Re: [DML] Dream turned nightmare

[Soma576@xxxx]

In a message dated 2/1/03 6:19:09 PM Central Standard Time, 
deloreandelorean@xxxx writes:


> 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
> 

Hello,

without going into the general consensus of the newsgroup on the terrible 
idea it is to take out a loan of that magnitude for a car that will probably 
need thousands more dollars of work (i assume you are well aware of the 
discussions since they only took place days ago) at such a young age with no 
credit, here are some options.

First, quit dealing with the bank you are going to. if you have roadblocks 
at a bank after attempting to negotiate, there is nothing you can do. you 
must have lots of money to change a bank's mind, and since you have none and 
are asking for money, they will do whatever they please. 

Second, reassess your sales pitch to the bank before you go to any more 
banks. do you come across as young and naive, or young, hip, and educated? 
young can be a PLUS factor believe it or not. the difference lies in the way 
you talk about the car, your goals for repayment, you debt/income ratio, how 
you dress, also quite a bit with how much information you ACTUALLY HAVE with 
you and are able to understand and explain to the loan officer. in order to 
make a successful case, you need to have at the bare minimum:

1. lots of color pictures, inside and outside of the car you intend on 
purchasing.
2. this car runs, right? have the owner write the bank a letter stating what 
the car needs to be perfect, and have him swear that is well maintained and 
needs nothing in the way of driveability. if the car DOES need engine work 
or other critical things, you can probably kiss this one goodbye and don't 
try again until you find a car that runs. no one will finance a non running 
2900lb piece of metal to a young person no matter how hard you try (unless 
you have credit).
3. bring the bank a copy of DMC Houston's letter that states the availability 
of parts. that's a big one.
4. know the major vendors inside and out. the loan officer will be dying to 
know how you intend to keep the car running for the 4 or 5 years you are 
paying for it.
5. bring along all emails or other correspondence with the current owner, 
hopefully you have been discussing the car's condition, reliablity, history, 
etc. 
6. if you have access to shop manuals or parts manuals, these will be nice to 
show how you have information on repair procedures.

I would probably stay away from a big national bank. the local credit unions 
tend to be a little more open to high-risk ventures like this - as long as 
you DEFINITELY have the income to make the payments. 

the other bank said they would not accept a DeLorean as collateral - what 
this means is that if you default on the loan (are unable to make payments), 
they will repossess the car from you and attempt to sell it on the auction 
block or in front of the bank so they can get as much money back on it as 
possible that they loaned to you already. what could affect this would be if 
you live in a small town (will take more time for them to sell a specialty 
car), also to a greater extent the overall condition of the car (a non-runner 
with lots of work needed will take a long time to sell too, and probably for 
a lower price than they gave you). again, make sure the car is pretty 
decent, and go to a credit union. even better, bring the car with and let 
the loan officer see it.

i hope this helps - and good luck! i was able to do it when i was 18 years 
old, but i had my shxt together - my biggest advice is to make sure you do 
too!

Andy

Soma576@xxxx
1982 DeLorean DMC-12 VIN#11596
Fargo, ND 58102


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