Paging RayByrnes and Bugs or any other CC experts!

[Ricechex]

To my dismay I need to buy a car. My car is in perfect condition and has been well serviced over the years, but every time it goes in the shop, it takes a few days, because they CAN’T get parts cause the car is 12 years old. So, I gotta get a new car, creates too many problems for me when I don’t have an operating vehicle.

Anyway…so I am thinking about charging the car. I have never bought a new car—do you know if auto dealers take MasterCard? I would charge it on my cash rebate Mastercard, and then transfer balance to one of those 0% APY cards, and keep moving it around until I pay it off.

Any comments or better ideas?

[noone]

Most car dealers will take a credit card. Your plan can work, but you need to stay on top of it! One late payment can make the whole thing backfire. Credit card companies love to pile on interest charges and late fees. Also make sure you’ve got things covered in case one of the balance transfers doesn’t go through, or takes longer than you anticipated.

I know myself well enough to know that this would not work for me. At least once every year or two, I tend to forget about one payment or another and end up paying something late. I’m better off paying cash, or finding the lowest interest rate I can. Credit unions usually have pretty good auto loan rates.

[noone]

Most car dealers will take a credit card. Your plan can work, but you need to stay on top of it! One late payment can make the whole thing backfire. Credit card companies love to pile on interest charges and late fees. Also make sure you’ve got things covered in case one of the balance transfers doesn’t go through, or takes longer than you anticipated.

I know myself well enough to know that this would not work for me. At least once every year or two, I tend to forget about one payment or another and end up paying something late. I’m better off paying cash, or finding the lowest interest rate I can. Credit unions usually have pretty good auto loan rates.

[noone]

Most car dealers will take a credit card. Your plan can work, but you need to stay on top of it! One late payment can make the whole thing backfire. Credit card companies love to pile on interest charges and late fees. Also make sure you’ve got things covered in case one of the balance transfers doesn’t go through, or takes longer than you anticipated.

I know myself well enough to know that this would not work for me. At least once every year or two, I tend to forget about one payment or another and end up paying something late. I’m better off paying cash, or finding the lowest interest rate I can. Credit unions usually have pretty good auto loan rates.

[noone]

Most car dealers will take a credit card. Your plan can work, but you need to stay on top of it! One late payment can make the whole thing backfire. Credit card companies love to pile on interest charges and late fees. Also make sure you’ve got things covered in case one of the balance transfers doesn’t go through, or takes longer than you anticipated.

I know myself well enough to know that this would not work for me. At least once every year or two, I tend to forget about one payment or another and end up paying something late. I’m better off paying cash, or finding the lowest interest rate I can. Credit unions usually have pretty good auto loan rates.

[noone]

Most car dealers will take a credit card. Your plan can work, but you need to stay on top of it! One late payment can make the whole thing backfire. Credit card companies love to pile on interest charges and late fees. Also make sure you’ve got things covered in case one of the balance transfers doesn’t go through, or takes longer than you anticipated.

I know myself well enough to know that this would not work for me. At least once every year or two, I tend to forget about one payment or another and end up paying something late. I’m better off paying cash, or finding the lowest interest rate I can. Credit unions usually have pretty good auto loan rates.

[Raybyrnes]

Ricechex

I believe they will only allow you to pay up to $3000 on a credit card purchase for a car so if you have a 0 % deal I see nothing wrong with that and in fact it is what I did when I purchased my own car. There is some strange law about impulsive buy that limit the amount the a dealer can accept on credit card.

I would work on getting preapproved before going to the dealer. I have used COSTCO which has a partnership with Capital One. I have found the blank check program is very easy and provides me with leverage in negotiatiating.

A recent discovery Pentagon Federal Credit Union.

https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoLoans.asp

You can gain access to the credit union by paying a 20$ fee. The rates quoted on new car purchase are 5.29% on up to 72 months financed.

This is a good time of year to buy a car. Your decision should start by identifying whether you are going to go with the 07 or 08 model. The benefit to the 07 is that they usually come with good cash rebates. The downside is that if you look to sell it, it is already a 1 year old car.
T
he 08 model is beneficial when you have a shorter holding period. If you keep you car for 3 years you can sell it in 2010 as a 2 year old vehicle as opposed to 3 years old which reduces your holding costs.

What type of cars are you considering?

[Raybyrnes]

Ricechex

I believe they will only allow you to pay up to $3000 on a credit card purchase for a car so if you have a 0 % deal I see nothing wrong with that and in fact it is what I did when I purchased my own car. There is some strange law about impulsive buy that limit the amount the a dealer can accept on credit card.

I would work on getting preapproved before going to the dealer. I have used COSTCO which has a partnership with Capital One. I have found the blank check program is very easy and provides me with leverage in negotiatiating.

A recent discovery Pentagon Federal Credit Union.

https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoLoans.asp

You can gain access to the credit union by paying a 20$ fee. The rates quoted on new car purchase are 5.29% on up to 72 months financed.

This is a good time of year to buy a car. Your decision should start by identifying whether you are going to go with the 07 or 08 model. The benefit to the 07 is that they usually come with good cash rebates. The downside is that if you look to sell it, it is already a 1 year old car.
T
he 08 model is beneficial when you have a shorter holding period. If you keep you car for 3 years you can sell it in 2010 as a 2 year old vehicle as opposed to 3 years old which reduces your holding costs.

What type of cars are you considering?

[Raybyrnes]

Ricechex

I believe they will only allow you to pay up to $3000 on a credit card purchase for a car so if you have a 0 % deal I see nothing wrong with that and in fact it is what I did when I purchased my own car. There is some strange law about impulsive buy that limit the amount the a dealer can accept on credit card.

I would work on getting preapproved before going to the dealer. I have used COSTCO which has a partnership with Capital One. I have found the blank check program is very easy and provides me with leverage in negotiatiating.

A recent discovery Pentagon Federal Credit Union.

https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoLoans.asp

You can gain access to the credit union by paying a 20$ fee. The rates quoted on new car purchase are 5.29% on up to 72 months financed.

This is a good time of year to buy a car. Your decision should start by identifying whether you are going to go with the 07 or 08 model. The benefit to the 07 is that they usually come with good cash rebates. The downside is that if you look to sell it, it is already a 1 year old car.
T
he 08 model is beneficial when you have a shorter holding period. If you keep you car for 3 years you can sell it in 2010 as a 2 year old vehicle as opposed to 3 years old which reduces your holding costs.

What type of cars are you considering?

[Raybyrnes]

Ricechex

I believe they will only allow you to pay up to $3000 on a credit card purchase for a car so if you have a 0 % deal I see nothing wrong with that and in fact it is what I did when I purchased my own car. There is some strange law about impulsive buy that limit the amount the a dealer can accept on credit card.

I would work on getting preapproved before going to the dealer. I have used COSTCO which has a partnership with Capital One. I have found the blank check program is very easy and provides me with leverage in negotiatiating.

A recent discovery Pentagon Federal Credit Union.

https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoLoans.asp

You can gain access to the credit union by paying a 20$ fee. The rates quoted on new car purchase are 5.29% on up to 72 months financed.

This is a good time of year to buy a car. Your decision should start by identifying whether you are going to go with the 07 or 08 model. The benefit to the 07 is that they usually come with good cash rebates. The downside is that if you look to sell it, it is already a 1 year old car.
T
he 08 model is beneficial when you have a shorter holding period. If you keep you car for 3 years you can sell it in 2010 as a 2 year old vehicle as opposed to 3 years old which reduces your holding costs.

What type of cars are you considering?

[Raybyrnes]

Ricechex

I believe they will only allow you to pay up to $3000 on a credit card purchase for a car so if you have a 0 % deal I see nothing wrong with that and in fact it is what I did when I purchased my own car. There is some strange law about impulsive buy that limit the amount the a dealer can accept on credit card.

I would work on getting preapproved before going to the dealer. I have used COSTCO which has a partnership with Capital One. I have found the blank check program is very easy and provides me with leverage in negotiatiating.

A recent discovery Pentagon Federal Credit Union.

https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoLoans.asp

You can gain access to the credit union by paying a 20$ fee. The rates quoted on new car purchase are 5.29% on up to 72 months financed.

This is a good time of year to buy a car. Your decision should start by identifying whether you are going to go with the 07 or 08 model. The benefit to the 07 is that they usually come with good cash rebates. The downside is that if you look to sell it, it is already a 1 year old car.
T
he 08 model is beneficial when you have a shorter holding period. If you keep you car for 3 years you can sell it in 2010 as a 2 year old vehicle as opposed to 3 years old which reduces your holding costs.

What type of cars are you considering?

[Coronita]

Depending on the make and model, dealers typically allow you to charge anywhere from $1k-$5 for a new car. Don't know for used, because I never bought a used car.

 

My car is in perfect condition and has been well serviced over the years, but every time it goes in the shop, it takes a few days, because they CAN'T get parts cause the car is 12 years old. So, I gotta get a new car, creates too many problems for me when I don't have an operating vehicle.

it's kinda of funny that you used "my car is in perfect condition"  and "can't get parts" in the same sentence. It was amusing. Anyway, mind if I ask what kind of car it is? As a hobby I'm sort of a car junkie?

 

[Coronita]

Depending on the make and model, dealers typically allow you to charge anywhere from $1k-$5 for a new car. Don't know for used, because I never bought a used car.

 

My car is in perfect condition and has been well serviced over the years, but every time it goes in the shop, it takes a few days, because they CAN'T get parts cause the car is 12 years old. So, I gotta get a new car, creates too many problems for me when I don't have an operating vehicle.

it's kinda of funny that you used "my car is in perfect condition"  and "can't get parts" in the same sentence. It was amusing. Anyway, mind if I ask what kind of car it is? As a hobby I'm sort of a car junkie?

 

[Coronita]

Depending on the make and model, dealers typically allow you to charge anywhere from $1k-$5 for a new car. Don't know for used, because I never bought a used car.

 

My car is in perfect condition and has been well serviced over the years, but every time it goes in the shop, it takes a few days, because they CAN'T get parts cause the car is 12 years old. So, I gotta get a new car, creates too many problems for me when I don't have an operating vehicle.

it's kinda of funny that you used "my car is in perfect condition"  and "can't get parts" in the same sentence. It was amusing. Anyway, mind if I ask what kind of car it is? As a hobby I'm sort of a car junkie?

 

[Coronita]

Depending on the make and model, dealers typically allow you to charge anywhere from $1k-$5 for a new car. Don't know for used, because I never bought a used car.

 

My car is in perfect condition and has been well serviced over the years, but every time it goes in the shop, it takes a few days, because they CAN'T get parts cause the car is 12 years old. So, I gotta get a new car, creates too many problems for me when I don't have an operating vehicle.

it's kinda of funny that you used "my car is in perfect condition"  and "can't get parts" in the same sentence. It was amusing. Anyway, mind if I ask what kind of car it is? As a hobby I'm sort of a car junkie?

 

[Author]

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