Quote:
Originally Posted by mtml427
Just make sure you separate the car and the car loan from your other assets (no home equity loans for a car purchase).
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Now how is he going to do that? With a non-recourse loan secured solely by the asset itself? Impossible. If he gets behind on his car loan they will re-pop his car and go after him for the deficiency (and that means going after anything he owns that's worth a shi!). But I know what you're saying, don't take out a second mortgage to buy a toy and then when you can't make the payments they foreclose on your home.... I couldn't agree more.