Blonda

I got burned doing that once with a large balance transfer. Never missed a payment and when the economy tanked the credit card companies started screwing over their good customers to "maintain their profitability" (i.e., make up for these losses from non payment customers by taking $ from their paying customers). The one with the large balance tried to jack up my minimum payments to %5 (from $500 to $1500 per month) . The only way out was to close my account ( bad on credit score) and sign up for a higher interest rate with a set payoff amount (scumbags).

Fortunately...that is one thing the Dems did do right with that credit card act...so nice to see that those banks have to play fair these days, but I don't think I'd take that risk again.

spartan99

No, it wouldn't. It's a change in coverage. You're being a troll. You can leave now.

spartan99

You must've had significantly more than what I transferred, then. Even if mine was jacked up to 5% my payments would still be only a few hundred dollars.

Do some of you folks really worry about the consequences of missed payments? That implies that you miss payments occasionally. Why in the world would you ever miss a payment on anything given the speed of technology; hell you can make payments with your smart phone. No excuses, folks.

rickster

Sorry to jump in, but I also think it is a drop in coverage. You just dropped physical damages (Colission and OTC), and kept liability.

Rating for vehicles is based on the driver's demographics, the cost new of the vehicle, the ACV, and deductible amount.

Having a Loss Payee does not in itself raise you premium, UNLESS you have a Lease / Loan Gap Coverage, which will cover the value of the vehicles in the Loss Payee's book if that value is more than the ACV (for "upside-down" loans).

RubiDude

I got 0% for 72 months when I bought...to heck with paying it off early! I agree with others, make sure you never miss that payment...if you're late even by a minute you can kiss that 1.99% goodbye! I would suggest that you set up automatic payments to make sure it is never late. I would also keep full coverage...you still have lots of $$$ in that thing! Enjoy the JK..let the mods begin!

spartan99

0% is mighty nice!!! Nice job!! DING DING you win the game of who has the lowest interest rate!

You're right about the liability issue. Good point I won't change it. It would be financially unwise to have liability rather than full.

Gr808JK

I don't know why Spartan has to act like an ass whenever someone comments about all (at least most) of his posts. It MAY have been a good move, but depends on the deal.

If it's a float rate offer, he's a fool for doing it. Rate will uptick to prime + 10% or so after the teaser term. So, your 1% vs. 6% logic is clearly flawed, unless you pay in full (PIF) before the teaser term is up.

If it's a rate lock on a balance transfer until PIF, then it's a smart move. These are rare but a decent deal when available (I have one myself, where I did the same thing w/ a HELOC at 1.9% APR until PIF).

Keep in mind, you just transferred to an unsecure line, which WILL ding your credit score. So, that so called 800 you had before isn't so now, even though it was just a lateral debt transfer...

I'm sure Spartan will have something asenine to say about my post, but I don't care because deep down, he's trying to cover his insecurities. The purpose of my comment is to inform the other members of the JK community who may be in a similar boat. And obviously, if you plan to dial back comp & collision coverage when your rig is paid off, be prepared to have a savings stash to cover any losses.

Happy Jeep'n

JK084

cash is king

You get the best deals when buying private party too!
Seller gets weak in the knees

spartan99

I love the contradiction in your post. Nicely done!

Gr808JK

No contradiction, I used you as an example. Thanks for participating