Prospective Owner... The Second Time Around

[patrickt]

Originally Posted by rodneym

I'll loan the kid money.
I'll be the first on a hard money loan.
Rate TBD.

OK, but none of that kneecap smashing stuff like last time....

[loxx]

Thank you once again for your insightful responses, guys.

John (1SwtRide), I haven't written backdraft off completely. The number one reason being my father lives within 35 minutes of Boynton Beach... Not far from Backdraft US Headquarters. I look forward to taking a look at your thread. Attention to detail is the kind of thing that I really like as an engineer by education and at heart.

On financing, woodside will do a 6% fixed rate loan for up to 12 years. Not amazing but not terrible either.

No need for a hard money loan, Rodney! As I said, if I really squeezed every drop of somewhat liquid assets and sold off a few cars from my collection, I could probably come up with the entire 150-160 for a kirkham. I just don't think it would be prudent to do so. I'd never take on liability more than I can scrounge together in cash if needed.

RodKnock, that's definitely the most responsible way to do it. It's all about finding the right one. It seems Cobra country is a great place to do that. Just need to get two cars sold to keep the ole' lady believing I'm still sane.

Am I a little impatient? Maybe, but it's for good reason. I can wait a year though, whether that's for a new era or to find something used. It gives me time to get other projects finished and get finances lined up.

[Mark IV]

Originally Posted by RodKnock

I just think the whole process of selling a car with a specialized loan would be off-putting for any potential buyer.

"Ya, sure, you pay off my loan and the title will be in the mail to you in a few weeks from Podunk, USA."

"That's not how this works, that's not how any of this works"

[rodneym]

Originally Posted by patrickt

OK, but none of that kneecap smashing stuff like last time....

My associate, Vinny Patela, takes exception to that.

[patrickt]

Originally Posted by rodneym

My associate, Vinny Patela, takes exception to that.

Maybe you could loan RodKnock enough dough for him to buy a Loving Cup next to his name too.

[RodKnock]

Originally Posted by Mark IV

"That's not how this works, that's not how any of this works"

Well, thank you for your well-thought out rebuttal (or alternative facts) without any sort of evidence to support it. Typical Muck.

I have actually purchased a car or two from private citizens and that's how the deals work(ed) or were going to work. Bank holds title. Seller has car. Loan is paid off by buyer/seller. Bank has to send title to Buyer, all the while, cash has been withdrawn from buyer's bank. Seller's bank hopefully sends title to new owner. There's a lot of trust in the process.

[RodKnock]

Originally Posted by patrickt

Maybe you could loan RodKnock enough dough for him to buy a Loving Cup next to his name too.

Once upon a time I did donate.

But now I'd rather give whatever money is leftover at the end of month, that's earmarked for donation, to an actual charity that helps people who really need it.

And even if I were to donate to this site, CC would probably be offline when I did do it. Or, if CC were online, then I click on the donate button and it would probably send me to one of Patrick's favorite porn sites.

[patrickt]

Remember, charity begins at home.

[loxx]

I've now spoken with two ERA owners who offered their fully ERA built cars to me in a configuration I find very desirable. I think cash for a used car could be more of an option than I thought. This is thanks to the ERA appreciation group on Facebook.

[Tim7139]

Originally Posted by RodKnock

Well, thank you for your well-thought out rebuttal (or alternative facts) without any sort of evidence to support it. Typical Muck.

I have actually purchased a car or two from private citizens and that's how the deals work(ed) or were going to work. Bank holds title. Seller has car. Loan is paid off by buyer/seller. Bank has to send title to Buyer, all the while, cash has been withdrawn from buyer's bank. Seller's bank hopefully sends title to new owner. There's a lot of trust in the process.

No there isn't...it is the way the law works, and typically the exact same as a new car from a dealer. In point of fact, in most states, you do, in fact get your title with a listed lien holder.

[1ntCobra]

Originally Posted by loxx

I've now spoken with two ERA owners who offered their fully ERA built cars to me in a configuration I find very desirable. I think cash for a used car could be more of an option than I thought. This is thanks to the ERA appreciation group on Facebook.

A used Kirkham might be nice too. Recently one was sold on eBay for around $110k that looked like a real bargain.

[1ntCobra]

I found the post about the Kirkham on eBay.

Kirkham #620 in MD For Sale