|
Post by ohioautotech on Apr 7, 2009 19:50:30 GMT -5
A lot of people in the US are upset over these bailouts. It isnt helping the economy, just making the rich richer. Dont know what finance company you are using, but just as an example Take GMAC they are partially owned by Cerebus. Cerebus owns about 80-85% of Chrysler. Gm owns the other part of GMAC. So you have 2 lame auto companies owning a finance company. They are unyeilding because they want money. Some of us call it GREED. Personally I would think it would be better to refinnce those auto loans to payments the people can make and save all the costs of repossession.
|
|
|
Post by doc on Apr 7, 2009 21:44:05 GMT -5
The whole thing just suxssss.....
|
|
|
Post by locodave on Apr 22, 2009 2:03:25 GMT -5
Hi. A thought. Your bank do a home equity line of credit? Your cost is nothing it set it up. No cost, till you take out $ against the line of credit. ( Remember, your using your house as colateral against the loan. ) That said. Once you take out the $. You have 2 choices. One is to take out the $, it will be an adjustable rate loan. You have to pay at least the intrest, every month. At the end of the 20 years, you have a baloone, pay it in full, adjustable rate loan. You can pay the intrest, and any ammount of principal per month. Other way. I did this to buy my 3rd rental house. Pay a small fee, 95.00 in my case at the time. You can lock the rate in, 1 point over prime to a fixed rate. 3-20 years loan. I did a 10 year. Locked in to a 5.25. Fixed rate for the 10 year loan. Do the second way for 3 years? Pay off the B/S loan & have your son make the payments. If you don't go over 80% of the houses value, you get the 1% over prime rate. Thoughts for you. Dave
|
|