Supra Forums banner

1 - 20 of 83 Posts

·
1500+ rwhp member
Joined
·
912 Posts
Discussion Starter #1
What banks are recommended for supras that book well above the Kelly Blue Book and NADA? I've heard there are some banks that will go off appraisal value.

Any suggestions?

Rich
 

·
Registered
Joined
·
1,303 Posts
Capital One auto finance is your friend. ;)
 

·
1500+ rwhp member
Joined
·
912 Posts
Discussion Starter #4
Great. I will send this information to a perspective buyer. Are there any other recommendations?
 

·
Enter The Supra
Joined
·
1,903 Posts
J.J Best Banc & Co. may have something too. I've used them in the past for a few older muscle cars that I purchased. Their rates killed the banks here I could get unsecured loans from. I don't know if they have a website, their number is 1-800-USA-1965.
 

·
Na Zdrowie
Joined
·
958 Posts
Any credit union place should be able to assist in financing. Especially for the Supra, since they are an "older" vehicle.
 

·
Premium Member
Joined
·
4,460 Posts
Capital One, for a cars like yours they may want to take an equity line or Heloc. All based on their credit score at that point.
 

·
Will work for Supra parts
Joined
·
624 Posts
Any credit union place should be able to assist in financing. Especially for the Supra, since they are an "older" vehicle.
To a point. They still have a problem loaning out $30K for a car older then 7 years, unless you are willing to pay it off in two years. I know because I went through my credit union and almost didn't get a loan, but they were happy to put a lean on my truck, for the loan, which was a lot newer.
 

·
I'm back!
Joined
·
6,712 Posts
Capital one isn't like that anymore. Twice now they have asked for an appraisal for a car that was over bluebook. Just an FYI. They used to be awesome, not anymore.
 

·
Life begins @ 30psi....
Joined
·
2,369 Posts
I wonder if it is to do with the credit and income of the purchaser? I used cap one to buy my current Supra and they never asked anything from me when I applied for the check. My blank check was good to 40K IIRC, however this was in December 2005 when I did this. My beacon is almost 800 and my income is decent but nothing crazy.

They must have gotten burned a time or two and changed there policies.

Bob
 

·
I'm back!
Joined
·
6,712 Posts
Let me confirm, Capital One Auto Finance sucks now. I can tell you just spend hours on the phone with them this past week and they have their head up their asses now. They DO require an appraisal now, regardless of credit of buyer. They also take almost THREE days to approve a blank check. Once I received the blank check from the buyer, it took them almost 3 days to activate it. Twice. Then they almost cancelled the loan completely because some jackass put an "S" behind my apartment number and they tried to say I wasn't who I said I was.

Ridiculous.
 

·
Banned
Joined
·
81 Posts
speaking of bank loans....watch out for institutions like this.....

I applied just to see what they were "hiding" and there is no way I would ever accept this check. I did get approved for 23,000.00 but obviously am not cashing this. I have the check right beside me and I'm ripping it up as we speak. Yes its real. The credit check pull was worth finding out what some institutions try to do behind your back! check this out everybody...

In case you guys cant tell...this is a fuc*ing 312% mark-up over borrow amount! 312%!!!!!!!!!!!!!!! ARE YOU FUC*ING KIDDING ME. 23,000 turns into 71,887.20 after its declared period of time, and this does not include potential mark-ups in finance charges during the years if they decide to do whatever their heart desires. Oh and a 1600.00 APPLICATION FEE!!!!!!!!

Oh, and those of you that are considering credit score/debt-income ratio....consider it irrelevant, because I have a credit score of 790 and I even added a co-signer for the hell of it and she has a 824 score. So that is (2) solid A credit papers, and the lowest interest rate we get is 10.532! hahahahahahhahaa

WATCH OUT WHO YOU GUYS CHOOSE...THIS IS A WARNING.

Oh, and they don't include this paper with the loan. I had to request it. Go figure huh?

Brad...you should make this a sticky :) I know a lot of people falling into traps like these and they dont even know it. This is why I did this myself just to find out what is really behind some institution's minds.




and another picture of it zoomed in a little....

 

·
Probably at the track...
Joined
·
417 Posts
If you don't mind posting, which lender actually drew this up? As far as a consumer goes, if you are shopping for an automobile loan, you DO NOT need 240 payments to pay off a vehicle. The whole point of being approved for a loan is to borrow a lending institutions money up front, and pay them back with interest within a reasonable time frame. People view loans these days as a means to minimize debt, without carefully looking at the long term picture. Your debt-ratio still shows the balance due, and for the term the contract is good for. What made you even consider borrowing from this lender? Was this financing structure created from the beginning, or did it show up with their terms and conditions after the approval? I can't really say that they are shafting you, but the reality is, long term loans are the best thing banks have going for them.
 

·
Banned
Joined
·
81 Posts
If you don't mind posting, which lender actually drew this up? As far as a consumer goes, if you are shopping for an automobile loan, you DO NOT need 240 payments to pay off a vehicle. The whole point of being approved for a loan is to borrow a lending institutions money up front, and pay them back with interest within a reasonable time frame. People view loans these days as a means to minimize debt, without carefully looking at the long term picture. Your debt-ratio still shows the balance due, and for the term the contract is good for. What made you even consider borrowing from this lender? Was this financing structure created from the beginning, or did it show up with their terms and conditions after the approval? I can't really say that they are shafting you, but the reality is, long term loans are the best thing banks have going for them.
I am well aware of everything you have just stated and totally agree 100%

However, this specific document....most of you are really going to get a kick out of this now.....is a COLLEGE LOAN....I did it to find out the truth in reality behind some college financing institutions....

I did not accept this, I did this just for the facts and reality behind certain companies like this one...

I also did get approved on an auto loan through them for 60 months, but I haven't got those papers yet so I have just posted these. (No, I will not be accepting this loan check either, just done for % purposes)

Some of you may be wondering why I went out of my way like this for nothing. Well, it's actually being part of my term paper @ graduate school for Business.(Finance)


Lets just say this. I already know the auto loan got a rate of 15%..which is absolutely ridiculous considering (2) TOP signers for the loan. Oh and the 1600.00 application fee still applies to this one.

The institution name is THINK FINANCIAL...stay away from them!!!!!

http://www.thinkfinancial.com/
 

·
Registered
Joined
·
494 Posts
Ok I have gone through this and here is what I got last week. I wanted to buy Acceljunky's supra (still do) however the federal credit union I do most of my business with would not give me one penny for any car older than 1997 without an appraisal period. My other bank (bank of america) said the same thing and their used car loan rates suck at 8.75%+ (if I remember correctly). Banks messed up during the housing boom and loaned out hundreds of thousands of dollars to people who did not have a penny to their names and now they are making it more difficult to get loans due to this and other reasons I am sure. I have great credit and did not think (first mistake) that getting a loan for the remaining balance of the car would be a problem I was wrong and I am carless at the moment. If you have a supra get it appraised for insurance purposes and resale purposes. Cash buyers for things $30K++ are tough to find I would imagine. I had little luck with capital one. The appraisal is key for anyone to get financing at least for the general public who do not have some other form of credit to back up the loan in the event things happen. Unless the deal falls through on the supra mentioned above I am looking and need a car perferably a ht 6sp quick or a POS for the short term. Best of luck on the sale. Jeff
 
1 - 20 of 83 Posts
Top