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04-28-2009, 06:39 PM
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CC Member
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Join Date: May 2005
Posts: 379
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Not Ranked
The name of Reg's dad at Backdraft which is printed on his business card is Frank Dodd...makes sense.  |
04-28-2009, 09:17 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: 5,121
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Not Ranked
Somebody is on a time delay here...  |
04-28-2009, 09:20 PM
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Senior Club Cobra Member
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Join Date: Oct 2006
Location: Santa Cruz,
CA
Cobra Make, Engine: SPF 2613 Titanium w/Black, Roush 402SR
Posts: 4,097
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Not Ranked
Hey Mark,
Where are the pics? Do you have your TOP yet?
__________________
Doug
No stop signs, speed limit - Nobody's gonna slow me down - Like a wheel, gonna spin it
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04-29-2009, 12:09 AM
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CC Member
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Join Date: Nov 2008
Location: Oceanside,
Ca
Cobra Make, Engine: ...
Posts: 201
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Not Ranked
...
...Issues with the financing.
Its kinda frustrating that I'm finally able to really afford my dream car, and found a GREAT Deal on one, and now the Lenders dont wanna Lend!
The issue is with "Blue-Book" Value. If I were trying to finance a Corvette, It'd be in my garage already. Seems most banks wont touch "Replicars".
I say "Most" though. Its "How bad do ya want it" time...
I gotta say tho that Frank Dodd & the whole Backdraft crew have been Great. Enjoyed meeting Reg & seeing their most excellent cars at Knotts.
...more to follow...
__________________
- Just call me Speed 
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04-29-2009, 05:04 AM
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CC Member
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Join Date: May 2005
Posts: 379
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Not Ranked
You know cashburn, your attempts to ridicule every post I make only makes one of us look like a fool... 
Down to one year in business left for you... |
04-29-2009, 05:35 AM
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CC Member
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Join Date: Oct 2006
Location: Philly Suburbs,
PA
Cobra Make, Engine: BDR#436 - 351W - 450HP / 429TQ
Posts: 242
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Not Ranked
I looked into the possibility of getting a loan through my credit union about 6 years ago before I really got serious about shopping - they too said they don't lend for replicas.
2 1/2 years ago I tried again - same credit union - this time I worked with the loan department all the way up to the VP. Luckily he's a car guy too and approved my loan (obviously past loans/credit history played a beneficial part too). I'm not sure if this is the same VP that was in position 6 years ago, but the process was as smooth as a new car loan!
__________________
Eric
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04-29-2009, 07:04 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: 5,121
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Not Ranked
Quote:
Originally Posted by cbreez
You know cashburn, your attempts to ridicule every post I make only makes one of us look like a fool...
Down to one year in business left for you... |
I will make you a deal. If we are done by 2010 I will go away. If we are still in business you go away. Fair enough?
CBeetz ... how about some positivity? 
I only take bets I will win.
Last edited by Cashburn; 04-29-2009 at 07:52 AM..
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04-29-2009, 07:15 AM
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CC Member
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Join Date: Sep 2002
Location: Baton Rouge, Louisiana,
La.
Cobra Make, Engine: Waiting to Order a BDR, engine to be a SA C408. TKO to hook it up.
Posts: 1,259
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Not Ranked
CB ... pics.
__________________
Pull a gear .... drop the hammer .... and enjoy the Drive !!
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04-29-2009, 08:38 AM
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Stolen Avitar
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Join Date: Oct 2004
Location: Brunswick,
GA
Cobra Make, Engine: BDR 1311 428PI
Posts: 3,044
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Not Ranked
Quote:
Originally Posted by LudicrousSpeed
...Issues with the financing.
Its kinda frustrating that I'm finally able to really afford my dream car, and found a GREAT Deal on one, and now the Lenders dont wanna Lend!
The issue is with "Blue-Book" Value. If I were trying to finance a Corvette, It'd be in my garage already. Seems most banks wont touch "Replicars".
I say "Most" though. Its "How bad do ya want it" time...
I gotta say tho that Frank Dodd & the whole Backdraft crew have been Great. Enjoyed meeting Reg & seeing their most excellent cars at Knotts.
...more to follow... |
Hey studly; have you tried cap1 financing? http://www.capitalone.com/
Steve |
04-29-2009, 11:30 AM
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CC Member
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Join Date: Nov 2008
Location: Oceanside,
Ca
Cobra Make, Engine: ...
Posts: 201
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Not Ranked
Yup,
My wife & I make over 100k a year & only debt is 2400/mo. house payment.
Denied!
__________________
- Just call me Speed
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04-29-2009, 11:37 AM
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Senior Club Cobra Member
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Join Date: Feb 2007
Cobra Make, Engine: KMP 539, a Ton of Aluminum
Posts: 9,591
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Not Ranked
Have you tried a HELOC (Home Equity Line of Credit)? It may be slightly easier to obtain right now, depending upon the financial specifics and appraisal. We don't need to go into specifics, but have you tried?
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04-29-2009, 11:47 AM
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Senior Club Cobra Member
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Join Date: Oct 2006
Location: Santa Cruz,
CA
Cobra Make, Engine: SPF 2613 Titanium w/Black, Roush 402SR
Posts: 4,097
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Not Ranked
Jay had also mentioned that he had worked with JJ Best in the past. I think that you'd need to come up with a 25% deposit.
http://www.jjbest.com/
 Their website must be down.
JJ Best Banc & Co - 1-800-USA-1965
__________________
Doug
No stop signs, speed limit - Nobody's gonna slow me down - Like a wheel, gonna spin it
Last edited by Got the Bug; 04-29-2009 at 12:08 PM..
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04-29-2009, 12:26 PM
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CC Member
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Join Date: Nov 2008
Location: Oceanside,
Ca
Cobra Make, Engine: ...
Posts: 201
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Not Ranked
Jj best
Actually, they've given me the best offer so far. Of course, their APR is, um, yuck, and they do require 30% down.
As of now they are the leading horse in the race....
Will decide in the next day or two, just waiting on my local credit union...
__________________
- Just call me Speed
Last edited by LudicrousSpeed; 04-29-2009 at 12:29 PM..
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04-29-2009, 12:30 PM
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Senior Club Cobra Member
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Join Date: Oct 2006
Location: Santa Cruz,
CA
Cobra Make, Engine: SPF 2613 Titanium w/Black, Roush 402SR
Posts: 4,097
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Not Ranked
Quote:
Originally Posted by LudicrousSpeed
Actually, they've given me the best offer so far. Of course, their APR is, um, yuck, and they do require 30% down.
As of now they are the leading horse in the race....
Will decide in the next day or two, just waiting on my local credit union...
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So did they leave the car in LA or haul it all the way back East again?
__________________
Doug
No stop signs, speed limit - Nobody's gonna slow me down - Like a wheel, gonna spin it
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05-01-2009, 10:25 AM
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Stolen Avitar
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Join Date: Oct 2004
Location: Brunswick,
GA
Cobra Make, Engine: BDR 1311 428PI
Posts: 3,044
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Not Ranked
Studly, don't know what your situation is otherwise but what I did was get a sig. loan aganst my Boss 302 Mustang. Still got 5% on the loan. It also seems like if I'd bought a car already built the fact that it's a replica wouldn't have mattered as long as they had the appraisal to use the car as collateral. Got anything you can leverage?
Steve
P.S. I use USAA
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05-01-2009, 11:25 AM
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CC Member
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Join Date: Nov 2008
Location: Oceanside,
Ca
Cobra Make, Engine: ...
Posts: 201
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Not Ranked
I'm Out.
No Bueno.
Told Frank today that he could re-list the car. You'll see it on Ebay soon.
That fact is that finding a funding source for a car that doesnt have a "Blue Book" value is almost impossible. The few lenders that would knew there wasnt much competition, and gouged accordingly.
Through it all, Frank Dodd was extremely understanding and patient, a pleasure to almost do business with.
Guys, if you know anyone who wants a SCREAMIN' deal on a Roush equipped nearly new Backdraft roadster, give Frank a call ASAP.
Sigh...Props to my Beautiful Wife as well. I think she's even more disappointed than I am. She really wanted me to have it.
I Love that woman
__________________
- Just call me Speed
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05-09-2009, 12:12 PM
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CC Member
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Join Date: May 2007
Cobra Make, Engine:
Posts: 65
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Not Ranked
sORRY i HAVE NOT FOLLOWED YHIS POST RECENTLY. looks like you need some good financing for your cobra. I just bought mine a few months back from Frand and by far the best financing option was with a local credit union called Achieva. They made it real easy, open a account with a couple of bucks (less than $20) and become a member, get an appraisal and blammo. they go up to 66 monhts and rate starts at 5% call Judy at 727-431-7593. Tel her Steve from Mortgage Solutions sent you. Good people, easiest loan I ever got, and the terms were way better than JJ Best. Good luck
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05-10-2009, 11:14 AM
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CC Member
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Join Date: May 2003
Location: Middletown,ct,
Posts: 232
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Not Ranked
Why not a second mortage-- tax dedductable and cheap
joeg
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05-10-2009, 11:32 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: 5,121
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Not Ranked
Change this thread title to "How not to buy a Cobra" |
05-11-2009, 09:33 AM
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Senior Club Cobra Member
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Join Date: May 2005
Location: Glendale,
CA
Cobra Make, Engine: Backdraft #395 from Vintage Motorsports; Valley Ford Specialist 487 FE with a TKO600
Posts: 498
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Not Ranked
How embarrassing....they tote the car 3K miles out, expect you to buy, then you don't have the financing or cash ready to go? Am I missing something here?
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