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FINANCING: I'm in a desperate situation

Joel

Joel

Legendary Member
Joined
11 July 2002
Messages
2,420
Location
Orange County, CA
Help me. I'm in the market for an early model NSX.

I applied for person-to-person (Private party sale) loan from PeopleFirst.com in the sum of $35K and to my dismay, they turned me down. Then I got an e-mail from them saying I'm approved for a new/used car in the sum of $47K! WHAT?! The only condition was that I have to purchase it at a legit dealers lot. No private parties or brokers.

So I called them and asked what was going on. They said they couldn't approve me for a $35k private party loan because it was too high. I told them I've had an auto loan taken out before because I needed a college student car. They said "But that was only for $6k."

I don't get it. I have excellent credit, a decent paying job, and been at my place of employment for over 2 years. Given these conditions, I figured it was a shoe-in.

I don't want to give up yet, but things aren't going my way. With my approved loan for a dealer sale, I am now stuck with having to "settle" for another car. (The S2000 and the G35 are the front-runners right now).

My current car is on it's last leg and I'm afraid to drive it now. This is why I have such an urgency.

Lenders seem to have a cut off of 1997 and up used cars only. They just won't budge. PeopleFirst.com is the only lender I know that doesn't have such conditions.

IS THERE ANY OTHER LENDER OUT THERE THAT APPROVES LOANS FOR EARLY MODEL CARS?

Those of you financing your cars, I need your advice. This is so frustrating...
 
Joel,

I'm surprised that the bank mentioned had a stipulation on where you purchase your vehicle from. Most times, as long as you have legit VIN # then that's all banks need to insure it is secured loan. You should call around to other banks (credit unions) etc... also call your insurance company because they sometimes do car loans since it will double their business. I know when I bought my 97 Accord, State Farm refinanced it with a lower rate.

Hope this helps and good luck!



------------------
Biaggi
92 Red NSX #483
94 CBR900RR
 
Could you buy it from a private party, but run the actual transaction through the dealer, and pay the dealer a small fee?

------------------
2001 QuickSilver Corvette Coupe - Not Stock

2002 Black Acura 3.2 TL/S

www.RacingFlix.com
 
I'd recommend trying to go with a credit union. I didn't run into any walls trying to finance a '96 model through them a few months ago.

Credit union's generally have very competitive rates as well.

------------------
'96 Black/Tan NSX-T : Exedy racing clutch * NSX-R short gears * Dali street/race swaybars * Bridgestone S-03s
 
Originally posted by Soulstice:
I'd recommend trying to go with a credit union
Click to expand...

My bank is a credit union.
Apparently they've been hit with people who buy older cars and when they break down, they refuse to fork over the monthly payments anymore.
 
joel,

i am a finance mgr at a dealership in dallas and there are several factors that lendors take in to account when they approve deals.
One is the year and milage of a vehicle. I financed a 91 for a weekend driver, the main thing about financing a 8-11 year old car is the bank wants to be wayyyyy back of book. So I put half down and the bank was happy. This keeps them from using the if it breakes down we can't get our money back excuse. The main thing that could be holding you back is your high line of credit. Sometimes tough to go from a 6k car to a 30k car.The bank probably feels more safe with a new, warrantied car. If you are young with limited credit (limited credit can still be good credit)it might take some $$$ down.
Good luck
 
I went through JJ BANK and CO. It was painless. Give them a call. One tip.. ask for more than you need because they NEVER give you what you want!

If you want 35, ask for 40. You can always come down.
 
Originally posted by Joel:
Would dealers even go for that?
Click to expand...

Talk to the local Acura dealer. I'm sure it's do-able.

Wouldn't it be similar to selling a car on consignment?

------------------
2001 QuickSilver Corvette Coupe - Not Stock

2002 Black Acura 3.2 TL/S

www.RacingFlix.com
 
Originally posted by NetViper:
I went through JJ BANK and CO. It was painless. Give them a call. One tip.. ask for more than you need because they NEVER give you what you want!

If you want 35, ask for 40. You can always come down.
Click to expand...


You wouldn't happen to have their number do you?
 
also, Peoplefirst is a great bank, and will loan on any year automobile. i recommended them to a friend who purchased a 1987 Lamborghini ,he got 6.5% for 60 months and had check in hand the nsx day!
 
Big thing often overlooked is a personal relation with a banker. Can't tell you how important this is because at the end of the day somebody can say yes / no to just about anything. Do you / any family member have such a relationship? Would someone co-sign for you?

I purchased a 76' 930 turbo at a very competitive rate several years ago because of a banking relationship.

Also - if you own a home many tax or financial advisors can discuss the pros/cons of taking out a 2nd mortgage to finance your car. That way you can buy whatever you want and the loan is typically tax deductible - but remember your house is the collateral.

Thing to think about / good luck!

------------------
Nick M

91' Red/Black with Many Mods
99' Honda Odyssey with Many Kids
 
Joel- why dont you go to a credit union? join one...there are so many out there....Wescom approved me for one at 7%, which is pretty good...even AAA has loan services...
 
My credit is not bad at all. Actually, it's excellent. My credit union will only finance used auto loans for cars 1997 and up.
Absolute BS in my opinion. These people only see the year it is made and automatically deduce that anything older than 97 is bad news. I wish they would have it checked out at a service center and relying on objective data before coming to a conclusion. I was looking into a 91 NSX with 30K miles.

It doesn't look good. I'm going to have to wait for my dream car. It's off to nissan for right now. Saw the Z in person last night. I remember standing there with a lump on my throat. And when I get it, I'll be driving it knowing that I had to settle for 2nd because I was left with no choice.

That will be the hardest of all to swallow.
frown.gif
 
Originally posted by Joel:

You wouldn't happen to have their number do you?
Click to expand...
http://www.jjbest.com/index.cfm?mode=dyntext&textid=3


Here is the site for them or call 1-800-USA-1965

Just to let you know, they financed my car, 93,70K miles for 60 months at 7.7%. I don't think you will have any trouble.

Now, DONT get that Z and get your NSX!

[This message has been edited by NetViper (edited 26 September 2002).]
 
Originally posted by NetViper:

Here is the site for them or call 1-800-USA-1965

Just to let you know, they financed my car, 93,70K miles for 60 months at 7.7%. I don't think you will have any trouble.

Now, DONT get that Z and get your NSX!

[This message has been edited by NetViper (edited 26 September 2002).]
Click to expand...


NetViper,

You are the MackDaddy!
I called them and they got me approved for a loan! WOOOOOOO HOOOOOOOOOOOO!

They're overnight-ing the paperwork and I should receive it today for the signing!

Thanks to you, I'm one more step towards my dream!
biggrin.gif


YEEEEEEEEEEESSSSSSSS!
 
Glad I could help Joel!! I have been checking this thread often to see if how you made out and if you got my message before you bought that awful Z car
smile.gif
 
Originally posted by Joel:
Would dealers even go for that?
Click to expand...

NO DEALER is going to broker the sale of a care for a small fee. Most will say "NO WAY" or if they do, they are going to want about $5000-6000 because thier ass in on the line.
 

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