Payed my car off in full
05 February 2006, 02:01 AM
#31
Originally Posted by cookstar
So when you buy a house, with a mortgage, is the house not yours?
I know the bank keep the deeds, but the house is "yours", or are you renting that too
I know the bank keep the deeds, but the house is "yours", or are you renting that too
05 February 2006, 02:23 AM
#32
Scooby Regular
iTrader: (6)
Join Date: Apr 2005
Location: Stroke it baby!
Posts: 33,828
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Henrik
Well, actually... You're renting the money off the bank. Oh, and if you don't keep up repayments, the bank can make the house theirs
05 February 2006, 08:55 AM
#33
Scooby Regular
iTrader: (2)
Join Date: May 2005
Location: Cardiff
Posts: 2,266
Likes: 0
Received 0 Likes
on
0 Posts
cookstar - until paid off in full, nothing is 'yours' even if you have use of it or posess it.
If you borrow money to buy something, then it becomes your property when the last penny is paid off - this is why it can be a hassle for people trying to sell cars that still have outstanding finance on them, because the finance company still own a percentage of the car.
Anyone you borrow money from ( car, credit card, mortgage, overdraft etc... ) can technically recall the loan at any time, and if you cant afford to pay whats left, then they can take back whatever you bought.
If you borrow money to buy something, then it becomes your property when the last penny is paid off - this is why it can be a hassle for people trying to sell cars that still have outstanding finance on them, because the finance company still own a percentage of the car.
Anyone you borrow money from ( car, credit card, mortgage, overdraft etc... ) can technically recall the loan at any time, and if you cant afford to pay whats left, then they can take back whatever you bought.
Thread
Thread Starter
Forum
Replies
Last Post
ossett2k2
Engine Management and ECU Remapping
15
23 September 2015 09:11 AM