last week through Chrysler Credit on a used car.
It's a shame this happened to you. Hope the kid grows up - sometimes they have to learn the hard way.
Good luck,
Linda
archive
Posted: Tue Aug 31, 2004 10:17 pm
Post subject: Credit Card Balance Transfer to Pay Off Car
Board Monitor - CA
Date: 4/12/2001 9:45 am CDT
Linda,
Just to clarify... the BofA offer is actually 8.9% until the balance is paid. As always, thanks for your contributions to the board!
Best Regards,
Curtis Arnold
CFCCT P.R. Dir.
http://www.cardratings.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Aug 31, 2004 10:15 pm
Post subject: Credit Card Balance Transfer to Pay Off Car
MOTHER STRESSED OUT!!!
Date: 4/11/2001 5:22 pm CDT
I WOULD LIKE TO KNOW IF IT IS MAKES SENSE TO PAY OFF A AUTOMOBILE WITH A BALANCE TRANSFER PROMOTION. I FINANCED MY 18 YEAR OLD SON A CAR NOT LONG AGO AND HE HAS BROKEN THE CAR DOWN TO IT.S BRAKE PADS SO TO SPEAK. HE STOPPED WORKING AND AT THIS TIME I,M PAYING THE NOTE.. I FINALLY TOOK THE CAR FROM HIM TO MAKE HIM REALIZE A KNOWN FACT "YOU WORK YOU RIDE" AND TO NO AVAIL- IT DIDN"T HELP AND I,M STILL PAYING THE NOTE.. I'VE EVEN TRIED TO TRADE THE CAR FOR SOMETHING I CAN DRIVE AND APPRECIATE BUT WAS OFFERED ONLY A 500.00 TRADE IN ALLOWANCE ON A CAR I STILL OWE 8700.00 ON. I HAVE GOOD CREDIT BUT ANOTHER CARNOTE AND INSURANCE PYMT. IS REALLY TAKING A TOLL ON ME. I JUST WANT TO GET THIS DEBT OVER WITH AND WITH A BALANCE TRANSFER AT 6 MONTHS-MAYBE I CAN GET IT OUT THE WAY . MY CURRENT INTEREST RATE ON THE CAR IS 12.9% FOR THE NEXT 4 YEARS AND I PAY 120.00 FOR COMPLETE COVERAGE ON THE VEHICLE -WHICH I PLAN TO DROP AS SOON AS THE TITLE REACH MY HANDS. I INTEND TO APPLY IT TOWARD PAYING THE CREDIT CARD. WHAT DO YOU ALL THINK? DOES IT MAKE SENSE? REPLY ASAP AND THANKS FOR ANY FEEDBACK.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Aug 31, 2004 10:15 pm
Post subject: Credit Card Balance Transfer to Pay Off Car
Joe
Date: 4/11/2001 11:27 pm CDT
It doesn't make sense to me unless you can pay it all off in the 6 months and if you are in a financial position to be able to do something like that you are much better off than me. A lot of times, after the promotional time is over you might be paying a rate in the high teens or even over 20%! It would make more sense to me to get a fixed rate if you put it on a credit card. You might be able to beat 12.9% and you might not, you can call your credit cards and find out, or you may even get an offer in the mail without even contacting them. Good luck!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Aug 31, 2004 10:16 pm
Post subject: Credit Card Balance Transfer to Pay Off Car
Linda in VA
Date: 4/12/2001 1:11 am CDT
Hi,
Interest rates have come down, perhaps you could refinance it at a better rate. A balance transfer is risky, as has already been pointed out. B of A is offering 9.9 on transfers until the transfer is paid off, but finance rate is now around 9.5 for used cars - at least, a friend of mine with no credit history at all, got 9.5 last week through Chrysler Credit on a used car.
It's a shame this happened to you. Hope the kid grows up - sometimes they have to learn the hard way.
Good luck,
Linda
archive
Posted: Tue Aug 31, 2004 10:17 pm
Post subject: Credit Card Balance Transfer to Pay Off Car
Board Monitor - CA
Date: 4/12/2001 9:45 am CDT
Linda,
Just to clarify... the BofA offer is actually 8.9% until the balance is paid. As always, thanks for your contributions to the board!
Best Regards,
Curtis Arnold
CFCCT P.R. Dir.
http://www.cardratings.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:05 PM
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