I'm still convinced these people are crazy.
Years ago, pre-2008 in fact, I posted something that lighted a firestorm of indignation - I questioned the sanity of people who buy new RVs and amortize the purchase over 20-25 years. I had been to an...
Forum Discussion
When the cost of money is too low (Interest) or when the banks or Federal loan agencies FannyMmay,Freddie Mac, offer sub-prime loans for houses, cars, boats, RV's etc., many folks take advantage of the offers. Most know little about complicated financial matters and are told by the lenders everything will work out fine. During these times prices escalate do to the fabricated market.
Then, due to a change in economic times or world issues many of the sub-prime loans default and the downward price spiral starts. When the properties go into default most likely the new homeowner will lose money and being that many of these loans were made at artificially high values then packaged and sold as securities,so no one really hold how much of the title to the home.
Now that little gift was great for some politicians, real-estate industry and others while the rest of the others on both of the deal got back little.
What I am suggesting is when purchasing high ticket item of $5K or more do some due diligence when arranging financing.
It is always better to arrange financing and then visit the dealers. If you find something you like don't be to anxious and excited. Also do not believe the dealer MSRP window and supposed price. Get the information concerning the unit and then check out other dealer sites and the manufacturer site. Try to have at least 20% to put down. Also watch for things light transportation fees, PDI fees and especially be very wary about purchasing an extended warranty
Then, due to a change in economic times or world issues many of the sub-prime loans default and the downward price spiral starts. When the properties go into default most likely the new homeowner will lose money and being that many of these loans were made at artificially high values then packaged and sold as securities,so no one really hold how much of the title to the home.
Now that little gift was great for some politicians, real-estate industry and others while the rest of the others on both of the deal got back little.
What I am suggesting is when purchasing high ticket item of $5K or more do some due diligence when arranging financing.
It is always better to arrange financing and then visit the dealers. If you find something you like don't be to anxious and excited. Also do not believe the dealer MSRP window and supposed price. Get the information concerning the unit and then check out other dealer sites and the manufacturer site. Try to have at least 20% to put down. Also watch for things light transportation fees, PDI fees and especially be very wary about purchasing an extended warranty
