Let’s see...
I purchase a HUD guaranteed first-time home that I cannot really afford on my current income.
Correspondingly, I can credit my annual income tax filing with mortgage costs, PMI and property taxes which give me a “return” on that filing.
I take my return and purchase a new F-150 Crew Cab on a 72-month loan, which I will eventually default. I’ll hide the P/U in my sister-in-law’s garage during the default period while I take out an equity loan on my home using my tax return as a down-payment.
I pay my P/U up-to-date and...
RESTART the cycle.
What could go wrong?
How are you going to get the loans approved?
If you have no money how are you going to pay off the truck?