Cash Vs. Finance
I'm planning to buy a new RV in March. Yes, I know they depreciate like crazy, but I've window shopped the used market and I don't see any that's what I want at a reasonable price and I don't want to...
Forum Discussion
GDS-3950BH wrote:
If it gets that bad and you financed an RV just dont make the payment and they'll come and get it, which is why it's called collateral. Any depreciation or difference will be written off as a profit and loss write off as you can not get blood from a turnip. At that point your FICO score won't mean much anyway, and as soon as it's over they'll be glad to finance another for you regardless.
I'll hope this part was written tongue in cheek and just not presented as such.
If not, I'd like to personally thank you for promoting the major reason I lost over $100k on a house that I chose to be responsible with and hang onto during the last recession rather than just stop paying, toss the keys under the mat and wait for the bank to foreclose on it.
(At least 2 other families that did just that with their mortgaged homes paid "some" of the rent to live in mine and offset my loss, somewhat. They got a more personal thank you, as about half my loss was not in market value, but rather unpaid rent and damage to the house because they were scum bags too...)
At the same time, I'd like to also thank those with irresponsible debt for allowing us to buy a new boat, new truck and a 1/4 section of land, all at significant discounts because the owners couldn't make their payments on their luxury items that were leveraged 100% or more.
