Posted by JML755 on September 24, 2008 at 06:30:04 from (66.184.63.110):
In Reply to: O.T. tick rule posted by KEH on September 18, 2008 at 19:39:13:
Goose said: (quoted from post at 09:53:07 09/19/08) How is using your home equity to buy a new car "living within your means"?
Just curious.
Goose,
The lease was up on my wife's car and when we decided that a purchase was the best way to go, we considered all financing options. Instead of using dealer financing, we are financing it in a manner that allows us to deduct the interest. Also got a lower interest rate and other benefits from doing it this way. We are making roughly the same payment that we would have if we financed it through the dealer and quite a bit less than if we leased. I.e. we are living within our budget regardless of who we make the check out to. I agree that it may be slightly riskier, i.e. the collateral is our house and not the car.
We do have credit cards but use them as a convenience and pay off the balance each month (have NEVER paid interest on any over the last 35 yrs) In fact, we get a rebate from Discover Card each year and accumulated over $3500 in GM card earnings which were used in the vehicle purchase.
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