Is the 'Backdoor' officially closed now?
Colorado
With the new license system in effect, Im wondering if the old 'backdoor' method will be obsolete?
If it is that will be great for corporate America. Guys will now actually be working instead of typing in their information 10k times per day. I hope this gets rid of the backdoor method.
Now they will be checking their credit card activity 10K times a day. No win for corporate America here.
I looked at the 2018 regs and it says that a card will not be charged until the week of June 4th, when the results are posted online.. I find it hard to believe that when the draw happens, usually sometime around mid May, they wont charge your card immediately.. We all know its all about the money, so why would they wait to get it.. Also, you'd think this new system would make draw results available faster.. I mean with as long as it take them to post, you'd think some bean counter in the basement of the DOW on Broadway is doing everything by hand with an abacus...
They can set up a computerized auto-charge system that will charge every credit card on the same day (just like scheduling auto-pays for our bills at home).
Someone ran the numbers on how much they actually make by charging up front and holding onto it at a fractional interest rate. It was posted on here a few years ago. They didn't recoup enough in interest to pay for the processing/refund printing and mailing. This new process will save money but the backdoor will be zipped up.
"Someone ran the numbers on how much they actually make by charging up front and holding onto it at a fractional interest rate. It was posted on here a few years ago"
Lou, my understanding is that they don't make any additional money via interest. I always thought they did but my contact within CPW says its absolutely not true and actually they are prohibited from doing so. I'm stating this without the backing details but I certainly trust his word.
Just be grateful for all the times you got in the backdoor. Think back and cherish the good times.
Aaron, I believe you're right. The numbers I saw were hypothetical if they were to hold onto it for a couple months at a low APR.
Yoop, yes, staring wistfully into the distance, remembering.........
No more back door boogie :-(
Aaron, is correct, collecting interest of not allowed. And yes it is" all about money". How does a "business" survive without it?
I have always liked opening presents on Christmas and not a day or two before.
I was the kid that unwrapped the presents early and tried to get them wrapped back up so no one would notice :)
Hopefully, this system will be able to turn out the results faster.
Seems like these computerized draws should be able to crank it right out like one day after the deadline.
So now the website will crash on the day the lic are posted as well as the other days people try and buy leftovers! Good plan
I'd say there's no way to know yet. Currently, after logging in, you can view your current PP's, and your "Active Orders". Those are the two places where, in the past, we got access to "backdoor" info. If, under the new system, they don't hide your current PP's during the draw period, we could have that back door again. And if they live-update "Active Orders" with licenses drawn, that will be another backdoor, replacing the old "Products on File" list. And of course the new system of charging cards upon draw may give a sneak peek. Very possible they may have all those things buttoned up tight in the new system though.
My guess is you will see a pending charge on Your card before results post
Now instead of "backdoor is open" posts sometime in May, we'll now have "my credit card was charged!!" posts on bowsite.. it's really gonna mess people up if those charges fall off and then reappear..lol
For those who say they didn't earn interest on money held, read the issue paper on pay later. I believe it stated they were going to lose $140,000 in interest.
They also have had in the past a column of interests and dividends in their yearly fiscal report. Not sure what other investments they would have that gain interest besides all of our tag money they held for 2 months
"For those who say they didn't earn interest on money held, read the issue paper on pay later. I believe it stated they were going to lose $140,000 in interest." Is there a link?
Unrelated to backdoor but in reference to seeing a charge hit your credit card.. What happens if your card on file is no longer valid or doesn't have sufficient funds if you are successful in the draw? . Tag go to next person? CPW contacts you first?
Sorry if this has already been answered on another post.
The brochure has a date that you must have your payment available by- sounds like they would attempt to bill and you have to have your card valid no later than that date.
The only credit card we have just for reservations and things expires in March, so have to get a new one with a later date before I enter it in the CPW site.
Yeah, the brochure states that if your payment cannot go through, you also will loose your PP's for drawing that tag that you cannot get due to no payment.
Still, like many, I quit applying for everything for me and my kids due to cost- now apply for everything again Sheep, goat, moose. Non-resident apps will go through the roof, not everyone can front cash (checks) but about anyone who has credit can apply now.
Just answered my own question. Read the reg book online and it says draw results will be posted June 4-8th. If you are successful, you have until June 20th to pay for the tag. If it goes unpaid by the 20th, it is surrendered.
Yooper.......man....can you rephrase that.....damn...... LOL
This is a sad sad day. Every late Spring I look forward to the giddiness of hitting the refresh button.
About 12 hrs it looks like. Saw the pending charge for turkey on my card the night before the results were posted
