I’m starting to see some “bonuses” being offered to try to attract Buyers for resale homes (vs. what the new home builders are doing). With one home, they are giving away brand new car to the Buyer.
I’m not sure of the benefits or drawbacks of this since I’ve never been had experience with this type of giveaway. Here are the questions that come to my mind:
1) Will the lender fund $$$ knowing that part of the home purchase price includes a new car?
2) I calculated the interest for $65,000 (estimate of the car’s price) with a 30-year fixed loan at 6.8% interest. Total payments are $144,074 with $79,075 of interest.
I’ve always been told to not include items like refrigerators, washer/dryer, etc. into the purchase price of a home since the Buyer may end up paying interest well after these appliances are gone plus you end up paying property tax on the value of these items too. It’s always best to seperate these purchases and pay for them outside of escrow. Wouldn’t the same be true of this new car offer??