I was toying with some methods, but they all seem semi-blocked. Basically trying to figure out the absolute cheapest way to pay it off in a year. Initially, I wanted to balance transfer the whole loan to a Chase card with 0% interest for 15 months, but Chase will only transfer CC debt and won't issue those old blank balance transfer checks any more (that was so 2015). Then I noticed Western Union and MoneyGram were options for Debit Cards, but there's $15 and $17 fees on them per transaction and it seems the days of acquiring $2000 Vanilla Gift Cards for 5-6% cashback are long gone. When I was trying to set up the Chase thing, it sounded from the rep over the phone that there might be a method to ACH the payment (probably intended more for complete pay offs), but she didn't offer up the numbers and I'm unsure if Chase would have even allowed it anyway if she did. There are a couple of other 0% no fee credit cards kicking around, but they all seem to hand out lowish credit lines that probably wouldn't come close to covering a car loan. There are quite a few cards with 0% interest on new purchases that would work on down payments, but buying gift cards to cover the rest hits the same Western Union/MoneyGram issue. Any other ideas?
mattun
You need to look deeper. Chase Slate Edge has no BT Fee and it's 0% APR for 18 months if you apply in branch. Looks like Kia is doing 4.9% on EV6s if you take the $3750 cash. Basically, the goal is to turn that 50 to 60K Kia loan into something closer to 0% so I could stash the money in a 5% CD or whatever assuming I could transfer it to the right credit card instead of just paying it off outright. Theoretically saving another $3750 (50K X 5% X 18 months). And/or possibly using the loan as a way of liquidating gift debit cards purchased to acquire points/sign up bonuses (potentially higher than the $3750). I think I could do it indirectly if I could find a credit card that would take on the car loan with no/minimal BT fee and then immediately open/transfer it to a Slate Edge.
You need to do the Slate in branch to get the no fee, I assure you. Online offer is different. Already confirmed in person. It also appears Wings Credit Union is doing 0%/12 months with no BT fee and (best of all) they'll do car loans. Unsure what kind of credit line however which is a problem Chase didn't have (because you can move lines over to the Slate from existing Chase cards if they give you like a crummy 10K line).
Have you tried selling your body... both metaphorically <wink, wink> or literally (kidney sales can get up to $25k!)?
I have to believe that it will be hard to find any credit card that will give you the line of credit you need right off the bat. Most credit cards are not going to give someone a $50k line right upon opening, unless you are doing an AMEX Black, and you dont just get to apply for that one.
Yeah, that's why the Chase one was so interesting. I (and many others) have well over 50K in credit lines spread across existing Chase cards that could be easily transferred over. People were using that technique to float large piles of debt from one 12 month 0% line to another. I'm trying to figure out a way to pull that off with a car loan (As Plan A. I'm totally open to something completely different. 50K in a Kia 3.9% loan and 50K as 5.65% CD at Nasa CU is fine... but almost a wash after taxes). I thought for a second about getting cute and buying a Bolt or 3, getting the fed rebate, and then flipping them for EV6 in 2024 but I think the taxes, potential crash in used EV prices, and general extra six months of insurance costs on a car I didn't want would eat up most/all of the potential profit margin. As for the probably lighter credit line, I'm assuming Player A and Player B are going to have to be involved on two or three cards to pull this off.
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