Need advice when talking to bankers and insurance agents

[rob frink]

..........

[Excaliber]

"Kit" is a dirty word for sure!

I would call it what it is, a "Super Performance" 2 door convertible manufactured by the same company who's been making them for X number of years. Yours will be a brand new one, manufactured in 200X year.

If the car has not yet been registered call it what it is, a 2004 SPF, factory built car. So WHO is SPF? " A custom car builder who's been in business X number of years and has dealerships all over the US. They make several different models, mine is the two door convertible". THIS IS YOUR MANTRA, stick with it.

Ernie

[sierramadre45]

Rob,

Don't despair. You just have to deal with people familiar with the product.

For financing, try Capital One Auto Finance. They have financed both my Superformance Cobras. They have great rates, can approve you online in ten minutes, and are great to work with. You must have excellent credit to qualify.

For insurance, try American Collector's insurance in New Jersey. They offer an 'agreed value' policy for Superformance Cobras on a limited mileage policy.

Good luck.

Gary

[cobra de capell]

Most banks will turn you away or, as in your case, offer unsecured rates. The best way to finance is a second against your house with the interest deductible on taxes - that way you can avoid the hassle (even if you can secure a car loan).

Insurance - State Farm will insure Cobra's - AAA will not. My Cobra is insured and registered as a 1965 Ford - a historical vehicle - $260 per year - limited mileage.

The best deal: Pay cash.

[G.R.]

Ernie said it best state what it is a "Superformance" , it is a "factory built car" by a builder that has an extensive dealer network. Be honest with your banker and your insurance agent and your DMV--or you may regret it in the future if something happens God forbid.

If you have to finance seriously look into a 2nd on your home or home credit equity loan that is tax deductible so that the finance charges are tax deductible.

For insurance purposes American Collectible or American Hobbyist will insure Cobras, State Farm will no longer insure Cobras in some states nor will Allstate. Some of the big carriers SF, AS, Pemko, Geico etc., a lot of the ability to get coverage is agent based for sure, if the agent doesn't "know" cars other than what's in the "book" your chances are sometimes slim on getting coverage.
I insured my old SPF thru my Allstate agent(been with the company for over 25yrs for all insurance needs, business, home, health life, and auto) by explaining to him that "No it was not a Mustang, it was like a streetrod with a '65 Cobra roadster body instead of a '32 Ford roadster body, that it was a factory custom build", the light bulb went on in his head, "streetrod" he understood, he'd insured some streetrods, also I showed him some pictures of a Cobra. That helped in my situation with my agent.
Don't get discouraged check each and every finance and insurance option you can find, you will be amazed to find out that there are lots of options for both at very reasonable rates.
Good luck