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21:06:11 - 04/24/2024
General Dakota Board
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Greg
Unregistered
2/24/2001
15:58:25
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 Subject: Dak Financing
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Message:
I just placed an order for a new Dak Sport. I intend to take advantage of the $2000 cash back that is currently being offered instead of the lower financing rates. Through a special offer, my Citibank credit card is offering me a 5.9% fixed rate cash advance/loan of up to $15,000. So I plan on essentially purchasing the truck on my credit card. Citibank will send me a check, I'll deposit it into my personal checking account, then write a personal check to the Dealer when the Dak arrives. The interest rate is good for the life of the loan (4years est.) and is not simply a limited time offer for balance transfers. Has anyone done or thought of doing this before? Are there any banking/IRS issues that I should be conserned with because I am depositing and writing a check for such a large dollar ammount? Should I write two $7,500 checks to the dealer instead of a single $15,000 because of some IRS/Banking flags or reporting requirements it may raise? Thanks.
Greg
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Blizzard
GenIII
2/24/2001
17:09:26
| RE: Dak Financing
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Message:
For 5.9% interest, I'd say GO FOR IT! And don't worry about the $15,000 check. Write it and be done with it. No need to write more than one. It'd be no different than if you were remodeling your house and wrote a $15,000 check to the contractor. Hell, wish my credit cards would offer 5.9%!
2001 Black Quad Cab 4x4, 5.9L, 3.92 ratio, loaded for bear
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Russ
GenIII
2/24/2001
20:52:19
| RE: Dak Financing
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Message:
We finaced with Chrysler credit at 0.9%.Even if we had cash we would be crazy not to use this rate.
2000 CC SLT 4X4 4.7 L-SLIP AUTO 3.55
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Greg
Unregistered
2/24/2001
21:12:54
| RE: Dak Financing
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Message:
0.9 is a great rate, but my understanding is that is only good for 24 months. Most individuals, myself included, tend to finance there automobiles for as long as possible. In my case 5 years. Although I plan on being able to pay it off much sooner than 5 years I only have to send the lender a set small monthly payment. My remaining monthly savings can be invested in equities for (hopefully) a higher return than the actural loan amount, thus coming out ahead of the game.
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Nick
DakotaEnthusiast
2/25/2001
01:13:42
| RE: Dak Financing
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Message:
Personally, I don't beleive in paying for something twice. My Dad used to always put aside 300 bucks a month, instaed of making car payments. THen when he wanted a car, he had the cash. And then some. Worked well for him
I would recomend a cashiers check. Go to the bank and for like a buck they will give you a check varifying funds are there. Bring it to the dealer, and this way if they try and mess with the price, place the check on the table and say this is what I'll pay take it or leave it. If they say no, walk away. THEY WILL CALL YOU THE NEXT DAY, and accept. Espically as slow as sales are these days.
And by the way, No haggle means nothing. I aruged a thousand bucks off mine. I figure its their rule not to haggle, not mine...so I did.
1997 Dodge Dakota Sport 5.2-V-8
Duel Exhaust, Growler Mufflers
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