Carrying Cost?

[JP]

Use the gas card, make high payments when you can (no limit), when times get hard, make the lowest payment.

Wait, you can use the card and make payments at the same time. I don't think I drive enough to spend more than $120/ month on gas so I'd only be making the minimum payment

 

[zelio]

Really? you are hurting yourself. I try to buy everything on my credit card. Not only does it afford me more protection than any other monetary transaction insurance/protection. it has several advantages. I get a minimum of 1% paid back to me for all my purchase. I get the ability to cancel a payment if a seller doesn't fulfill his side of the transaction. And i also get a detailed history of the account to let me understand where and when the money went. And I get it for absolutely NOTHING/FREE. All the lending institutions will give you a CC and set up an automatic payment for it at the end of the cycle. If paid off then there is NO additional expense at all. And it is also quicker to pay by CC at the checkout than almost any other form of payment. Even faster than a debit card because most CC have an automatic payment below a certain amount so you don't even have to type in your PIN. I actually make a few hundred by using a CC.

Been there, done that! which is why I no longer use credit cards. I use my debit card as a credit card with the difference being I don't get 1% which is fine with me, and the money comes right out of my account. That works for me. To each his own. :-) Z

 

[zelio]

I mentioned above that I was going to my credit union today to see how they would finance an Elio. I did, in fact, go. They had never heard of the Elio (no surprise there) so couldn't give me a definitive answer. Of course that is why I went now because I wanted them to know this is coming up next year and an answer will be needed. Their first impression is that it would be treated like a recreational vehicle rather than a car. Right now the percentage difference is only 1% higher than an auto loan. So at least I have made the first step. Next I will contact the insurance company but that can wait for another day. LOL Z

 

[Joshua Caldwell]

I considered using the card financing option but in the end I'll likely be doing a 401k loan, that way the 4% interest is being paid back to myself.

When I called USAA about a loan the rate was about the same, but unlike zelio's company USAA knew all about the Elio and the rep I spoke with knew all about it and so did the people she talked with on her end about it. She didn't know if it would be an auto or motorcycle loan however. They did however know that it would be insured as a car because it was enclosed and had a roll cage, and I'll be saving about $50/mo on my insurance in addition to the gas savings