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Is this a good idea or not?
In Feb. 2009 I went to buy a used car, but because my income at the time was below the accepted guidelines, my daughter purchased the car in her name. I gave the $2500 down payment and have been making monthly payments every month for $253.00. Now my balance is about 4500 but, being the interest of 9.8% is high, I would like to put that total in a credit card with a lower rate. This way, I will not only pay less interest but also can make lower monthly payments. I will also be able to put the car under my name and relieve my daughter of that item on her credit report. Is this a good idea or not?
Asked by
eloisao
4 months ago
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That should be fine. Just keep in mind many credit cards have a balance transfer fee of 3% or 5% so it might not be as cheap as you think.
AppleRules 4 months ago
I did the same a few months ago with my hated ex-wife. I paid the vehicle that was in my name and under my credit with a credit card to pass the vehicle under her name. Just remember that this will increase your credit utilization until the balance of your credit card goes down. If you have no other plans for at least a few months it will be a good idea.
Wichie682 4 months ago