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rk911

DuPage County

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Posted: 01/05/20 05:32pm Link  |  Quote  |  Print  |  Notify Moderator

goducks10 wrote:

Could you imagine the selection of RV's if everyone paid cash only?
My RV would be a 5x10 utility trailer with the best tent I could find.

just imagine the type of RV you could have if you were to eliminate debt, get on a budget and save/invest. without debt all things are possible.


Rich
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Bobbo

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Posted: 01/05/20 08:42pm Link  |  Quote  |  Print  |  Notify Moderator

For all of those who think it is a good idea to carry debt that you don't need to carry, I hope you never live through a 5+ year recession. I have. I won't carry debt unless it is necessary.

As far as selling your "collateral," good luck with that when the recession hits and no one has any money. As far as withdrawing your savings from your investments when the recession hits, good luck with that when your savings are suddenly 50% of what they were.

Do what you are comfortable doing. I pray that you don't learn a hard lesson.


Bobbo and Lin
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GDS-3950BH

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Posted: 01/06/20 02:26am Link  |  Quote  |  Print  |  Notify Moderator

Bobbo wrote:

For all of those who think it is a good idea to carry debt that you don't need to carry, I hope you never live through a 5+ year recession. I have.



Huh? 5+ year recession? The great depression was only 4 years and the latest which was compared to it, although it wasn't even close by the numbers, was less than 2? Are you 91?.

Taking into account the last ended @ 10+ years ago and its the longest expansion in history, the next may be a doosey but what is the big deal? If it gets that bad and you financed an RV just dont make the payment and they'll come and get it, which is why it's called collateral. Any depreciation or difference will be written off as a profit and loss write off as you can not get blood from a turnip. At that point your FICO score won't mean much anyway, and as soon as it's over they'll be glad to finance another for you regardless.

mich800

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Posted: 01/06/20 04:09am Link  |  Quote  |  Print  |  Notify Moderator

Bobbo wrote:

For all of those who think it is a good idea to carry debt that you don't need to carry, I hope you never live through a 5+ year recession. I have. I won't carry debt unless it is necessary.

As far as selling your "collateral," good luck with that when the recession hits and no one has any money. As far as withdrawing your savings from your investments when the recession hits, good luck with that when your savings are suddenly 50% of what they were.

Do what you are comfortable doing. I pray that you don't learn a hard lesson.


Where is all this cash you have that is not subject to the same market swings everyone eles diversifies for? Unless buried in coffee cans you still have risk. In fact under your scenario that coffee can money has lost significant purchasing power.

bid_time

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Posted: 01/06/20 05:49am Link  |  Quote  |  Print  |  Notify Moderator

Bobbo wrote:

For all of those who think it is a good idea to carry debt that you don't need to carry, I hope you never live through a 5+ year recession. I have. I won't carry debt unless it is necessary.

As far as selling your "collateral," good luck with that when the recession hits and no one has any money. As far as withdrawing your savings from your investments when the recession hits, good luck with that when your savings are suddenly 50% of what they were.

Do what you are comfortable doing. I pray that you don't learn a hard lesson.
Bobbo - Why would I wait 5 years to cash out and cover my loans?

If the market dropped 10% over a month, I can cash out, cover my loans, and still be thousands $$$ ahead.





Bobbo

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Posted: 01/06/20 06:36am Link  |  Quote  |  Print  |  Notify Moderator

To repeat myself: Do what you are comfortable doing. I pray that you don't learn a hard lesson.

The voice of caution is never welcome when things are going well. Good luck.

Grit dog

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Posted: 01/06/20 11:13am Link  |  Quote  |  Print  |  Notify Moderator

time2roll wrote:

When I bought my RV trailer I had just paid cash for my house. Dang I was out of money and had to finance the trailer. Armageddon was upon me.


Lol. Yes, there's responsible debt and irresponsible debt for sure and too many get caught up in irresponsible debt and a few too many preach NO debt.
As with anything, it's subjective and good for you, sounds very responsible.


"Yes Sir, Oct 10 1888, Those poor school children froze to death in their tracks. They did not even find them until Spring. Especially hard hit were the ones who had to trek uphill to school both ways, with no shoes." -Bert A.

Grit dog

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Posted: 01/06/20 11:21am Link  |  Quote  |  Print  |  Notify Moderator

GDS-3950BH wrote:

If it gets that bad and you financed an RV just dont make the payment and they'll come and get it, which is why it's called collateral. Any depreciation or difference will be written off as a profit and loss write off as you can not get blood from a turnip. At that point your FICO score won't mean much anyway, and as soon as it's over they'll be glad to finance another for you regardless.


I'll hope this part was written tongue in cheek and just not presented as such.
If not, I'd like to personally thank you for promoting the major reason I lost over $100k on a house that I chose to be responsible with and hang onto during the last recession rather than just stop paying, toss the keys under the mat and wait for the bank to foreclose on it.

(At least 2 other families that did just that with their mortgaged homes paid "some" of the rent to live in mine and offset my loss, somewhat. They got a more personal thank you, as about half my loss was not in market value, but rather unpaid rent and damage to the house because they were scum bags too...)

At the same time, I'd like to also thank those with irresponsible debt for allowing us to buy a new boat, new truck and a 1/4 section of land, all at significant discounts because the owners couldn't make their payments on their luxury items that were leveraged 100% or more.

GDS-3950BH

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Posted: 01/06/20 11:37am Link  |  Quote  |  Print  |  Notify Moderator

Grit dog wrote:

GDS-3950BH wrote:

If it gets that bad and you financed an RV just dont make the payment and they'll come and get it, which is why it's called collateral. Any depreciation or difference will be written off as a profit and loss write off as you can not get blood from a turnip. At that point your FICO score won't mean much anyway, and as soon as it's over they'll be glad to finance another for you regardless.


I'll hope this part was written tongue in cheek and just not presented as such.
If not, I'd like to personally thank you for promoting the major reason I lost over $100k on a house that I chose to be responsible with and hang onto during the last recession rather than just stop paying, toss the keys under the mat and wait for the bank to foreclose on it.

(At least 2 other families that did just that with their mortgaged homes paid "some" of the rent to live in mine and offset my loss, somewhat. They got a more personal thank you, as about half my loss was not in market value, but rather unpaid rent and damage to the house because they were scum bags too...)

At the same time, I'd like to also thank those with irresponsible debt for allowing us to buy a new boat, new truck and a 1/4 section of land, all at significant discounts because the owners couldn't make their payments on their luxury items that were leveraged 100% or more.


It was all tongue and cheek. You would not believe the amount of people I know (not by choice) who live by the tactic. It became a little harder back whenever they changed the bankruptcy code which seems like eons ago, but that just slows em down a little.

Why not blame the company that hosts this board? They'll be more than happy to sell anyone a $20K POS stick and tin TT that will be lucky to last 5 years, and finance it for 10 or 12 years for them.

rvshrinker

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Posted: 01/11/20 08:07pm Link  |  Quote  |  Print  |  Notify Moderator

Did PDI, wrote check, drove home. No escrow needed.

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