It's too early in the morning for all the high finance. Patrick, do you charge points and fees? Are we talking hard money?
I wouldn't take you up on your offer, of course. Now, if you were to offer me a loan of let's say...200% or 300%, maybe more of funds deposited , then I might consider it. No fees and points too, since my FICO is greater than 600.
If the gentleman wants to deposit $50,000 in the bank and borrow $50,000, because he likes liquidity, assuming he can withdraw funds over time, using a "sunset" provision on his "restricted" deposit, then more power to him.
Cobra Make, Engine: Sold - Shelby Cobra CSX6045, 468 ci all aluminum Shelby engine
Posts: 370
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Patrick,
You seem to assume a lot in most of your posts. Where did any of my posts imply I would be putting my family at financial risk? I'm not going to share the details of my financial situation with everyone who visits this forum but there are lots of reasons why financing makes more sense than paying cash. Maybe I have lots of stock that is currently down in value but I'm confident it will rebound. Maybe I have investments that are earning 15% dividends that I don't want to touch. If I run the numbers and financing offers the overall lower cost way of buying my Cobra then that's what I'll do. That doesn't mean I wouldn't or couldn't tap into those other assets in an emergency, but why increase the cost of my Cobra when I don't have to?
I have talked with several large collector car financing companies. 80% to 90% financing can be obtained for under 8% and up to 12 years, but they will only fund a finished car. That's why I asked if the members of this forum had other experiences. Several of them offered good suggestions which I appreciate and will follow up on. To them I say "Thanks."
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,012
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Quote:
Originally Posted by Al G
Patrick,
You seem to assume a lot in most of your posts..."
Probably, but I'm very conservative by nature. Maybe because I've watched so many of my contemporaries go broke, bust up their marriages, etc. over the last few years because of poor financial decisions. The issue of financing a Cobra has been debated on this forum a hundred times before. I still believe that for the vast majority of men, if you can't buy your car with cash then you need to just wait. Save the money that you would be using to make your financing payments until you can just stroke the check and get what you want. What if you lose your job? How 'bout if you rupture your back so you can't get out of bed for six months? Look Al, I'm really not trying to rag on you... just trying to give you some food for thought.
Probably, but I'm very conservative by nature. Maybe because I've watched so many of my contemporaries go broke, bust up their marriages, etc. over the last few years because of poor financial decisions. The issue of financing a Cobra has been debated on this forum a hundred times before. I still believe that for the vast majority of men, if you can't buy your car with cash then you need to just wait. Save the money that you would be using to make your financing payments until you can just stroke the check and get what you want. What if you lose your job? How 'bout if you rupture your back so you can't get out of bed for six months? Look Al, I'm really not trying to rag on you... just trying to give you some food for thought.
So, if your marriage is rocky, no job or job prospects, your balance sheet looks all red, and you have no disability insurance, then don't do it. Otherwise, as Tom Cruise's character said in Risky Business, "sometimes you gotta say WTF."
Patrick, every thread that involves any sort of financing issue, you pee on it. In fact, I was waiting for this thread to go that direction and it too longer than I thought. Let people live their lives they want to live it.
We're unlikely to see interest rates this low again for a long time, thanks to our National debt, so I say, grab those low rates while you can.
Life is short. Patrick, come and sing along with me (warning: terrible video):
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,012
Not Ranked
Old thread... but I know Al (the OP) did get his car because he told me last month that he was still mad with a couple of the people that he had to deal with who, apparently, were not as straight-forward as he would have liked them to be. See New Shelby Cobra Dealer in Scotsdale. Maybe he'll report back on what he did financing-wise.
, then I might consider it. 
No fees and points too, since my FICO is greater than 600. 
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