Re: Dream turned nightmare

["David Teitelbaum <jtrealty@xxxx>" <jtrealty@xxxx>]

Banks are reluctant to give money on an old, used car. They see it as
a liability if they have to reposess it. A new one they figure they
can still recoup some of their money. If your parents have such
excellant credit they may be able to get a "line of credit" loan on
their house. This way they get a very low rate and the bank doesn't
ask what the money is for.
Another option is to try other banks, some are more generous then
others. If you have a good, steady job and can put down a large
portion as a down payment they may bet on you, especially if you can
get your parents to cosign. Beware of overstretching your finances.
Don't borrow your last dime to get the car and then have no money to
spend on the expenses and upkeep, including insurance (expensive for
young people especially if you are going to use this as your daily
driver) and the inevitable repairs it WILL need.
David Teitelbaum
vin 10757 



--- In dmcnews@xxxxxxxxxxxxxxx, "deloreandelorean
<deloreandelorean@xxxx>" <deloreandelorean@xxxx> wrote:
> This is my first post here so hello everyone :).I want to share my 
> experience of attempting to purchase a DeLorean with the group.I 
> drove all over creation and inspected several cars finally selecting 
> one close to where I live.I then attempted to get an auto loan 
> through my bank to purchase it and now I have run into a brick 
> wall.First I applied alone expecting to be turned down since I have 
> no credit history and of course I was denied.I discussed my options 
> with the loan officer at the bank and she assured me that if I 
> applied with a cosigner I would have no problems.So I applied jointly 
> with one of my parents (they both have excellent credit) and again I 
> was denied.When I contacted the bank to ask why (since they failed to 
> give a reason on the "adverse action" form I recieved)this is what 
> they told me."We would not approve this loan for any amount even with 
> a cosigner,We refuse to accept deloreans as collateral for any type 
> of loan." Further attempts to contact them about it have recieved no 
> response.I was curious to see what would happen if I tried to get a 
> loan for a different type of car and found out that if I would buy a 
> brand new vehicle from a dealership my bank would give me a cash 
> voucher to do so.I dont understand this since the Delorean loan was 
> for around 11,000 and the new car would be close to 35,000.All this 
> has discouraged me terribly.Does anyone on here know if there is 
> anyone out there willing to finance deloreans?I know it would be 
> best to buy the car outright in cash but I just cant do that anytime 
> soon and I want to drive my dream car sooner than later.thanks people