No wonder NSX's aren't selling....

[91 X]

I found a very clean silver 91 that is out of state, so I called both my credit unions to get a loan, one of them wont do anything over ten years old and the other only does less then 10 years or over 20(classic car)...Even capital One wont do anything over 7 years old There is great rates 5.49% but can't find a lender who will touch an NA1 or even a 98-99 I tried Hagerty and they wont do an NSX..."not exotic enough for them"

I used to have a fat HELOC, but it was reduced by $100K last year because of property values dropping...I don't want to use that anyway..It used to be so easy a few years ago, now it is a pita!!! any suggestions...


BTW, this really sucks for those who need to sell their cars if no one will lend money to top credit buyers like myself....no wonder those cars have been on autotrader.com for months!!!

 

[aridon99]

I've known about this problem for a while. The used car dealers are having a heck of a time right now.

On the flip side, I just got a great deal on a 91. Cash is king baby! :biggrin:

 

[skillz4587]

If you don't mind paying an interest higher then what your credit union would do try http://www.jjbest.com/.

 

[oscar_driver]

True, I end up buying my 97 cash, even when I gave the dealer 26k "down payment" it was SUCH nightmare with people calling me for WEEKS asking why in the world I want to buy a Acura 97 car @ that price ... that I end up making my own business finance me .. f**K that . arghhhhh ... but still, I thought it was so easy to finance the difference giving a 26K DOWN and a Fico @ 729 ........

 

[91 X]

I've known about this problem for a while. The used car dealers are having a heck of a time right now.

On the flip side, I just got a great deal on a 91. Cash is king baby! :biggrin:

that would be nice and yes cash is always king, but if I had $25-30K lying around i would be buying an investment property...I just want an NSX and can't get a friggin loan with a 750+ fico...No wonder the economy sucks ass...what happened to all that "stimulus money" BS

 

[s14_tat]

or you could just take out a personal loan and get killed with interest, but at least you'll have the car.

 

[willfong]

I found a very clean silver 91 that is out of state, so I called both my credit unions to get a loan, one of them wont do anything over ten years old and the other only does less then 10 years or over 20(classic car)...Even capital One wont do anything over 7 years old There is great rates 5.49% but can't find a lender who will touch an NA1 or even a 98-99 I tried Hagerty and they wont do an NSX..."not exotic enough for them"

I used to have a fat HELOC, but it was reduced by $100K last year because of property values dropping...I don't want to use that anyway..It used to be so easy a few years ago, now it is a pita!!! any suggestions...


BTW, this really sucks for those who need to sell their cars if no one will lend money to top credit buyers like myself....no wonder those cars have been on autotrader.com for months!!!

"I tried Hagerty and they wont do an NSX..."not exotic enough for them""...
I switched to Hagerty Classic Auto insurance from Allstate early this spring with no issues with my 92 NSX and my 2002 BPU modded S2000 - and I live in New York City! It went smooth and only took a couple of days. But Hagerty also requires you to have to have a primary vehicle that is 8 years or newer which is insured with another insurance company on a "regular" policy.

 

[91 X]

"I tried Hagerty and they wont do an NSX..."not exotic enough for them""...
I switched to Hagerty Classic Auto insurance from Allstate early this spring with no issues with my 92 NSX and my 2002 BPU modded S2000 - and I live in New York City! It went smooth and only took a couple of days. But Hagerty also requires you to have to have a primary vehicle that is 8 years or newer which is insured with another insurance company on a "regular" policy.

not talking about insuring...talking about financing:redface:

 

[nsxsupra]

Hmm, my was spoken for with 3 buyers in line even before I made a car for sale post.:frown:

that would be nice and yes cash is always king, but if I had $25-30K lying around i would be buying an investment property...I just want an NSX and can't get a friggin loan with a 750+ fico...No wonder the economy sucks ass...what happened to all that "stimulus money" BS

You can buy a investment property with just $25~$30k down? Can you please forward me info of the lender that would do that?

I got 800+ credit score, no debt, I had to put down $160k cash to get preapproved for my mortgage of the new house, it is not even an expensive house either. I daytrade stocks, nothing more important than having liquidity as firepower and keep me calm all the time. When I talked to the lender over the phone, she thought I was just wasting her time. I showed up to the office well dressed, bank statements, print out of trading activities, approved in what felt like 3 minutes and got preapproval letter.

Personally I think this is awesome, it give a lot of people who were financially respondsible a chance to pick up somethings at price they can never even dream of. Almost guarantee to make money from it.

 

[shawn110975]

Got my 20,000 loan for my 92 NSX from" Bank Of Alcester South Dakota",, I live in Tampa FL, 4.9%,, great find,,,, check them out!! all the stimulus money went to the low incomes,,

 

[RJPKRP]

Hmmm....my philosophy is....If it is a toy, then I better have the cash to pay for it, otherwise I don't get it until I can buy it with cash. Just my toy policy, and that includes RVs and the trucks to pull them, boats, cars (that aren't primary vehicles), etc.

It is a policy that works well for me. Only thing I will finance is property.

 

[91 X]

Hmm, my was spoken for with 3 buyers in line even before I made a car for sale post.:frown:


You can buy a investment property with just $25~$30k down? Can you please forward me info of the lender that would do that?

I got 800+ credit score, no debt, I had to put down $160k cash to get preapproved for my mortgage of the new house, it is not even an expensive house either. I daytrade stocks, nothing more important than having liquidity as firepower and keep me calm all the time.

Personally I think this is awesome, it give a lot of people who were financially respondsible a chance to pick up somethings at price they can never even dream of. Almost guarantee to make money from it.

you can get new condo's for $150K in nice areas of Murrieta..renters would be covering your mortgage no problem...

BTW, I think you mean people with cash, cuz I though I was "financially responsible"
(no loan mod, no outstanding debt, owe less then house is worth)have a nice little 401K and a few savings accounts....yet don't have $25K lying around:redface: but still couldn't get a loan for a 91 nsx...if it was an 01, no problem...which is my point, the NA1's are going to sit around for awhile if people with great credit can't get a loan for one...

 

[jdwelsh3]

USAA approved a loan in Aug '09 for up to 33K on my 1996 NSX-T which would've allowed me to finance the car without a down payment.

 

[Friedhouse]

i just got approved for my loan from usaa 19k @ 5.99% for a 91 NSX, if you have a military backround or somone in your family try them.

 

[91 X]

i just got approved for my loan from usaa 19k @ 5.99% for a 91 NSX, if you have a military backround or somone in your family try them.

yes, it seems that only the military type credit unions are giving loans on older cars at reasonable rates..I heard PenFed is another one,guess I'm going to have to join the army to get a decent rate:smile: I think if you donate money you can join Pen Fed, I might go that route...thanks

 

[HIJACKER]

Hmmm....my philosophy is....If it is a toy, then I better have the cash to pay for it, otherwise I don't get it until I can buy it with cash. Just my toy policy, and that includes RVs and the trucks to pull them, boats, cars (that aren't primary vehicles), etc.

It is a policy that works well for me. Only thing I will finance is property.

I agree 100% and follow the same rules. My wife and I have $0 vehicle debt, $0 credit card debt, and only pay on property. The only time I do credit cards is 6-12 months no interest - or the card I use specifically for gas purchases and is paid off monthly just so I can pull the rebates.

 

[91 X]

I agree 100% and follow the same rules. My wife and I have $0 vehicle debt, $0 credit card debt, and only pay on property. The only time I do credit cards is 6-12 months no interest - or the card I use specifically for gas purchases and is paid off monthly just so I can pull the rebates.

must be nice.....but like 99% of the rest of us in the real world with mortgages, kids, taxes, bills, and more bills..it's kinda hard for me to save up $30K for a toy...I don't mind paying 6%(like most used cars) to loan me it...But I guess anything over 10 years old is considered a rust bucket and high risk

Like I said, if I had $30K lying around I would be investing it, not buying a "toy"...

 

[Big_D]

Mark, Hope you secure financing soon so we can take a cruise.:smile:

Actually I am glad I bought my NSX 3 years ago instead of investing in real estate...saved me alot of $$$.

I think the RE market is still going to decline in the Inland Empire well into 2010. I think an NSX is a better investment!

 

[HIJACKER]

must be nice.....but like 99% of the rest of us in the real world with mortgages, kids, taxes, bills, and more bills..it's kinda hard for me to save up $30K for a toy...I don't mind paying 6%(like most used cars) to loan me it...But I guess anything over 10 years old is considered a rust bucket and high risk

Like I said, if I had $30K lying around I would be investing it, not buying a "toy"...

I have a mortgage, bills, and more bills - living in one of the most expense counties in the country with some very high property tax rates has it's challenges. But, rather than spending $600/mo on a car payment - INVEST $600 extra per month and wait X number of years and purchase outright. It just takes patience and dedication. People only finance things because they want it NOW - rather than waiting.

 

[91 X]

I have a mortgage, bills, and more bills - living in one of the most expense counties in the country with some very high property tax rates has it's challenges. But, rather than spending $600/mo on a car payment - INVEST $600 extra per month and wait X number of years and purchase outright. It just takes patience and dedication. People only finance things because they want it NOW - rather than waiting.

I have no patience...that is my worse trait:redface:

 

[91 X]

Mark, Hope you secure financing soon so we can take a cruise.:smile:

Actually I am glad I bought my NSX 3 years ago instead of investing in real estate...saved me alot of $$$.

I think the RE market is still going to decline in the Inland Empire well into 2010. I think an NSX is a better investment!

I hope so soon too..can't wait...

BTW, right now is already almost too late as far as real estate investing..it has bottomed out around here and there is multiple bids on most properties..Buy something now if you can!!! I gotta figure away around that whole 20% down for investment properties thing:redface:

and yes, the NSx is always a good investment...the most fun you could ever have with a savings account!!!

 

[oscar_driver]

In the same time, LIFE IS ONLY ONE, and tomorrow we all can die, hell, I can die right now of a heart attack, that's why, sometimes, you must have extra balls to play and enjoy life, even with kids, ex-wives, wife, gfs mortgage, bills bills bills etc etc etc

Oscar

 

[georednsx]

in the same time, life is only one, and tomorrow we all can die, hell, i can die right now of a heart attack, that's why, sometimes, you must have extra balls to play and enjoy life, even with kids, ex-wives, wife, gfs mortgage, bills bills bills etc etc etc

oscar

+ 1

 

[91 X]

In the same time, LIFE IS ONLY ONE, and tomorrow we all can die, hell, I can die right now of a heart attack, that's why, sometimes, you must have extra balls to play and enjoy life, even with kids, ex-wives, wife, gfs mortgage, bills bills bills etc etc etc

Oscar

uhhhh, what does this have to do with NSX financing???

do you want me to go rob a bank???:redface::tongue:

 

[Bahta1]

My credit union worked with me to finance it at 4.5 %, at first they gave me some flak for it being a 97, but eventually they worked it out. I had the cash, but that would not be a good use of cash assets for me. You only live once, so why not live now, its pretty fun. This is my only revolving debt besides the house and my score is at 750+.