Jag_Warrior

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Will buy back at some point but not sure when.

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Did you?

The reason for my question was, if the truck is now parked/out of operation, if he stops making payments, will your wife also take a(nother) hit if it gets repo’d?

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Yea, her name is on title unfortunately

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The insurance, or lack thereof, is certainly the key issue here. But as she was on the title as a co-owner, is she also on the loan (if there is one) as a guarantor?

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If you do traditional you could keep contributing to it but rollover you would not want to add anymore money to it

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Could you explain what you mean here? My (traditional) IRA started as a rollover when I left a long time employer and rolled the 401K. I’ve since rolled three more 401Ks into it, as well as a lump sum pension distribution. But I’ve also contributed to it over the years without issue.

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Some Ferraris are legit enthusiast cars. Everyone has hobbies.

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Exactly! Although some people do buy certain cars (watches, houses, clothes, handbags, etc.) to project an image or because they’re trying to make up for some perceived deficit within themselves (I have a friend like that), others buy certain types (not just brands) because they (we!) like to take our cars to the track and flog them. That’s probably a lot more common with Porsche and Corvette owners than Ferrari and Lamborghini owners. But I see more than a few Ferraris and Lamborghinis toasting their tires at VIR than many might expect. Going to the track a few times a year, and pretend that I’m Ayrton Senna, has probably kept me from being a breaking headline story on CNN. :lol:

But with that said, yeah, when I see (what looks like) a stripper in Las Vegas driving a Ferrari, Lambo, Porsche or Vette (probably leased)… that’s most definitely image projection or soothing an internal issue. But still… to each his/her own.

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If you knew how hard it was to get a Ferrari, you would take him serious. He could be driving some older one, that are more easy to buy, but newer ones require some strict rules to follow.

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What JohnnyKilroy said was more accurate. Anyone can walk into a Ferrari dealership and buy something like a 296 GTS/GTB, if they have them in stock (Ferrari only produces/sells a total of about 12,000 cars per year). It’s the low production numbers that makes many of their models hard to acquire. So it’s typically having a relationship with the dealer that makes a difference, not having a special relationship with Ferrari itself. Aside from the limiteds, special editions and one-offs, no special relationship is necessary. You can, however, get yourself “black listed” if Ferrari determines that you’ve done something objectionable that (they feel) harms the brand. That can and has happened to both customers and dealers.

But anyway, would the simple fact that a financial advisor owned a Ferrari, Lamborghini, Rolls or any other type of luxury car give me pause before doing business with him? No, not in and of itself. I’d run a deep background check on anyone, if it involved them handling a large portion of my money or assets.

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I don't need one, but want one. So much so, I became one. But still; use one. Not because I need, but because I want.

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Sorry if I misread that or just didn’t understand. You became a FA, but you use one (other than yourself)?

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I want 50 properties in 10 years.

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If you actually mean individual properties, that’s quite aggressive. Do you mean properties or units?

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Ruining your credit is an overstatement.

I’ve seen it hundreds of times.

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You’re a bankruptcy attorney? Just curious how you’d have seen this hundreds of times.

Excellent advice! :cheers: