SCORE!!!!
The Rambler has factory AC. The seller told me it tends to run hot, not a good thing in AZ and it would only be worse with the AC running. So I started looking into ways to upgrade the cooling system. After a lot of research I learned that '66 Americans with factory AC also came with a larger, 3-core radiator, a 6-blade fan and a fan shroud. I have the smaller 2-core radiator, a 4-blade fan and no shroud. But I know the AC is factory. Whassup???
Turns out that if the dealer installed the AC, using official Rambler parts, he might or might not put in all the other stuff to match the cooling system to the added demands of running the AC. This dealer obviously didn't.
But, (and I'm feeling so good about this) I found a place in CA that specializes in classic Nash/Rambler/AMC parts. He has the larger 3-core radiator and the 6-blade fan, both of which are on their way to my front door. He said the fan shroud is not that critical, but I'm thinking I can fabricate one myself if I decide to. The fan was only $20, the radiator considerably more. But it will still cost me a lot less than the money I would spend when (not if) the car overheated as we drive across the desert pulling the teardrop with the AC running.
I got a call from our bank yesterday. They want to refinance our mortgage to a lower rate and not charge us a thing for the change. Huh?
We bought our house a little over five years ago, at just about the peak of the housing bubble here. We put 20% down because we're old fashioned, and got a 30-year fixed for the same reason. Because that bubble went POP we are now underwater just like almost everyone who bought a house here within the last eight years or so. Because we're old fashioned we're not as far below sea level as those who took advantage of the cheap and easy mortgages they offered back then and bought their houses with almost nothing down. They started with no equity and went down from there.
Our interest rate is 6.25%, what was a pretty decent rate back then. We got that because we were putting 20% down. Wells Fargo is offering us much lower rates now, as low as 3.5% if we go to a 15-year fixed, or 4.5% if we go to another 30-year fixed. The amount of interest money we'll save over the life of the mortgage (which might well exceed the life of our bodies) is mind boggling.
Since that saved money will come out of the pockets of Wells Fargo I have to wonder why they're making this generous offer. It's not like it's the only way to keep us in the house and out of foreclosure. We've never missed, or even been late with a payment since we bought the place. So I asked the guy on the phone why they'll do this and not charge us any fees or even require an appraisal. They mail us the papers with a postage-paid return envelope, we sign them, get them notarized and send 'em back. Done. So what's up with that?
"The government has this program that makes it possible."
My brain doesn't have an on-deck circle so I said, "Well, the govt. does lots of stupid things. I guess it's my turn to benefit from one of them."
We signed a contract. We agreed to borrow $X from the bank at 6.25% interest over 30 years, at the end of which they'd sign the deed for the house over to us. If at any point in time we paid them the remaining balance of the mortgage they'd do the same. Deal. We entered into that contractual agreement of our own free will and with at least as sound a mind as we've ever had - '66 Ramblers notwithstanding.
Why is the govt. doing this for me? They're also doing it to Wells Fargo, but that's a whole different issue. I didn't ask them for this largesse. And who's paying for it? There's no free money, so if we're saving tens of thousands of dollars over the life of the mortgage that would otherwise have gone to... somebody ... who is making up for that? If nobody is stepping in and paying that money to them - the shareholders or whoever it is - then isn't govt. redistributing wealth by fiat? If you've volunteered to make up the money we would have otherwise sent in, a great big "Thank You" from our house. Or is it the govt. who will make it up? If so, you know what that means.
I'm bad with numbers and don't understand the dynamics of economics. I can't figure this one out. But I'm smart enough to realize this is a deal we gotta jump on. 'cause I'm patriotic, and if the govt. wants me to do this, I'm all in.
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