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Cars suck
The reason I say cars suck is because people don't realize just how horribly they lose money until it is too late.
Too many people get upside down in car loans and really hose themselves financially as a result.
Just because a loan officer says you *can* get a loan for $xx,xxx doesn't mean you *should* get a loan for $xx,xxx. Please be smart or you will regret it for a long, long time.
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It is rare that home values drop over time. We're currently living in a brief period of that. But in the long-run, homes appreciate. Cars NEVER appreciate, with the tiny exception of cars that eventually become classics and really if you don't put many miles on them.
So it's not really an apples-to-apples comparison, is it?
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Yeah for sure, New Look. I'm not familiar with the Self Cert mortgage but over here a lot of people got in trouble with Pay Option ARM's, which had a payment option of negative amortization. HOWEVER, little to no education was taking place so borrowers bought these loans thinking they were getting a whale of a deal because their payment was so low, but it was so low because they were actually INCREASING their principal.
I guess the more correct saying would be "bad money decisions suck"
And thanks for making this lonely post feel more welcomed around here!
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