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The name of Reg's dad at Backdraft which is printed on his business card is Frank Dodd...makes sense. :)
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Somebody is on a time delay here... :rolleyes:
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Hey Mark,
Where are the pics? Do you have your TOP yet? |
...
...Issues with the financing.
Its kinda frustrating that I'm finally able to really afford my dream car, and found a GREAT Deal on one, and now the Lenders dont wanna Lend! :confused: The issue is with "Blue-Book" Value. If I were trying to finance a Corvette, It'd be in my garage already. Seems most banks wont touch "Replicars". I say "Most" though. Its "How bad do ya want it" time... I gotta say tho that Frank Dodd & the whole Backdraft crew have been Great. Enjoyed meeting Reg & seeing their most excellent cars at Knotts. :) ...more to follow... |
You know cashburn, your attempts to ridicule every post I make only makes one of us look like a fool...:D
Down to one year in business left for you... |
I looked into the possibility of getting a loan through my credit union about 6 years ago before I really got serious about shopping - they too said they don't lend for replicas.
2 1/2 years ago I tried again - same credit union - this time I worked with the loan department all the way up to the VP. Luckily he's a car guy too and approved my loan (obviously past loans/credit history played a beneficial part too). I'm not sure if this is the same VP that was in position 6 years ago, but the process was as smooth as a new car loan! |
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CBeetz ... how about some positivity? :cool: I only take bets I will win. |
CB ... pics.
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Steve |
Yup,
My wife & I make over 100k a year & only debt is 2400/mo. house payment. Denied! :confused: |
Have you tried a HELOC (Home Equity Line of Credit)? It may be slightly easier to obtain right now, depending upon the financial specifics and appraisal. We don't need to go into specifics, but have you tried?
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Jay had also mentioned that he had worked with JJ Best in the past. I think that you'd need to come up with a 25% deposit.
http://www.jjbest.com/ %/ Their website must be down. JJ Best Banc & Co - 1-800-USA-1965 |
Jj best
Actually, they've given me the best offer so far. Of course, their APR is, um, yuck, and they do require 30% down.
As of now they are the leading horse in the race.... Will decide in the next day or two, just waiting on my local credit union... |
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Studly, don't know what your situation is otherwise but what I did was get a sig. loan aganst my Boss 302 Mustang. Still got 5% on the loan. It also seems like if I'd bought a car already built the fact that it's a replica wouldn't have mattered as long as they had the appraisal to use the car as collateral. Got anything you can leverage?
Steve P.S. I use USAA |
I'm Out.
No Bueno.
:( Told Frank today that he could re-list the car. You'll see it on Ebay soon. :(:( That fact is that finding a funding source for a car that doesnt have a "Blue Book" value is almost impossible. The few lenders that would knew there wasnt much competition, and gouged accordingly. :mad::mad::mad: Through it all, Frank Dodd was extremely understanding and patient, a pleasure to almost do business with. :) Guys, if you know anyone who wants a SCREAMIN' deal on a Roush equipped nearly new Backdraft roadster, give Frank a call ASAP. Sigh...Props to my Beautiful Wife as well. I think she's even more disappointed than I am. She really wanted me to have it. I Love that woman:) |
sORRY i HAVE NOT FOLLOWED YHIS POST RECENTLY. looks like you need some good financing for your cobra. I just bought mine a few months back from Frand and by far the best financing option was with a local credit union called Achieva. They made it real easy, open a account with a couple of bucks (less than $20) and become a member, get an appraisal and blammo. they go up to 66 monhts and rate starts at 5% call Judy at 727-431-7593. Tel her Steve from Mortgage Solutions sent you. Good people, easiest loan I ever got, and the terms were way better than JJ Best. Good luck
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Why not a second mortage-- tax dedductable and cheap
joeg |
Change this thread title to "How not to buy a Cobra" :)
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How embarrassing....they tote the car 3K miles out, expect you to buy, then you don't have the financing or cash ready to go? Am I missing something here?
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