- #1167 of 2635
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Re: Santa Fe 0% Financing Question [tbj0801]
by oceang2
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Jul 15, 2007 (7:40 pm)
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Replying to: tbj0801 (Jul 15, 2007 6:45 pm)
I don't know about titling from another state other than whats offered. I do know that when the 0% option is offered you can take that OR the 1000. rebate but not both.
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- #1168 of 2635
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Re: 0 % Financing [oceang2]
by smith1
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Jul 15, 2007 (7:42 pm)
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Replying to: oceang2 (Jul 15, 2007 6:13 pm)
Interesting tactic. Pardon my ignorance, but what's a "cc check"?
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- #1169 of 2635
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Re: Santa Fe 0% Financing Question [tbj0801]
by smith1
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Jul 15, 2007 (7:53 pm)
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Replying to: tbj0801 (Jul 15, 2007 6:45 pm)
Yes, the applicable incentives depend only on where you are buying, not where you register/title the car. The hassle might be dealing with the state sales tax issue. Your home state expects to receive sales tax in order to title/register the car, but some states require new car dealers to collect their state sales tax from all purchasers, even out of staters. So to avoid paying double tax you have to get the tax paid at purchase credited to your state of residence. The procedures for this vary among states. In some cases this is straightforward, others not so much. I would ask the out of state dealers you are interested in if they know how to deal with sales to VA residents.
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- #1170 of 2635
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Re: 0 % Financing [smith1]
by oceang2
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Jul 16, 2007 (3:53 am)
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Replying to: smith1 (Jul 15, 2007 7:42 pm)
cc check is a credit card check. I get these balance xfr checks in the mail all the time for 0 to 1.99% for 1-2 years. If they had the incentive financing down here, I would have done it but otherwise it saves me about 4,000. + in finance charges over what the dealer wanted to charge me. I'll move it over to Discover soon at 0% and then I'll have the 0 for 48-60 months.
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- #1171 of 2635
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Re: 0 % Financing [oceang2]
by smith1
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Jul 16, 2007 (6:28 am)
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Replying to: oceang2 (Jul 16, 2007 3:53 am)
So I take it the dealer accepted the cc check as payment for the vehicle? I have attempted to pay for cars using a credit card (to get airline miles, intending to pay the card off immediately) and dealers wouldn't accept the cc for full payment. Their attitude about cc checks must be different?
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- #1172 of 2635
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Re: 0 % Financing [smith1]
by kyfdx HOST
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Jul 16, 2007 (4:29 pm)
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Replying to: smith1 (Jul 16, 2007 6:28 am)
Most credit card checks carry a fee (usually 3% upfront) that is added to the credit card balance, along with the amount of the check.
So, they are getting their money directly from the card holder, instead of the merchant.
Since the merchant isn't out anything extra, they generally won't care. The only sticking point is if they will let you walk away with what is essentially a personal check. Most dealers are okay with it, as long as you fill out a credit app for backup financing, in case that check isn't honored.
regards,
kyfdx
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- #1173 of 2635
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Re: 0 % Financing [kyfdx]
by oceang2
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Jul 16, 2007 (5:56 pm)
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Replying to: kyfdx (Jul 16, 2007 4:29 pm)
I have good credit so they took the cc check but they did do a credit check first. The fee for this one is 3% but it had a 150.00 max. If it would have been 3% outright, I wouldn't have done it. They won't take a large amt on the cc as a normal charge due to the fact that they have to pay 1.5-2% fee to the merchant company. Dealers will usually only take up to 3-4K on the card as part of a downpayment.
And yes, he did have me fill out and sign the backup financing agreement in case the check was not going to go through. They even did a courtesy 7 day hold for me on the cc check with a simple request to do so. All I did was ask and they said ok. The worst they can say is no. That was a pleasure.
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- #1174 of 2635
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Re: 0 % Financing [oceang2]
by cherishzm
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Jul 16, 2007 (6:58 pm)
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Replying to: oceang2 (Jul 16, 2007 5:56 pm)
I used this tactic when I bought a new car in 2005. I paid off auto loan balance with a CC balance transfer check (It was a Chase CC card) and I was able to get 2.99%, about 3% lower than auto loan interest rate. I was able to save some money on interest.
The only bad thing about this is that your credit score can get lower due to carrying high balance on your credit card. Unlike auto loan, carrying high balance on credit card account is certainly a negative factor when determining credit worthiness.
If you are planning to buy a house and get a mortgage, refinance, or personal loan, transferring a huge amount of money to CC should be postponed.
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- #1175 of 2635
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Re: Santa Fe Lmtd - Great Deal OTD [oceang2]
by bikemike1
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Jul 17, 2007 (4:47 am)
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Replying to: oceang2 (Jul 14, 2007 10:29 pm)
First of all oceang2, you post was incredible. I have been working a deal on exactly the same car with my local dealership. We had worked out a deal of 25,100 which I thought was excellent. Based on the information you provided, I just sent them a follow up email with my new offer of 23,750 and to drop the BS dealer fee. They will probably be blown away by the numbers I gave them. Hopefully they will bite. Again, thanks for your post, just hope it pays off!
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- #1176 of 2635
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Re: Important- The Dealer Slipped up today [bhmr59]
by artemiot
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Jul 17, 2007 (12:52 pm)
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Replying to: bhmr59 (Jul 12, 2007 6:06 pm)
I have just received a quote from Towne Hyundai. Just a couple of questions:
1. They applied the $1000 rebate to the after-tax total. Is this normal?
2. They have a line item called 4 yr MV. What is this?
Any info would be appreciated.
Thank you.
Art
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