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Thread: Financing a Rebuilt Title

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    Registered User jp2005's Avatar
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    Financing a Rebuilt Title

    I have searched far and wide, and can not find a company that will finance a rebuilt title, even to a person with perfect credit. Does anyone here know of any company that will finance a rebuilt title?

    P.S--Capital One used to but they no longer will.

    Thanks in advance guys

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    Registered User NSXnBRLA's Avatar
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    Re: Financing a Rebuilt Title

    Quote Originally Posted by jp2005 View Post
    I have searched far and wide, and can not find a company that will finance a rebuilt title, even to a person with perfect credit. Does anyone here know of any company that will finance a rebuilt title?

    P.S--Capital One used to but they no longer will.

    Thanks in advance guys
    They probably will, but for 50% of the loan value of the vehicle. I'm in the business of cars/wrecks and that's what the finance companies here in Louisiana say.

    Good luck though.

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    Registered User MartinSD's Avatar
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    Re: Financing a Rebuilt Title

    Greetings
    They will generally only finance half, because in the event of an accident, the insurance company will only pay out half.
    Martin

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    Re: Financing a Rebuilt Title

    If you dont tell them and they issue yuo a check they don't really seem to care here in FL. I know it sounds bad but the more you tell them the more you hurt yourself. Just give them the vin of the car your getting and if they don't say anything i would say anything.....
    seems to be my expericnce..
    2005 Long Beach Blue Widebody w/ Volk TE-37's

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    Re: Financing a Rebuilt Title

    Quote Originally Posted by smoore View Post
    If you dont tell them and they issue yuo a check they don't really seem to care here in FL. I know it sounds bad but the more you tell them the more you hurt yourself. Just give them the vin of the car your getting and if they don't say anything i would say anything.....
    seems to be my expericnce..
    The finance company doesn't run the VIN to verify things like that?

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    Re: Financing a Rebuilt Title

    If you are buying a "Rebuilt Title" NSX(assuming price is cheaper because it is rebuilt) and you can not afford/or choose not to put 50% down, I do not think it is the best timing for you to buy the car.

    That may not be what you want to hear, but you should rather wait for a bit, buy a clean title and have no problems financing.
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    Charter Platinum davidf's Avatar
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    Re: Financing a Rebuilt Title

    You also have to take into account the day you decide to sale it. It may be harder to sell than you think.

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    Registered User NSXnBRLA's Avatar
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    Re: Financing a Rebuilt Title

    Quote Originally Posted by 92NSX View Post
    The finance company doesn't run the VIN to verify things like that?
    Usually they want a copy of the title before proceeding. You definitely want to tell them up front. I'd rather not close the loan then have them find that out. All sorts of good things could happen to you then.

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    Charter Gold Shaun Ray's Avatar
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    Re: Financing a Rebuilt Title

    Quote Originally Posted by NSXnBRLA View Post
    Usually they want a copy of the title before proceeding. You definitely want to tell them up front. I'd rather not close the loan then have them find that out. All sorts of good things could happen to you then.
    +1 on that advice. Also, seriously consider the future of owning this car. Reselling will be very difficult unless you want to practically give it away. Of course, if you plan to drive it in the dirt over the next 15 years and there are no issues with the car - then rebuilt is a viable option. But how can one plan 15 years in the future.

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    Registered User jp2005's Avatar
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    Re: Financing a Rebuilt Title

    I decided not to go with the rebuilt titled vehicle, only because it wasnt exactly what i wanted(it was na1, i want na2). However, i found a company i had no troubles financing this vehicle through, if i would have wanted it; it was firstagain.com has the best loan process and it is who i will be using when i find the perfect nsx. they put whatever amount you request into your personal checking account, and you spend it as you like.

    the time is perfect for me to buy an nsx, i just cant find the perfect nsx

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    Re: Financing a Rebuilt Title

    Quote Originally Posted by Shaun Ray View Post
    +1 on that advice. Also, seriously consider the future of owning this car. Reselling will be very difficult unless you want to practically give it away. Of course, if you plan to drive it in the dirt over the next 15 years and there are no issues with the car - then rebuilt is a viable option. But how can one plan 15 years in the future.
    +2

    When i was young and desperate to own a sports car i couldnt afford i bought a "reconditioned" title car. After a year of owning it and realizing that just because it only had 15k miles and i had repaired everything that i thought was damaged i still had a TON of problems with the car. Really weird stuff that could only be explained by the fact that it had been in a severe accident (and dont be fooled, all totaled cars have). Dont let anyone trick you into thinking that the car will ever be the same as it was before the accident because it will never be the same again.

    My experience has led me to avoid these cars at all costs now no matter what the story on it is or how good the deal looks. I had to sell that car to a relative for next to nothing and then they had nothing but problems with it too.

    Im sure everyone here who has owned a car like this and is being honest will tell you that buying a salvage/reconditioned title vehicle is a big mistake, even if you dont plan on ever selling it. If you know that down the road you will have to sell it, then it turns from a mistake into a nightmare.

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    Charter Gold Shaun Ray's Avatar
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    Re: Financing a Rebuilt Title

    Sounds like Steve had a horrible experience and it is good advice. However, I too once bought a very low mileage sports car that had a rebuilt title. I knew going into it that I'd have a lower resale and never had a problem with the car up to the time I sold it (for about the reduced rate of what I orignally saved when I bought it - (i.e paid about $3K less than market and sold it for about $3K less than if it had a clean title). BTW - this was years ago when I thought a $15K sports car was a gigantic luxury that only a young single guy could afford.

    If the NSX with a rebuilt title is due to surface damage (no frame or internal damage) then I personally think there's a chance the car will be reliable. However, the resell is going to be horrible due to the title, the fact the paint is not original, and the very issues Steve raises about the uncertainty of reliability. Personally - I wouldn't risk it on a car of this value. Just too much money at stake. Hold off until you run across the right NSX

    Good luck in the hunt!

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    Registered User jp2005's Avatar
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    Re: Financing a Rebuilt Title

    actually this car with the rebuilt title i was looking into was never in an accident, in the state the car was in, minnesota and a few other states; if their is a car stolen and then recovered it is automatically labeled rebuilt. i looked into this and it was true. like i stated firstagain.com will loan for any vehicle , i decided to hold out until i find a good na2 nsx.

    anyhow, shaun still wanting to check out the nsx sometime, you should call me up tomorrow im free all day

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    Re: Financing a Rebuilt Title

    Quote Originally Posted by jp2005 View Post
    actually this car with the rebuilt title i was looking into was never in an accident, in the state the car was in, minnesota and a few other states; if their is a car stolen and then recovered it is automatically labeled rebuilt. i looked into this and it was true. like i stated firstagain.com will loan for any vehicle , i decided to hold out until i find a good na2 nsx.

    anyhow, shaun still wanting to check out the nsx sometime, you should call me up tomorrow im free all day
    Wow

    How is a car that is reported stolen a "rebuilt" vehicle unless it is totaled by an insurance company?

    Im not questioning if what your saying is true or not but it certainly doesnt make any sense and is not a state i would want to live in unless i was a car theif. Think about it, even if an owner caught you in the act of stealing their car you could just reason with them and tell them that they are better off not getting the car back then having the police catch you a couple of miles down the road and returning you your now "rebuilt" vehicle?

    I for one would never want my car back if i knew it was coming back with a tainted title. You would be better off letting the theif keep it and having the insurance company pay out on the clean titled vehicle so you would have a chance at replacing it.

    BTW, i didnt check out the financing place you mentioned but i bank with Wells Fargo and they will give anyone with good credit an "unsecured line of credit" for whatever amount you want, due whenever you want to pay it off and i usually get about 7% which is about what a used car loan would be at except i dont have to mess with the title because its unsecured. I have been doing these types of loans on used cars for the past 7 years and its allot easier than dealing with the bank everytime you want to change cars. They usually get the money into my account within 12 hours of asking for it.

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    Registered User jp2005's Avatar
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    Re: Financing a Rebuilt Title

    actually, steve, i dont live in that state, and it isnt considered rebuilt unless the insurance company writes it off as a loss and then it is recoevered later on down the road, as was the case with this car. i would hate it as well; i read up on it and it is this way in about 10 states

    firstagain.com's loan is exactly what your talking about that fargo offers, an unsecured line of credit for whatever amount requested at 6.95% apr, and thats exactly the loan i was going to use, it is for excellent credit customers only, but like i said i want the perfect nsx. because, i dont want to regret buying na1 when i really want na2.
    Last edited by jp2005; 12-04-2007 at 17:30.

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    Re: Financing a Rebuilt Title

    Quote Originally Posted by jp2005 View Post
    actually, steve, i dont live in that state, i would hate it as well...i have never heard of anything so stupid, anyhow

    firstagain.com's loan is exactly what your talking about that fargo offers, an unsecured line of credit for whatever amount requested at 6.95% apr, and thats exactly the loan i was going to use, it is for excellent credit customers only, but like i said i want the perfect nsx. because, i dont want to regret buying na1 when i really want na2
    Sounds like your on the right track then. Good luck on the hunt.

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    Re: Financing a Rebuilt Title

    I bought a rebuilt Camry with cash for $5000. Car had 50,000 miles. The car had many small ($300 or less) problems with it over the four years I owned it. It finally became a lemon 4yrs and 70,000 miles later. I got $1,200 for it when I sold it.
    A rebuilt car can be a great buy if you get dirt cheap. The value of the parts alone can be worth it. If you have good credit a bank should have no problem giving you a personal loan for $10,000 - $15,000. This is all I would pay for a rebuilt NSX that seems to be in good condition.
    91 matte black w/ short gears, R hood, R wing, black Volk wheels.

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    Charter Gold Shaun Ray's Avatar
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    Re: Financing a Rebuilt Title

    Quote Originally Posted by jp2005 View Post

    anyhow, shaun still wanting to check out the nsx sometime, you should call me up tomorrow im free all day
    Didn't realize you were in Wichita. Heck yeah, give me a call. I sent you a PM.

    Cheers!
    Shaun

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    Registered User jp2005's Avatar
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    Re: Financing a Rebuilt Title

    Quote Originally Posted by fourringpilot View Post
    I bought a rebuilt Camry with cash for $5000. Car had 50,000 miles. The car had many small ($300 or less) problems with it over the four years I owned it. It finally became a lemon 4yrs and 70,000 miles later. I got $1,200 for it when I sold it.
    A rebuilt car can be a great buy if you get dirt cheap. The value of the parts alone can be worth it. If you have good credit a bank should have no problem giving you a personal loan for $10,000 - $15,000. This is all I would pay for a rebuilt NSX that seems to be in good condition.

    yeah i have excellent credit and i found quite a few places to get the financing, and decided to wait til i find the perfect nsx

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