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North Central Illinois | Good point, but with a vehicle you are looking at much shorter term commitment and not the dollars of which a lot of homeowners are underwater. That $60,000 truck that is worth $50,000 when driven off the lot had better have had more than $10,000 put down on it. I can't think of anyone financing 100% of a new vehicle. Have heard of people doing it with used. I don't recommend it but I have heard of it. The old standard of at least 30% down to purchase a new home should have been adhered to. Unfortunately people that had no business buying a house were given big mortgages with little or nothing down and then encouraged to borrow against the supposed "equity" in it a year or two later. The result was that many ended up owing $130,000 on a house they purchased for $100,000 and is now worth $70,000. The consumer should have known better than to put themselves in this position and the banks had no business putting them in that position. If I owed almost double what a house was worth I would be walking away from it too. | |
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"Under Water"??
