....but don't say "I own my car" with a car loan?
2006-08-29 02:15:08 · 13 answers · asked by flignar 2 in Social Science ➔ Sociology
Oooh, everyone I know who has a car on credit says it is theirs and they own it. Is there maybe a cultural difference here? I've never actually heard of this difference!
2006-08-29 02:18:16 · answer #1 · answered by marzipanthecat 3 · 0⤊ 0⤋
The choice is to "rent" or "own". People with a mortgage are buying a house, bit by bit. So, the do own it, they also own the loan that is the balance of payments. Just like when you buy a car, you pay every month, but it's _YOUR_ car.
2006-08-29 09:22:20 · answer #2 · answered by words_smith_4u 6 · 0⤊ 0⤋
Maybe it's because, after the front-end loaded interest is paid, they do own at least a part of their house and they are accepting the responsibility to honor their loan commitment. In the eyes of some, none of us own anything as it is all on loan to us from God. Ownership in that sense is just a matter of pride.
2006-08-29 09:24:49 · answer #3 · answered by ponyboy 81 5 · 0⤊ 0⤋
For one this equity. For another the mrtgage is only a loan secured by your house. But you do own the house and the property as evident as you are legally responsible if someone is injured on your property or you have to make repairs the bank doesn't go havsies with you when the roof needs to be fixed.
2006-08-29 09:20:48 · answer #4 · answered by jepook 2 · 0⤊ 0⤋
Capitalism is alive and well in America! Too many people use their plastic to buy things, and sure they take it home but they never actually own it. People are encouraged to buy things and that causes them tremendous debt. It's so sad. At least with having a mortgage on a house, the interest is deductible.
2006-08-29 09:34:27 · answer #5 · answered by gardenpartygirl 2 · 0⤊ 0⤋
What do they say when they have a car loan? "The car that I drive, but is actually owned by the auto finance company"? They say they own it -- you're wrong.
2006-08-31 23:05:30 · answer #6 · answered by sd;jsdfj; 3 · 0⤊ 0⤋
Because it sounds better...?
These days most people who 'own' houses have a mortgage. It kind of goes without saying.
2006-08-29 09:18:48 · answer #7 · answered by westparker 1 · 0⤊ 0⤋
Because it keeps them from sinking into the depths of despair thinking that they will be steeped in debt until they are used up husks of humanity waiting for the angel of death to toss a banana peeling under the foot that they don't already have in the grave.
2006-08-29 20:04:27 · answer #8 · answered by spudfarmer 3 · 0⤊ 0⤋
Could it have something to with a sense of pride and security that comes with the feeling of owning ones home?
2006-08-30 03:54:35 · answer #9 · answered by tom1941 4 · 0⤊ 0⤋
haha, I remember after the first year of making house payments, we celebrated. We had decided that we actually owned all of the doorknobs in the house.
2006-08-29 09:25:54 · answer #10 · answered by mightymite1957 7 · 0⤊ 0⤋