It's mine.......all mine!!!

[pingdum]

Last week I transfered the balance of my loan to a 0% credit card. As well as not paying additional interest, the 5 now belongs to ME and not Mazda American Credit. I got the title in the mail yesterday, so even if I don't pay the credit card, they can't take my baby away. It's mine forever. (yippy)

[jersey_emt]

Wow, didn't even know you could do that.

[DeanSweet]

hope you aren't planning on buying a house anytime soon...

[pingdum]

Actually I'm settling on a house today. What's that got to do with it tho'?

[pingdum]

BTW, I didn't say I wasn't going to pay it, I said IF I didn't pay they can't take my car away.

[Gbourdon]

Good idea. 0% interest is way cool. Plus I bet if you want you could pay like 70 bucks a month towards the car.

[pingdum]

Good idea. 0% interest is way cool. Plus I bet if you want you could pay like 70 bucks a month towards the car.
Yes, another benefit. I don't have to pay a set amount every month, I can pay what I want.

[kgo]

i had no idea you could do that either....was there any special paperwork you had to fill out? please elaborate...

[LinuxRacr]

Werd...let a brotha in on this one!

[YellowPR5]

How long is the 0% rate for compared to how long you had left to pay off the loan? I don't know of any credit card that will give you a fixed 0% interest rate without going up after a few months or at most a year.

[kgo]

very true....i guess it would only be advantageous if you'd be able to pay off the balance of the principal within the 0% rate term....or at least close to the end of the term.

did you happen to get charged a transfer fee? or what is entirely free?

[LinuxRacr]

^^^I agree. Enquiring minds wanna know.

[Gbourdon]

Word. Also the IR on the card could be really low on balance transfers after the 0% interest ends. Maybe lower than Mazda Credit was. This is possible depending on the card and the credit score.

[kgo]

btw....which credit card? i'm gonna start looking into it

[mazdaspeedpower]

Good work!! Now it's yours and you can do what you want to it(so long as your not worried about the warrenty...but those usuallu don't get honored anyway). Nice job man, and I bet it feels real nice to own it doesn't it? Lucky bastard

[pingdum]

It's a Providian card. The way it works is that I was allowed initial balance transfers with no service charge.
The 0% is for one year and then it goes to prime. Which right now is like 2%. Still better then my loan. But the way it usually works is that I'll get another offer by then to transfer the balance again at 0%.(I get an offer like that every 4 mos. or so). But either way it gives me a year to pay off as much as I can. This week I also passed the magic 50K mark so warranty questions are out anyway. One last benefit is since my car loan is payed off, my credit score goes up big time getting me more 0% offers. A great cycle.

[lxpony]

I got my P5 at 0% anyway back in Dec of 02 through mazda American Finance.... Having good credit to begin with helps

[Dimitrios]

Actually I'm settling on a house today. What's that got to do with it tho'?

Because paying back a credit card (revolving credit that anyone and their mother can get) and paying back a car loan, esp. via Mazda N/A Credit is more akin to paying for an asset as opposed to any piece of junk you can throw on a credit card.

It's good to show at least a one year history for paying a car off with an entity like Mazda N/A Credit.

If you went to buy a house and take a loan out on any decent mortgage rate, credit card payments aren't "respected" as highly ...while anyone can charge a pack of socks to their credit card and pay it off, it doesn't necessarily mean that they're financially reliable.

[JOS3]

my car already has 0% interest (2thumbs)

[Dimitrios]

2.9% here (I qualified for 0%) but the terms were too short - in hindsight I would have been better off, but oh well, I'm close to paying her off anyway...

[JOS3]

yeah, im paying through the ass over the 4 years, but then again - its only 4 years

[mountjonas]

but if you don't pay your credit card, they can take your car, right?

[vindication]

I've had 0% intrest right when I bought the car. Main reason why I bought it. Now only $1500 more to pay and it is totally mine

[mcstark]

but if you don't pay your credit card, they can take your car, right?
Nope...effectively there's no lien on the title anymore. Now it's just revolving credit, rather than a loan that needs to be paid off. Think about it...if you didn't pay your CC bill does that mean they can take all the stuff you bought with it? Nope.

Although, I agree that overall transferring debt to a CC isn't a smart move in the long run, because paying off a loan looks better on your credit report.

[protegeV]

aounsa good(thumb)

[loccusst]

As long as the car loan was for at least one year his credit report will be good. I hope you checked the fine print on the providian card. If you did then smart move. Also a high credit card bill can hurt you when you get a loan. The still look at that, its just not as bad as if you had a loan out. Its all about you ratio of debt to income. I too got a low interest through Mazda, so not entirely worried about paying it off other than just having car payments.

[pingdum]

Nope...effectively there's no lien on the title anymore. Now it's just revolving credit, rather than a loan that needs to be paid off. Think about it...if you didn't pay your CC bill does that mean they can take all the stuff you bought with it? Nope.
Except on sitcoms.


Although, I agree that overall transferring debt to a CC isn't a smart move in the long run, because paying off a loan looks better on your credit report.
I get the same benifits of paying off my car loan, which I did.

[mountjonas]

Nope...effectively there's no lien on the title anymore. Now it's just revolving credit, rather than a loan that needs to be paid off. Think about it...if you didn't pay your CC bill does that mean they can take all the stuff you bought with it? Nope.


if that's the case, what's stopping me from running up my credit and not paying a cent. if you don't pay your credit card bill the credit card co. should be able to take your stuff.

[Dimitrios]

Repo man shall cometh and taketh all away.

Credit cards aren't a solution; I hate when people think they're better off when they use them.

[maitai92]

I got 0% financing too for $185/ month. :) and will be paid off in less than a year.

[kgo]

somehow i didn't qualify for the 0% financing, but i think it was cuz i took the cash rebate instead. maybe i should have shopped around for a rate...either way, my monthly payment is like $200/month for another year and a half.