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1990), rev'g 91 TC 917 (1988), the taxpayer was allowed to deduct in the year paid the points paid in obtaining a permanent loan used to pay off a short-term balloon loan.
HOUSTON -- Auto Financial Group (AFG), an online provider of residual-based financing products for credit unions and banks, today reported continued strong momentum for its DrivingSense[TM] balloon loan program.
Download capability gives servicers a tool to focus on and resolve key reconciliation issues such as loans not reported, balloon loan maturity dates and ARM changes.
Driving sense allows credit unions to offer lease-like benefits of a balloon loan and to build a vehicle for their members, compare payment terms with conventional loans, offer members lower payments and flexible two- to six-year terms and actual ownership of the vehicle and several end-of-term options.
Given a 30-year amortization schedule, only about 5 percent of a seven-year balloon loan will be paid off by the end of the seventh year.
New delinquent assets in May consisted of five matured balloon loan interests, including three hotel loan interests and five newly credit impaired CMBS bonds.
The DrivingSense(TM) program provides institutions with a fully insured, residual based, walk-away, balloon loan program.
New delinquent assets in April consisted of the following: --Four matured balloon loan interests; and --Two newly credit impaired CMBS bonds.
The fixed-rate pool initially consisted of 15- to 30-year loans, with a 15-year balloon loan component accounting for approximately 48% of the pool.
Similar to last month, multiple interests in the same matured balloon loan comprised the largest portion of new delinquencies.