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post #8 of Old 04-04-2005
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I bought my 35'' boat in the early ''90s through seller financing. Now it''s in the Caribbean. I also bought land and houses the same way. Your price, my terms. I offered $5000 cash down, with a guarantee of another $5000 before the boat was launched. We recorded the mortgage of $19,000 at 8.5%, 4 year term through USCG documentation , with insurance naming the seller as insured. Hence, the boat is federally liened. Basically, same as buying a house. With re: USAA. What a racket. All the FBI, ex-mil and others I know have it, auto and boat. Why the FBI gets it is beyond me, but I serve on the other side of the Court aisle and I get screwed by Lloyds. It''s cheap, and pays almost instantly. I can''t help but figure it''s somehow taxpayer subsidized, though. Bet you anything. My buddy pays less than $1000 a year and I pay $2900 a year and get less coverage. I''m jealous, of course, but it''s just another taxpayer boondoggle (sorta like the Thrift Savings Plan, COLA''s, frequent flyer miles and all that other claptrap). Really makes you wanna donate your taxes.
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