Anyone familiar w/ Frank Carrol in Fla?

[kopride]

Originally Posted by xena2006

If you need to finance it, you should look for something other than a Cobra. Just my 2 cents.

Even when lenders were free-er, a few years ago, even a late model used car, was a more difficult proposition for most lenders. They usually wanted higher interest rates, more money down, or additional collateral. I had a client in the leasing and financing business of high end used cars who went totally belly up when the market changed. There, the manufacturers started certified leasing and used car programs that included subsidized rates.

Remember that most lenders, other than a small local S & L, have a warehouse line, which they pay back by selling the packaged debt to investors, hedge funds, etc. If packaged mortages are risky in this market, imagine what a portfolio of debt backed by kit or replica cars would look like to a potential investor. I just can't imagine Barrack Obama bailing out an investor in kit car backed debt as part of any recovery or stimulus plan.

But I also can't imagine anybody starting to look at these cars for purchase not realizing that financing would be a dicey proposition, and that they needed to be in a position where they were prepared to pay 80+ percent in cash with perhaps a small signature line to close the gap.

Go out and try and lease a new car nowadays and you will see the difference. These manufacturers don't want to be sitting with a big inventory of late model cars to sell and compete with their new cars. Its a new day.