Fiat Shenanigans 🤡🌎 on Nostr: Gibberish. The balance of the loan must be less than the future sale value of the ...
Gibberish.
The balance of the loan must be less than the future sale value of the home so that when you default and they take you home they can recoup most of the remaining loan balance. That's why they require a down payment.
Same goes for cars, which only depreciate. As a rule of thumb, (and this is especially true of used vehicles), the amount of down payment you're required to put down is the amount that the dealership is overcharging you, which is why the bank won't cover it. You know you're getting a good price on a used vehicle if the bank is willing to cover 100% of the sale price.
Published at
2024-11-04 15:16:12Event JSON
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"content": "Gibberish. \n\nThe balance of the loan must be less than the future sale value of the home so that when you default and they take you home they can recoup most of the remaining loan balance. That's why they require a down payment. \n\nSame goes for cars, which only depreciate. As a rule of thumb, (and this is especially true of used vehicles), the amount of down payment you're required to put down is the amount that the dealership is overcharging you, which is why the bank won't cover it. You know you're getting a good price on a used vehicle if the bank is willing to cover 100% of the sale price. ",
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