Loan Pay Off

radmoo · Jul 12, 2016

So I know you all frown upon this but when we purchased our Canyon Villa week directly through Marriott, we arranged financing through them. I called today to pay it off - wanted to pay with Marriott Credit Card and then do zero % balance transfer to another card. Apparently the only form of payment accepted for loan payoff is check. Do you know if this is indeed correct info?
TIA!

GreenTea · Jul 12, 2016

The only way to pay using the credit card is if you use it at the time of purchase. After that, they are correct, you can not use the card to pay the loan.

radmoo · Jul 12, 2016

GreenTea said:
The only way to pay using the credit card is if you use it at the time of purchase. After that, they are correct, you can not use the card to pay the loan.

Actually that is NOT the case as we make monthly payment using our Marriott Visa!

Saintsfanfl · Jul 12, 2016

radmoo said:
Actually that is NOT the case as we make monthly payment using our Marriott Visa!

Wow. That is a nice perk. I don't think I have heard of being able to pay a loan with a credit card. Banks don't like paying cc fees on principal and interest receipts.

presley · Jul 12, 2016

Can you get a check from the credit card company?

Luvtoride · Jul 12, 2016

Saintsfanfl said:
Wow. That is a nice perk. I don't think I have heard of being able to pay a loan with a credit card. Banks don't like paying cc fees on principal and interest receipts.

But the banks and Marriott like getting paid on time every month!

tynian16 · Jul 12, 2016

I am shocked you can make your monthly payment by credit card. Never heard of that in my life.

b2bailey · Jul 12, 2016

My first thought was to go online and see if you are able to make payments with credit card.

I know that maintenance fees can be paid online with cc.

abread · Jul 12, 2016

tynian16 said:
I am shocked you can make your monthly payment by credit card. Never heard of that in my life.

we used auto-billing to pay our loan through the Marriott Visa.

Saintsfanfl · Jul 12, 2016

presley said:
Can you get a check from the credit card company?

Usually but you won't get the rebates, which is really the only motivation to pay by credit card in my opinion. The float time isn't worth much to a consumer and if they need it for cash flow then worse trouble probably lies ahead.

spaulino · Jul 12, 2016

radmoo said:
So I know you all frown upon this but when we purchased our Canyon Villa week directly through Marriott, we arranged financing through them. I called today to pay it off - wanted to pay with Marriott Credit Card and then do zero % balance transfer to another card. Apparently the only form of payment accepted for loan payoff is check. Do you know if this is indeed correct info?
TIA!

Can't you get a check from the cc company? Sometimes they mail those checks to use either for cash advance or pay off something w/ a check. That normally has your name on top left just like a regular bank check.

DeniseM · Jul 12, 2016

I'm guessing the OP wants to use her Marriott CC for the points - you don't get point when you use the credit card checks.

Tommyhob · Jul 12, 2016

visa

You can make your monthly payments on the loan with the credit card with the auto charges each month. Same amount every month.

But if you want to pay off the loan, they do not let you pay the extra lump sum on the card. AKA, they are happy to let you use the card as long as they are making good $$ on the interest you're paying on the loan.

Agree with other poster, they'll let you put the big payment to pay it off on the card, but only within ~30 days of purchase.

I think this has been reviewed here before, but maybe wrong.

radmoo · Jul 12, 2016

presley said:
Can you get a check from the credit card company?

I suppose I could do with Chase Visa check and then do zero percent balance transfer to another card. But I always destroy those checks as soon as they arrive.

radmoo · Jul 12, 2016

DeniseM said:
I'm guessing the OP wants to use her Marriott CC for the points - you don't get point when you use the credit card checks.

yup, would have been nice to get the points
and we own 2 weeks with Royal Resorts which I paid off with credit card, no problem!!!

GreenTea · Jul 12, 2016

Ah, yes. Monthly payments but not a large lump sum to pay it off though you can use the card to buy it at once without a loan. I was indeed confused.

GreenTea · Jul 12, 2016

radmoo said:
I suppose I could do with Chase Visa check and then do zero percent balance transfer to another card. But I always destroy those checks as soon as they arrive.

You can just use the check of the 0% credit card and not flip the balance....you wouldn't be getting MR points regardless.

radmoo · Jul 12, 2016

account is set up for auto pymt via Chase Marriott Visa
I also pay maintenance fees with our card

1Kflyerguy · Jul 12, 2016

When we had a loan on our HGVC timeshare, I always made the payments via Hilton Amex. When I went to pay off the loan, they would not let me make a single large payment via the Amex. However they would let me make larger than normal payments via the Credit card. I made the maximum payment allowed, the called back in a few days to a make an additional payment.. kind of a hassle, but I paid off the loan and got the points. Perhaps Marriott would allow something similar

Sent from my SM-G930V using Tapatalk

UthTrvlr · Jul 12, 2016

radmoo said:
So I know you all frown upon this but when we purchased our Canyon Villa week directly through Marriott, we arranged financing through them. I called today to pay it off - wanted to pay with Marriott Credit Card and then do zero % balance transfer to another card. Apparently the only form of payment accepted for loan payoff is check. Do you know if this is indeed correct info?
TIA!

That is correct, you cannot payoff a loan with a credit card. There are several reason behind that. First, you could dispute a charge up to six months after payment. By that time MVCI would have removed their name off the deed as the lien holder, causing a huge mess. Second, the vendor fees for processing cards is anywhere from 3-10%, while paying monthly the interest helps offset that cost.

In terms of making monthly payments toward your loan using a card, that was a promotion run my MVW for financed contracts dated January 2, 2014 or later. This promotion allows the owner(s) to pay their loan via Automatic Credit Card transactions regardless of the owner living domestically or internationally. This was only for the normal monthly amount, nothing extra to principal.

Even for international owners, they still have to make their final payment via a check in U.S. funds, or wire transfer.

radmoo · Jul 13, 2016

UthTrvlr said:
That is correct, you cannot payoff a loan with a credit card. There are several reason behind that. First, you could dispute a charge up to six months after payment. By that time MVCI would have removed their name off the deed as the lien holder, causing a huge mess. Second, the vendor fees for processing cards is anywhere from 3-10%, while paying monthly the interest helps offset that cost.

In terms of making monthly payments toward your loan using a card, that was a promotion run my MVW for financed contracts dated January 2, 2014 or later. This promotion allows the owner(s) to pay their loan via Automatic Credit Card transactions regardless of the owner living domestically or internationally. This was only for the normal monthly amount, nothing extra to principal.

Even for international owners, they still have to make their final payment via a check in U.S. funds, or wire transfer.

We gave been using our Marriott Visa to pay monthly loan prior to 2014.

artringwald · Jul 13, 2016

radmoo said:
I suppose I could do with Chase Visa check and then do zero percent balance transfer to another card. But I always destroy those checks as soon as they arrive.

If you decide to use one of those checks, be sure to read the fine print. They usually have a percentage charge with a minimum fee.

Luvtoride · Jul 13, 2016

UthTrvlr said:
That is correct, you cannot payoff a loan with a credit card. There are several reason behind that. First, you could dispute a charge up to six months after payment. By that time MVCI would have removed their name off the deed as the lien holder, causing a huge mess. Second, the vendor fees for processing cards is anywhere from 3-10%, while paying monthly the interest helps offset that cost.

In terms of making monthly payments toward your loan using a card, that was a promotion run my MVW for financed contracts dated January 2, 2014 or later. This promotion allows the owner(s) to pay their loan via Automatic Credit Card transactions regardless of the owner living domestically or internationally. This was only for the normal monthly amount, nothing extra to principal.

Even for international owners, they still have to make their final payment via a check in U.S. funds, or wire transfer.

Uth trvlr is correct. Once set up via Credit card payment you can make every regular payment that way. You cannot make additional payments of principal or pay off the loan using the credit card. Even where it says manage your loans on the my-vacation web site, if you put in an amount to make a payment, it will take you to a 3rd party site (run by an arm of Visa, ironically) where you have to put in your bank info from your check to make the payment.

I just got off the phone with a Marriott Financial services person who confirmed all of this.

The best way to do the transaction, if you can is to put it all on your Marriott Visa card and then pay that off with a zero % credit card advance if you need to, but as others mentioned those checks or advances carry fees of at least 3%.
Good luck.
Brian

BocaBoy · Jul 13, 2016

Luvtoride said:
The best way to do the transaction, if you can is to put it all on your Marriott Visa card and then pay that off with a zero % credit card advance if you need to, but as others mentioned those checks or advances carry fees of at least 3%.

Not always. Barclays is continually running specials with a 1% fee on their 0% balance transfers, some Chase cards routinely run 2% specials, and we have one Barclays card with no transfer fee at all (but a high interest rate).

Luvtoride · Jul 14, 2016

BocaBoy said:
Not always. Barclays is continually running specials with a 1% fee on their 0% balance transfers, some Chase cards routinely run 2% specials, and we have one Barclays card with no transfer fee at all (but a high interest rate).

Boca Boy, I just got an email offer from Barclays today for a 2% fee with 0 interest until Jan, 2018. That's about the lowest fee I've seen. I will keep my eyes open for the 1% offer in the future.
Thanks.

Loan Pay Off

radmoo

GreenTea

radmoo

Saintsfanfl

presley

TUG Review Crew: Expert

Luvtoride

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tynian16

b2bailey

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abread

Saintsfanfl

spaulino

DeniseM

Tommyhob

radmoo

radmoo

GreenTea

GreenTea

radmoo

1Kflyerguy

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UthTrvlr

radmoo

artringwald

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Luvtoride

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BocaBoy

Luvtoride

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