Re: Dream turned nightmare

["captain_hydrogen <captainhydrogen@xxxx>" <captainhydrogen@xxxx>]

My primary financial institution is a credit union and they consult 
the National Automobile Dealers Association (N.A.D.A.) to determine 
the amount they are willing to lend for a vehicle. Going by 
the "average low" According to the N.A.D.A. Appraisal Guides 
(www.nadaguides.com) my credit union told me they are willing to lend 
as much as $9,050 toward the purchase of a DeLorean. The loan would 
be classed as a "Collector Car Loan" or "Personal Loan" at about 10% 
interest. Any ammount over the loan would have to be from other 
sources such as cash savings.

The following is from the N.A.D.A. Appraisal Guides 
(www.nadaguides.com) and can be used to get a loan for your DeLorean.

1981-83 DeLorean DMC-12 GULLWING 2 Door Sports Coupe
MODELS PROFESSIONALLY RESTORED OR REFURBISHED BY DELOREAN MOTOR 
COMPANY MAY BRING A CONSIDERABLE PREMIUM (UP TO 30%) OVER VALUES 
LISTED.
MSRP Original Manufacturer's Suggested Retail Price when new:
MY1981-$27,500 - MY1982-$29,825 - MY1983-$34,000
81-83 Low Retail $9,050 - Average Retail $16,600 - High Retail $26,700

Low Retail Value - This vehicle would be in mechanically functional 
condition, needing only minor reconditioning. The exterior paint, 
trim, and interior would show normal wear, needing only minor 
reconditioning. May also be a deteriorated restoration or a very poor 
amateur restoration. Mostly usable "as-is". Note: This value does 
not represent a "parts car".

Average Retail Value - This vehicle would be in good condition 
overall. It could be an older restoration or a well-maintained 
original vehicle. Completely operable. The exterior paint, trim, and 
mechanics are presentable and serviceable inside and out. A "20-
footer".

High Retail Value - This vehicle would be in excellent condition 
overall. It could be a completely restored or an extremely well 
maintained original vehicle showing very minimal wear. The exterior 
paint, trim, and mechanics are not in need of reconditioning. The 
interior would be in excellent condition. Note: This value does not 
represent a "100 Point" or "# 1" vehicle *.

* "100 Point" or "# 1" vehicle is not driven. It would generally be 
in a museum or transported in an enclosed trailer to concourse 
judging and car shows. This type of car would be stored in a climate-
regulated facility.

Ben Ferguson
Arizona DeLorean Club
American Hydrogen Association


--- 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