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NEVER use credit cards!
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Discussion Starter #1 (Edited)
last summer i went to a bank and asked to get a loan against my tempest
<--- they told me to get it appraised. so i did. it got appraised at $11,000. i said i wanted $7000 to give them the title. they said "no, it's our policy not to loan you more than 50% of the appraised value" (they had other reasons as well but that's beside the point) i didn't get the loan.

but go to a NEW OR USED CAR DEALERSHIP, and the banks (North Coast Credit Union in particular), are MORE THAN HAPPY to loan you $10,000 on a car that's only worth, according to nadaguides.com, HALF OF THAT!!!

How in the hell can they justify that? Tell me if you feel the same as me, that there is a HUGE conspiracy going on in this country in favor of banks. the conspiracy being between the car dealerships and the banks.. much like the one where credit card companies (MORE BANKS) can jack your interest rates up to 74.9%(Citibank).

it's just plain FRAUD, for a car lot OR ANYBODY ELSE to tell you that a car is worth $10,000 when both Kelly and Nada book the vehicle out at $3000(nada)-$5000(kelly) less. We need to get some kind of petition going to congress or the senate on both of these issues as this is nothing more than legalized GRAND THEFT:mad: It's no small wonder at all why there are so many bankruptcies going on. f-them! i hope they all DIE:spank: EVERYBODY GO BANKRUPT!!!
 

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Easy big guy!:eek:
I feel the same way as you. Only thing is that at a car dealership, your going in to buy a car you know is worth less than you get charged and going to a bank, they loan you less than your car is worth.
I think banks have been taken so much that there all gunshy to loan you anything anymore. Hg
 

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BIG GUY??????

" Listen to Hemmi callin someone a BIG guy,, there ain't nobody bigger than Hemmi,, maybe you should take him to the bank with you Bull,, I bet they wouldn't even think twice about giving you a loan
 

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Come Home Safe Soldier
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The Bull And Hemmi Crime Family....

Ima gonna maka you an offera you can'ta refuse.....
Enter strong arm Hemmi............
Would be so much better than watching The Godfather.Start callin bull,The Don
 

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probably because it has little to do with the car. You sign said contract, you're into them for a fixed interest rate on a fixed amount of loot. Car or not, they're going to get their money. Game, set match.


K
 

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i tried to get a loan when i was 18 for a 62 chevy impala with a new enginge and trans and a fresh metallic green paint job for $1500!!!!!!!!!!!! yeah i got turned down. im sure i wouldve gotten it if it were a dodge neon (not worth the sheetmetal its made of)
i believe they go some thing like this . up to 4 years old 100% loan to value. 4-8 years 80% loan to value. and so on. the loan to value in case someone doesnt know is 80% loan to value means theyll loan you 80% of the value of the car. that why those ghetto dealers all have $800 down on the window because they need 20% up front to charge you 100% for a 5+ year old car. so if you imagine a 20 year old car theyd probably go like 20% loan to value so of course you wont get the loan. they are "lookin out for their best interest" so if you default on your loan they look at some BS equation of what some over educated as* says they can get out of it.
they also restrict the number of years you can finance for. on a 4 year or less vehicle its typically 4-6 years but now days they can screw you for up to 10 if your dumb enough to sign. if your vehicle is 5-8? years old the length of the loan can only be 2 years and your interest doubles. so for a 60s car unless you have a perfect credit score you might as well rob a bank because they will never loan on a car over 10 years old.
all estimated numbers are subject to your credit score. these are just what ive learned from my personal experiences as an average guy who would rather have a classic than a dodge neon.

ding ding ..........
i got a signature loan for my wifes wedding ring for $3500. signature loan means no collateral, so if your tell them you would like a signature loan to buy some jewelery for whatever reason(assuming you have decent credit) they really have no reason to turn you down. so lying is immmoral but then again are banks run by moral people.. moral? is that the right word? so you get the money, they dont require any paperwork or insurance blah blah you go buy your classic and make monthly payments while not haveing to have full coverage on your new jewel of a car..
 

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3 years ago I walked into my bank and asked for 3 grand to buy a 62 Sunliner project car and got the money no problem. That after only living here and banking with them for less than a year, and without perfect credit either.
At dealerships they have a floor plan with the bank and can bend the bank over a little if need be in order to make a sale.

And not that your Lemans isn't worth 11 grand but those appraisels are worth about as much as the paper they are written on. Very few cars will ever bring appraised value on the open market, about 75-80% would be doing good.
 
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