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1.
Something of value, which, for some reason or another, has continued to absorb considerable amount of payments due to its continuing failure to live up to expectation.
That's the third time I had to bring in my car. It's become a real money pit.
by penguintruth October 27, 2008
 
2.
1. A Volkswagen, any GM product, or a gold digger girlfriend.

2. Something to throw money into without any appreciable return.

3. RIT
"Marque went to RIT for four years, and all he has to show for it is a nasty rash."
by DedGuyWalkin January 28, 2004