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Originally Posted by jotoole
"Paid for using using the home equity account." That toy is not paid for, unless you've paid off your mortgage. You simply added it's cost to the amount you owe on your home. You put yourself deeper in debt than you were before you made that deal.
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I agree, I did aquire debt when I bought the car... but the interest on the home equity is tax deductable on the Federal taxes... and the interst is Prime rate, about 4% right now.
And if I run into financial problems, it relatively easy to sell a car with a clean title.