Re: Dream turned nightmare

["stitsien <stitsien@xxxx>" <stitsien@xxxx>]

Okay, this comes up every few weeks so let me just thrown in my two 
cents. First off a bank is a business, that means they want to make 
money which means only handing it out on a sure thing. Second, for a 
first car I would strongly recommend getting a new car or the 
traditional first car of many the easiest one to repair and cheapest 
to own. Now that I think about heck, why not get a car you could be 
happy with now and just save up. Don't get me wrong, you should get a 
Delorean if you have the passion. But that same passion should not be 
turned to frustration for picking up a classic/exotic that's going to 
cost a substantial bit to upkeep and fix if there's an issue.....you 
don't want to have to wait on repairs while you are paying off a car 
if something very bad happens do you? Now if all this hasn't detoured 
you for the time being this is what you should do. Do your parents 
own a home? If so have then take out a small "say $15-$20K" home 
equality loan with say a ten year pay off plan. This way while you 
pay say $170 a month on this loan "or double down ect" while still 
be able to store cash if a catastrophic failure occurs. You see at 
the end of the day in banking you need to have something to barrow 
something and banks love homes...... heh and cash even more.

Matthew Stits
Vin 0789



--- 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