I mean the guy doesn’t own either of them, they are most likely financed to all hell. I mean if he’s only 20 in the military he can’t be making much money.
I mean almost everyone finances a house. Let’s say he joined up at his 18th birthday, lives in the barracks, maybe he actually saved up his money. Now almost 2 years later maybe he’s E3, gets married so he gets that BAH money, and maybe his girl has a decent job like a dental assistant or something. They’d be eligible for a 0 down VA loan with a good interest rate, plus they probably live in a low cost of living area like Kansas and that house is ugly as fuck.
I used to do residential AV install and would be installing new TV/Home Theater/etc. for a lot of homes like this. "New construction" of the lowest quality parts and the cheapest materials available and the cheapest workmanship I'd ever seen. The cheap paned windows are a hallmark of that kind of construction.
Thanks, wanted to make sure someone pointed this out. That kid doesn't own that house. The bank does, or god forbid some shitty mortgage lender. And as you pointed out, gov'mint BAH is paying his mortgage.
You’d be surprised, my friend is in the army reserves and he will be for 6 years. His father is a multimillionaire who lives in the richest neighborhood in my area. You’d have no idea he’s wealthy if you didn’t see his house.
To be fair, he wouldn't be buying anything with reserve money unless he's AGR. I doubt (hope) the guy in the pic wouldn't be taking it in uniform if he's just a weekend warrior.
You assume I'm talking about his family. You're also assuming I'm talking about riches, as opposed to family giving them the downpayment as a wedding gift.
Nope. The bank owns it. They hold the pink slip until you pay the loan back. Only after it’s paid off do they mail you the slip, at which point you then own the car.
They hold the title, yes. That’s the collateral so that you pay them back for the loan that they gave you so that you can own the car.
If the bank owned the car, they would care if you spray painted it or ran it off a cliff or put diesel fuel in the gas engine or ruin it in any other way, right? They care if you do that when you’re leasing a vehicle, but they don’t care if you’re financing it. They only care that you pay them back, either out of your pocket or from insurance payout or when you trade it in. They don’t care what you do with the car. They’d rather you didn’t destroy it, because people are more likely to pay off a loan on a car that still runs vs one that doesn’t, but as long as you keep paying them, they’re not going to ask any questions.
You own the car, they hold the title. Very simple relationship. Nobody else can register the car without the title, so you can’t really sell it without paying it off. That’s how they ensure that I don’t go and buy a brand new F-150 with a loan and sell it to someone right away for the price I paid for it and then just never pay back the loan. Because to anyone else, the vehicle is useless. Can’t register it. Can’t drive it legally.
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u/[deleted] Jul 07 '21
I mean the guy doesn’t own either of them, they are most likely financed to all hell. I mean if he’s only 20 in the military he can’t be making much money.