Financing your Cobra...Woodside Credit?

WarrenG · #1 (**permalink**) 12-10-2008, 07:00 AM

I had a ton of equity in my house when I bought the cobra, so rather than tie up a bunch of cash in the car, I pulled a 2nd @ 5.5% for it. Also pulled some to completely reform the kitchen and some other parts of the house. Because it was a home loan the interest was fully deductible. Didn't make sense to do it any other way. Sold the house last year and paid off the loan. Still had a ton of equity to take away. It's only money and you can't take it with you!

Bartruff1 · #2 (**permalink**) 12-10-2008, 07:08 AM

Quote:

Originally Posted by WarrenG

I had a ton of equity in my house when I bought the cobra, so rather than tie up a bunch of cash in the car, I pulled a 2nd @ 5.5% for it. Also pulled some to completely reform the kitchen and some other parts of the house. Because it was a home loan the interest was fully deductible. Didn't make sense to do it any other way. Sold the house last year and paid off the loan. Still had a ton of equity to take away. It's only money and you can't take it with you!

Of waiting till I was old and had the cash and had met my responsibilities. It makes sense to me to finance one if you can do it with deductable interest and assuming the payments are not a risk or a burden. These cars are a hell of a lot of fun for the money, I wish I had done it 20 years ago !!!

patrickt · #3 (**permalink**) 12-10-2008, 07:31 AM

LS can post his balance sheet and income statement and we'll play the Club Cobra version of "Can I afford it?" But I doubt he has significant real estate equity any more than he has Berkshire Hathaway certificates that he forgot about stuffed in the back of his sock drawer....

mln385 · #4 (**permalink**) 12-10-2008, 07:40 AM

DIdn't we just have one of these threads a few weeks ago.

Bottom line do what ever is best for your circumstances and what you are comfortable with.

Marc

patrickt · #5 (**permalink**) 12-10-2008, 07:46 AM

Quote:

Originally Posted by mln385

...do what ever is best for your circumstances and what you are comfortable with.

What kind of lousy advice is that?!?

madmaxx · #6 (**permalink**) 12-10-2008, 08:10 AM

Quote:

Originally Posted by patrickt

What kind of lousy advice is that?!?

No sheet is that not how the current economic crisis started, people have no clue what they are comfortable with. You think you own your home or cars, if you do not have a title you own nothing do not make a couple payments and you will see who owns them.

There is an excellent show on tv called the repo man, he repo's 1992 celica's worth 1k to 100K plus bmw's to air planes.

Now for the selfish part please buy the car, get in a bind, then I will buy it off you for 50cents on the dollar, i will feel good, you will feel good and we all win.

patrickt · #7 (**permalink**) 12-10-2008, 08:14 AM

Quote:

Originally Posted by madmaxx

... please buy the car, get in a bind, then I will buy it off you for 50cents on the dollar, i will feel good, you will feel good and we all win.

That's the American way.