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CC Advertisers
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09-24-2007, 04:09 PM
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CC Member
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Join Date: Aug 2007
Cobra Make, Engine:
Posts: 14
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Not Ranked
Financing Availability??
Hey Guys,
I want to purchase a BDR, but do not want to go home equity, all cash, or credit card. I am willing to part with 15K or so and want to know if any financing sources are available out there. Any info would be appreciated.
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09-24-2007, 05:48 PM
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Senior Club Cobra Member
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Join Date: Jul 2007
Location: Odessa (Tampa),
FL
Cobra Make, Engine: BDR 559. 410 Stroker 72 block AFR205 Heads, Solid roller lifters, Comp Cams XR286, Eagle 4" stroke internally balanced with chevy journals, Oliver rods, Probe Forged pistons, Mighty Demon, Super Victor, MSD Digital 6.....
Posts: 260
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Not Ranked
www.capitaloneautofinance.com
They lend you $$ based on your credit and not the car. They will finance any car that is titled and can be rigistered, including re-built titles and kit cars.
__________________
BDR 559
Indigo Blue, White Stripes
SBF 410
TKO 600 .82 OD (Road Race)
HP= Enough!!
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09-24-2007, 05:54 PM
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CC Member
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Join Date: Aug 2007
Cobra Make, Engine:
Posts: 14
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Not Ranked
I appreciate the information. What about a brand new Backdraft that has not beeb built yet? I don't know how the MSO or VIN fits into the equation. Let me know if you would. Thanks!
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09-24-2007, 07:06 PM
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Backdraft Racing Dealer
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Join Date: Dec 2004
Location: North Haven,
CT
Cobra Make, Engine: Backdraft Racing
Posts: 5,122
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Not Ranked
Capital One is a pain in the butt. Their sales dept. wants your business but then they mess it up somehow in the admin end.
I have had great luck with JJ Best. It is often easier to take a car that is already built since you will have a VIN and MCO copy to give them right away... I don't think any of the lenders would understand or work on a custom order.
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09-25-2007, 02:28 AM
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CC Member
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Join Date: Aug 2007
Cobra Make, Engine:
Posts: 14
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Not Ranked
Jay,
I have experienced what you say about cap one. How do most people purchase your roadsters? Is there any way to provide a lender with a VIN and MCO through BDR prior to completion of the build. Not sure of the process?? Thanks for your help
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09-25-2007, 05:34 AM
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Backdraft Racing Dealer
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Join Date: Dec 2004
Location: North Haven,
CT
Cobra Make, Engine: Backdraft Racing
Posts: 5,122
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Not Ranked
We have a small percentage of customers that have financed. In fact I think it is only 3 or so that have used JJ Best and one with Capital One. Others have used HELOCs or even signed checks over to us for other accounts.
If you select a rolling chassis that is already built then the MCO and VIN exists and we can get copies for the lender.
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09-25-2007, 06:20 PM
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CC Member
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Join Date: Aug 2007
Cobra Make, Engine:
Posts: 14
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Not Ranked
Jay,
Does the MCO suffice for purposes of a title requirement to the lender and would the lender be told the vehicle was a 1965 or 2007? Also, I was told by JJ Best that they would have to get an appraiser to look at the car AND hear it run before lending. I'll look into Cap One, but let me know what year I would use and if you have any further info. Thanks!!
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09-25-2007, 07:25 PM
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Senior Club Cobra Member
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Join Date: Feb 2005
Posts: 229
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Not Ranked
Lonestar has financing, he was offering it to a customer wanna be in need .
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09-25-2007, 07:48 PM
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Backdraft Racing Dealer
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Join Date: Dec 2004
Location: North Haven,
CT
Cobra Make, Engine: Backdraft Racing
Posts: 5,122
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Not Ranked
Yes, that is correct with JJBest. They also require a 25% down payment on the vehicle. So in the past we had to carry that cost for the customer until the key could be turned. As long as they provide a letter of approval we can do it.
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09-25-2007, 07:58 PM
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CC Member
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Join Date: Dec 2006
Posts: 415
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Not Ranked
From what I know JJ Best will only finance a completed car. MSO is required, but not a VIN (usually supplied by your state DMV). That's why they require a local inspector with pictures. They also require 20% down. Capitol One will finance a Cobra but they will not "fund" the check until there is an actual state issued VIN - for which you will need an MSO. They do not require an inspection though. So, if you are buying an already completed car - both should be OK. If you're completing a rolling chassis - you've got a few hoops - but should be OK. But a build from the ground up - may be tricky.
Again - I'm no expert - but I have talked to both companies. I asked several questions - and that's what I learned. They both seemed helpful to me. BTW - both had the same rate of 9% APR.
Hope it Helps - go for it!
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09-25-2007, 09:22 PM
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CC Member
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Join Date: Aug 2007
Cobra Make, Engine:
Posts: 14
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Not Ranked
Flyboy,
It's just that I am intelligent enough to use my money to invest in appreciating assets. I would be buying a Cobra to drive, not to inflate my ego.....and what is a flyboy anyway???
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09-25-2007, 09:24 PM
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CC Member
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Join Date: Aug 2007
Cobra Make, Engine:
Posts: 14
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Not Ranked
Jay and Mark,
Thanks for your feedback and information...I appreciate it
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09-26-2007, 05:28 AM
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Senior Club Cobra Member
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Join Date: Jul 2007
Location: Odessa (Tampa),
FL
Cobra Make, Engine: BDR 559. 410 Stroker 72 block AFR205 Heads, Solid roller lifters, Comp Cams XR286, Eagle 4" stroke internally balanced with chevy journals, Oliver rods, Probe Forged pistons, Mighty Demon, Super Victor, MSD Digital 6.....
Posts: 260
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Not Ranked
CapitalOne will let you finance 100% of the purchase price!! Surely one of the sellers/dealeres here can accomodate the transaction if you can front a deposit.
I know of several completed cars available or soon to be available at BD.
Not sure where you're located and if titling/registration is more of a headache there.
I have NEVER had an issue with CapitalOne, I have financed several of my personal cars through them and I have lost count of how many customer cars...
__________________
BDR 559
Indigo Blue, White Stripes
SBF 410
TKO 600 .82 OD (Road Race)
HP= Enough!!
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02-26-2008, 05:02 PM
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CC Member
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Join Date: Aug 2006
Cobra Make, Engine:
Posts: 42
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Not Ranked
Per Superformance In Reno, Capital One Is No Longer Financing Loans Of This Type As Of Two Weeks Ago. One Customer Was 3 Weeks Away From Delivery Of His Mark3 When His Loan Got Nuked Prior To Funding.
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02-26-2008, 05:39 PM
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Regularly Offensive
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Join Date: Feb 2006
Location: yuba city,
ca
Cobra Make, Engine: spf
Posts: 1,231
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Not Ranked
The reno superformance deal might have to do with the dealership ownership change? I was told they changed hands................
__________________
Ed
Too close for missles, switching to guns.........
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