Page 129 - Credit Matrix: The Path to Financial Liberation Red Contract

Hack #18 The Auto Repair Credit Hack

**The Concept**

The Auto Repair Credit Hack is a savvy financial strategy designed to significantly
reduce out-of-pocket expenses for auto repairs and parts, while simultaneously
building credit. This hack revolves around utilizing buy now, pay later (BNPL) services
to purchase auto parts and services at a fraction of the upfront cost.

**Implementation Steps**

1. **Selecting BNPL Services**: Start by identifying BNPL services that offer gift cards
for auto parts stores or have partnerships with automotive marketplaces. Services like
Afterpay or 4pay are good starting points, especially those with sections for eBay
Motors or similar platforms.

2. **Purchasing Auto Parts or Services**: Determine the auto part or service you need.

For instance, if you need a new car battery priced at $100, use a BNPL service to
purchase a gift card for an auto parts store like AutoZone, Advance Auto Parts, or
O'Reilly Auto Parts.

3. **Making an Initial Payment**: Instead of paying the full price, you'll only need to
make an initial payment – in the car battery example, this would be $25. The remaining
balance is then spread over a six-week period.

4. **Oil Change Example**: For routine maintenance like an oil change, buy an oil and
filter bundle for around $60 using a BNPL gift card. Your upfront cost would be just
$15. Pair this with a $40 Jiffy Lube gift card for labor, reducing your immediate
financial burden.

5. **Maximizing Credit Building**: To enhance your credit report, use a credit builder
card to purchase the BNPL gift card. Additionally, use a credit reporting tool like
Super.com to double the impact on your credit history.