Long story short, I am getting a new 2010 Ford Fusion Hybrid for a good price. MSRP is $27,950. I am fortunate to be in the position to receive Ford's X-plan pricing (manufacturer invoice) which saves ~$1600, my company is reimbursing employees $3000 for new hybrid vehicle purchases, there is a $2000 consumer cash incentive for the vehicle, and I pay no dealer fee ~$600. I have put down $500 at this point. Additionally, I have an agreement to sell my old car for $2400. Net of tax, tag, and title costs the new vehicle comes to ~$29,120. ~$29,120 - $500 - $2000 - $3000 - $2400 = ~$21,000. Unfortunately for me, I am only 21 and therefore have not had the opportunity to develop a long, well-seasoned credit report yet. I use MyFico's scorewatch and as of today I have a 708 (no late payments over 3+ years, just several inquiries this year dinging me.) I have applied for quite a few auto loans online within the 14 day timeframe and have been declined from every major banking institution you can think of. At this point I was getting extremely frustrated and worried about securing the required financing. I had completely overlooked utilizing both my outstanding credit lines (in excess of 28k) and the prospects of taking advantage of some generous BT options that are on the market right now (21 mo @ 0% with 3% transaction fee, etc.) I am having a conversation regarding dealer financing tomorrow, and ideally will be finalizing the transfer of my existing vehicle and fulfilling the purchase of the new one on Sunday [so I can roll up to work in style Monday morning 
]. Not debating the merits of buying this car, is my plan to use the credit card funding options a bad one all things considered?
@Anonymous wrote:@Anonymous story short, I am getting a new 2010 Ford Fusion Hybrid for a good price. MSRP is $27,950. I am fortunate to be in the position to receive Ford's X-plan pricing (manufacturer invoice) which saves ~$1600, my company is reimbursing employees $3000 for new hybrid vehicle purchases, there is a $2000 consumer cash incentive for the vehicle, and I pay no dealer fee ~$600. I have put down $500 at this point. Additionally, I have an agreement to sell my old car for $2400. Net of tax, tag, and title costs the new vehicle comes to ~$29,120. ~$29,120 - $500 - $2000 - $3000 - $2400 = ~$21,000. Unfortunately for me, I am only 21 and therefore have not had the opportunity to develop a long, well-seasoned credit report yet. I use MyFico's scorewatch and as of today I have a 708 (no late payments over 3+ years, just several inquiries this year dinging me.) I have applied for quite a few auto loans online within the 14 day timeframe and have been declined from every major banking institution you can think of. At this point I was getting extremely frustrated and worried about securing the required financing. I had completely overlooked utilizing both my outstanding credit lines (in excess of 28k) and the prospects of taking advantage of some generous BT options that are on the market right now (21 mo @ 0% with 3% transaction fee, etc.) I am having a conversation regarding dealer financing tomorrow, and ideally will be finalizing the transfer of my existing vehicle and fulfilling the purchase of the new one on Sunday [so I can roll up to work in style Monday morning
Hello and welcome.
Do you have that 21 month BT offer firmly in hand or are you looking at trying to get one as a financing option?
If I ran the numbers right if you did that BT for the full $21,000 the fee would be $630 making the total amount $21,630. To pay that off in 21 months would take a payment of $1,030 per month. Can you make those kind of payments? And what rate would the BT default to if not paid off in 21 months?
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".