Using Chase Balance Transfer to Pay off Auto Loan

[Anonymous]

I just got approved for the chase slate for 6900 with 0% BT for 18mo.

( I asked for a CLI with a hard pull so i wouldnt have the card maxed out,

for which i was denied with a 802 EX score and no derogs, 3% utilization, 4yr AaoA

There letter said the reason was (too much available credit/active accounts)

Most of my cards are 0 balance and i have 7-8cc's with 50k total CL

The reason for applying was to pay off my auto loan balance that is at 9%

with two years left.

But now on the phone they said I can't pay off a secured loan, just unsecured loans. 

How can I get around this? Use BT check? Use Plastiq and pay 2.5%fee and pay off 

as a purchase? 

I'm really wishing i went with discover now, since I already have a CC with them

I dont know if they will give me another Discover card or maybe Citi.

Also the chase card comes with a no BT fee, which save another few hundered.

[Anonymous]

get a check and write it to yourself or some cards let you DD to your checking acocunt and then make the payment from there.  Most lenders won't directly BT to a secured item though.

[NRB525]

What is the balance remaining on the auto loan? If it would fit within the Slate limit and not blow up your Utilization, then it is likely that 9% isn't really adding up to much expense. How much total interest, if you only made the auto payments per plan, how much interest would you pay during the remaining life of this auto loan?

The other minor factor to keep in mind, as you pay down the auto loan, your FICO score is getting a bit of a boost because you are probably at a lower utilization on that installment loan, and Credit Mix is improved by having the installment loan. It is not a reason to keep the auto loan, but something to realize whe the auto loan is paid off, if you do not have any other installment loan, your FICO score will go down a few points.

[Anonymous]

When I called to do the BT the rep told me I cant pay off a secured loan, only unsecured.

When asking for a BT check they said they routinely send out BT check.

So can i request a BT check from Chase?

I did the math and I would be saving over $2000 in interest doing thru the BT

and also I meant to write that the auto loan is at 13% and the BT would pay off the

whole auto loan with me paying off the last 1800 in cash. 

 Could I use the company PLASTIQ and just pay them 2.5%fee and use that

on my chase or would I recieve AA from chase for using a company like that

for a big amount? Also How do i request a BT Check? do they even send those out. 

[Anonymous]

numanyou referencing the use of your Discover Card for a BT to your checking account could potentially work but, to avoid interest you would not want to use the credit card as the purchases Apr would still be active (likely you already know this). Presently, I am paying off three Discover BTs for home improvement work (paid the contractor through my checking account) and then BT'd to it. In order to make it work, I have not used the Discover Card to avoid purchases Apr. A new Discover Card could work if it has a 0% Apr for purchases and a good rate for a BT. Now I have had Disocver give me a BT and then they gave me a 0% Apr for purchases promo (these have been few and far between).

[NRB525]

Maybe see if a local credit union can refinance at a lower rate?

With assets that can be secured for lending, my opinion is it is better to use that security / pledging aspect to get a better rate.

[Anonymous]

Well I ending up checking my discover offers which had a 9mo 0percent BT offer so I took 8500 and had them send a check to my auto loan. I thought if looked better than asking for cash to my bank.
But I did have to pay a 3 percent fee. As soon as it post I'm gonna take chase slates BT offer and pay off discover which comes with no BT fee.
So at least I waste the BT. So I guess it worked out but chase is getting strict with there by. They said I couldn't use it for anything but a cc

[Anonymous]

I don't think Discover would care where the Money went, just as long as you pay them back that is. I've taken several BT offers from them, and all but one have been directly deposited into my checking account. 

I think where Chase is coming from, is that they don't want to be on the hook for a "paid off" car, in case that person defaults. Not that somone one would do this for a measly $8K and trashing their credit in the process. But it's that possibility they don't want to test. 

Their strict stipulatiuons is why I've never BT'd with Chase, that and no offers for 0%. lol

Both Citi and Discover allow you to transfer funds to your bank account, so I use them exclusively for BTs. Plus I also have a CU Visa that I can transfer funds back and forth to my checking account, then just pay them back via BT if I had to. 

While it's alwasy nice to save Money on interest, paying off an instalment loan and simaltaneously putting a high balance on your CC may come with a score drop. So just be prepared.