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- NEVER use your money to purchase a depreciating asset. Your money will only lose value.
- AC Nelsen RV offers competitive rates, commonly lower than local branch offices.
- AC Nelsen RV offers a multitude of plans, one sure to fit your needs.
- AC Nelsen RV only writes simple interest loans with no pre-payment penalty.
- Interest paid on the majority of RV loans is tax deductible
Why NOT use a Home Equity Line of Credit?
- Why use the equity in your home to purchase a depreciating asset?
- Financing on a RV is tax deductible without a home equity line.
- Make your clean up time quicker and easier.
- All protections come with a 5-year warranty.
- Increase the resale value of your RV.
- Protects against harmful effects from bird droppings, acid rain and tree sap.
- No need to wax your RV for 5 years.
- Provides easy clean up of Black streaks.
- Protects carpeting and upholstery against stains from spills.
- Fights deterioration, fading and discoloration.
- Keeps fabric soft in extreme temperatures.
- Helps keep your investment free of rust.
- Blocks out dirt, salt and moisture.
- Protects underside from sand and stone abrasion.
Why an Extended Service Agreement?
- Various plans and deductibles available
- Parts and labor coverage
- Comprehensive coverage
- Peace of mind while you're traveling
- 24 hour / 365 day claim service
- Trip interruption
- Transferable contract
Why Tire Choice?
- Reimbursement for mounting and balancing of replaced tires.
- Flat tire coverage. Reimbursements for tire and rim repair or replacement due to damage caused by road hazard.
- Road service. The cost of road service when related to a covered repair up to $100 per occurrence.
Did you know that interest paid on the majority of RV loans is TAX DEDUCTIBLE as a home mortgage interest?
To qualify, the Internal Revenue Service (IRS) has ruled that:
- The RV must be used as a security for the loan.
- The RV must have basic sleeping, cooking and toilet facilities. Nearly all RV types - motorhomes, travel trailers, truck campers and many folding camping trailers - are equipped with these facilities. *
Enjoy the Benefits of RV Travel and Get a Tax Advantage Too!
* An RV with full facilities can qualify as a "dwelling unit" under the IRS code section 280A(f)(1). The U.S. tax court case of Haberkorn v. Commissioner, 75 T.C. 259 (Nov. 12, 1980 filed) gives further guidance on the tax deductibility of RVs. Taxpayers may not claim the interest from more that two qualified homes on their tax returns. As your tax adviser for more information.
Why GAP Coverage?
- In the event the RV is declared a total loss, GAP Coverage pays the loan deficiency.
- GAP between ACV and loan payoff.
- Deductible coverage up to $1,000.00.
Why Credit Life and Disability Insurance?
- If the debtor dies while the insurance is in force, Credit Life insurance can pay the amount of the loan balance insured on the date of loss, subject to the terms and conditions of the certificate or policy.
- If the debtor incurs a disability while insurance is in force, Credit Disability insurance pays the minimum monthly loan amount due, up to any stated maximum, subject to the terms and conditions of the certificate or policy.
Borrowing from 401K
Why NOT to borrow from your 401K?
Q: I am considering borrowing half of the value of my 401K account to help make a substantial down payment on a home purchase, or even to pay the entire thing in full. I would then pay myself back with interest at the prime rate.
Is this generally a good idea? What are the pros and cons of this approach?
A: In general, I do not believe in borrowing from any retirement account. They are set up to accumulate money for retirement, not to finance current expenses.
Potential tax consequences. If you fail to make the required loan payments, the amount of principal and interest remaining on the loan will be subject to the income tax. If you are under 59 1/2, there also will be a 10% penalty for early withdrawal.
- Danger of putting yourself deeper in dept.
- Better loan alternatives. Can you borrow for less elsewhere? In your case, it might be possible to find a mortgage for less than the prime rate.
- You repay your loan in after-tax dollars. Interest on 401K loan is usually not tax deductible. Interest on a home mortgage generally is. So if you had a mortgage and 401K loan at the same rate, the 401K loan is more expensive in after tax dollars. Using your tax bracket, figure the difference in after tax dollars between the 401K loan and a mortgage.
- Less when you retire. You lose the tax-fee compounding of 401K assets when you borrow them. Even though you are repaying the loan with interest, the net effect may be less money in the 401K at the end.
- Possible problems if you leave your job. In some cases, if you change jobs, you must pay off the loan immediately or be subject to extra taxes.
- You are never too young or too old, to live within your means.
- What you borrow the money for may not be worth it. This would apply if the money was used for a vacation. It would not apply to a home purchase.
- A 401K plan is, first and foremost, for retirement savings, not current consumption.
The bottom line:
If you had to use the money in a 401K to scrape together a down payment for a house, and if you could qualify for a mortgage even with the 401K loan payment, then it might make sense to take a 401K loan. If you needed the money to pay a medical bill or college tuition, a loan might make sense.
I would leave the money in the 401K and take a slightly larger mortgage on the house. If the mortgage interest rate is anything near prime, you will come out ahead and the money in your 401K will continue to compound.
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