a car loses at least1/2 it's value or more in 5 years but a house may even increase value. would'nt it be a better investment for a bank or credit company to loan money on the house?
2006-10-28 19:30:57 · 6 answers · asked by Daniel S 2 in Business & Finance ➔ Renting & Real Estate
Actually it's simple. They're more likely to collect on a car than on a house. If you file bankruptcy the bank will get the car back. However, the bank will NOT get the house back.
2006-10-28 19:39:52 · answer #1 · answered by cyanne2ak 7 · 0⤊ 0⤋
Probably has more to do with the fact that more people are willing to have their homes foreclosed on rather than have their vehicle repossessed. I know most lenders want a person to have at least a 580 or better score to finance, but will still require a large down payment. I have seen many people run into this issue and that's the same reason that the lender's gave.
2006-10-29 01:40:24 · answer #2 · answered by Bobby 1 · 0⤊ 0⤋
With a vehicle... its easy you drive up to the house, hop out check the last five of the vin ... if its correct you put the truck in reverse, lower the claws, clamp them around the front tires and raise the claw with the vehicle's front end on it, look both ways... drive away quickly... around the corner, strap the car down.
With a house you gotta go to court, then you gotta go to court again then you gotta get the sheriff to tell them to leave, then you gotta fight with the people about the fact that they should have left two months ago... and lets face it... most houses are just too big to hook up to with a tow truck.
2006-10-29 01:48:47 · answer #3 · answered by blondeokie73 3 · 0⤊ 0⤋
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
2006-10-31 07:53:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes and I'd like to know where you live that you can find a home for $40,000!!! It must not be in california!
2006-10-29 01:33:40 · answer #5 · answered by julez 6 · 1⤊ 1⤋
Please email me he name of the dealership that financed you !!!!! I have bad credit and I am stuck with my POS because there is NO dealerships in Houston TX that will even talk to me
2006-10-29 01:33:54 · answer #6 · answered by Anonymous · 0⤊ 1⤋
car dealers have less to lose than banks............
2006-10-29 01:39:25 · answer #7 · answered by cork 7 · 0⤊ 1⤋