Sunday, January 22, 2012

Gee.....I told you so...

A Yankee can not win in the South (not counting maybe Florida). A Republican can not be elected if he doesn't win the South.

Romney is unelectable to millions of these people!

Even an unknown, Clinton, beat a sitting president,a Yankee carpetbagger, Bush senior in the south!

Not that it matters.

In the meantime, I'm RV shopping for a winter home. Patti needs  more room than the last one  so I have to look at at least a  36 footer. Better than the one I sold, bigger and prettier. (I wanted a truck camper but I was out voted!)

Anyways, I need a real steal as I want to  pay off the car. I like borrowing money and I'm pretty good at wheeling and dealing so wish me luck.

Here's one I'm looking at.

It's a Montana 5th wheel bank repo so maybe I can cut an all cash deal from the credit union and still pay off the car.

Here's the numbers: 6700$ pay off the car, the N.A.D.A value  of the Montana is about $21000 so I need an out the door price (includes tax and dealer fees) on the unit of $14000 or less from the RV dealer and then borrow the whole $21000 from my credit union. (you do have a credit union account don't you?)

If you examine my plan you will see that I'm keeping the car free and clear. (Not trading it in!) And my payment will be almost exactly what I'm paying monthly on the car, $200 a month. (21000 borrowed at 12 years at 6.5% equal $ 210 a month and the car is exactly $200 a month). Same payment, new RV, and free and clear car for future borrowing or sale!

Which brings up borrowing sensibly.

Now anyone can get a credit card and spend themselves into bankruptcy but borrowing can be a lot cheaper and safer than that.

Have you ever had a title loan? I have a pickup valued at $9000 by the credit union. I can borrow up to $6000 any day of the week because I have a free and clear title.

(Did I mention the payments can be as HIGH as $108 a month.)

Think I'll have any borrowing problems with 2 free and clear vehicles? And selling them just puts the cash in my pocket!

The main thing to remember is that you only use credit cards to boost your credit score. Not to borrow!

The goal is to  boost your score by spending on credit cards and paying them off and proving you are a good risk to the credit union so that you can buy and sell anytime you find a deal.

Read that again. borrowing with title in hand is a matter of a visit to the credit union and signing  your name handing over the legal title. If you decide to stiff the lender he has the title and all you have to do is drive it over to the credit union and hand in the keys. (some people are foolish or desperate!)

Or borrow on  another vehicle and start over again by paying off any loans you have problems with. I can always take out personal loans and buy 4 wheel drives up here with cash and resell them in the fall. I'm good at negotiating with cash in hand but it's not hard just takes a little bit of balls, knowing the N.A.D.A  avg. value an making the offer.

By the way, the N.A.D.A blue book average retail value is  the max you can borrow on any vehicle. So make sure you know the N.A.D.A value you are dealing with by going on the web.

Also,reread my plan for the 5th wheel and you will understand that it's not a particular vehicle you need to deal in to do this. Cars, RVs, boats, mobile homes, etc. all have titles and can be used as security. And in a pinch the vehicle can be sold for cash or payments. Which is not a bad plan if you get  tired of screwing with it and want something else. (I'm shopping for a nice little yacht next. )

Try it and let me know. Remember, in the long run we are all dead and broke so let 'er rip and enjoy yourself.

P.s I'm thinking I'm good for money for the rest of my life so what are you waiting for?

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