to lease or buya new 04.5?

[y-knot]

OK, I just could not stay away. The part about borrowing against your house, doesn't sit well with me. I know the commercials on TV make it look good, but they are suppose to do that. First, why would anyone want to barrow money against there home, home equality loan, second mortgage, what ever you want to call it, just to pay off there UNSECURED credit cards? You are putting your home up, for a bunch of credit cards. Also, why would you want to risk your house for a truck?? It just doesn't make sense.

My wife works for one of the biggest banks in the world, and yes they are more then willing to give you a second mortgage to pay off credit cards or buy a truck, why not?? They get a house as security for a truck loan, gee what a deal? I wish I could loan someone 30,000 dollars and have them secure it with a 100,000 dollar house. Please default. Same goes for the credit cards. They are a UN-secure loan, you can't make the payments and they are out. But take out a second mortgage on your house and yes you paid those credit cards off, but now have your house on the line. And the sad part is, most just go back to spending to much and charge the cards right back up.

If you are going to take out a second mortgage on your house for a truck, you had better make darn sure your future is solid. I can not look in too the future very well, and non days I do not think anyone is very safe with regard to work and economic security. I also can not think of any truck, car, boat,camper that I would be willing to risk my home for, you maybe different? I just can not see it.

 

[Cummins Cowboy]

jeremiah, brings up an excellant thing that I forgot about, Sales tax. what we did when we bought my wife's van. We found a private seller for our car, then we went to the dealer and had them show the car we had sold to a private individual as a trade in and they directly transferred our old car to our buyers, it saved us about $600 in sales taxes, with your truck it would prolly be alot more if you could get away with doing it this way, however alot of dealers will not do this for you. my suggestion in your instance, sell the truck privately, try to do what I said above to save sales taxes, if not you should get 18k plus for your truck, this should give you 13k to put down on a new truck, do the zero % deal and you will have the truck paid for in 4 years with paymetns of around 425$ a month depending on how loaded you want your truck





Also does anyone know if you could lease a truck in oregon which does not have sales tax, and not have to pay sales tax on each lease payment?? If i could do this it would save me about 40$ a month

 

[RustyJC]

Originally posted by cummins cowboy

Also does anyone know if you could lease a truck in oregon which does not have sales tax, and not have to pay sales tax on each lease payment?? If i could do this it would save me about 40$ a month

I believe they would catch you in Texas when you tried to register the truck for license plates. If it's an out-of-state truck, you're liable for whatever sales tax you would have to pay for the same transaction in Texas, less a credit for what you paid in the state of purchase or lease.



Rusty

 

[Jeremiah]

Originally posted by y-knot

OK, I just could not stay away. The part about borrowing against your house, doesn't sit well with me. I know the commercials on TV make it look good, but they are suppose to do that. First, why would anyone want to barrow money against there home, home equality loan, second mortgage, what ever you want to call it, just to pay off there UNSECURED credit cards? You are putting your home up, for a bunch of credit cards. Also, why would you want to risk your house for a truck?? It just doesn't make sense.

My wife works for one of the biggest banks in the world, and yes they are more then willing to give you a second mortgage to pay off credit cards or buy a truck, why not?? They get a house as security for a truck loan, gee what a deal? I wish I could loan someone 30,000 dollars and have them secure it with a 100,000 dollar house. Please default. Same goes for the credit cards. They are a UN-secure loan, you can't make the payments and they are out. But take out a second mortgage on your house and yes you paid those credit cards off, but now have your house on the line. And the sad part is, most just go back to spending to much and charge the cards right back up.

If you are going to take out a second mortgage on your house for a truck, you had better make darn sure your future is solid. I can not look in too the future very well, and non days I do not think anyone is very safe with regard to work and economic security. I also can not think of any truck, car, boat,camper that I would be willing to risk my home for, you maybe different? I just can not see it.

y-knot, you're entitled to your opinion, but don't read more into what I wrote than what's there:



I said if a person must borrow (which suggests that borrowing might not be a good idea), the lowest rates are second mortages. Zero percent interest rates at car dealerships often are "come-ons" and many buyers don't qualify for them.



I didn't say anything else beyond that and it's up to whoever reads what I wrote to decide for him- or herself whether it's a good idea to take out a second mortgage on a home.



But your other points are well-taken.