Price on 2004 Cobra

[Y2k4cobra]

I turned down a $30k offer last spring for my 2004 Screaming Yellow coupe with 12K original miles with some tasteful done mods. I remember back in the day sy cars were sought after, now days everyone hates them, lol.

 

[MorganWorth]

For those who are trying to finance these cars, I have seen success with lightstream, a division of sun trust who specializes in collector car loans. Last customer who used them had a 2-3% rate for 60 mos..

no affiliation

 

[Black2010]

For those who are trying to finance these cars, I have seen success with lightstream, a division of sun trust who specializes in collector car loans. Last customer who used them had a 2-3% rate for 60 mos..

no affiliation

I've used them in the past. Their rates differ between dealer and individual sales but is a decent option for older vehicles as they also offer unsecured loans.

 

[nxhappy]

Why not post a thread in the market instead of putting this reply in every thread? Are you a spammer? You just joined today nice.


Sent from my iPhone using Tapatalk

LOL pwned

 

[hemdog]

For those who are trying to finance these cars, I have seen success with lightstream, a division of sun trust who specializes in collector car loans. Last customer who used them had a 2-3% rate for 60 mos..

no affiliation

Agreed. Local bank was not on board at all. Went through Lightstream and couldn't be happier.

 

[Hunter_M_]

For those who are trying to finance these cars, I have seen success with lightstream, a division of sun trust who specializes in collector car loans. Last customer who used them had a 2-3% rate for 60 mos..

no affiliation

Can confirm this! Smooth sailing the past 9 months.

 

[noeleven]

Thank you guys for all the advise.
I got approved from Penfed but they only approved me for 110% of car value on NADA.com.
How much Lightstream approves for?

 

[nxhappy]

Thank you guys for all the advise.
I got approved from Penfed but they only approved me for 110% of car value on NADA.com.
How much Lightstream approves for?

that's as good as it gets lol....you need to put down a larger deposit to decrease the loan amount

 

[noeleven]

Got it.

So I just received blank check that I can used upto 22k but cann't exceed 110% of Nada.com value of the car.
If any of you bought a car by financing through Penfed, how did you guys safely made transaction to buy the car from private seller?
Any sellers won't feel safe to get a check instead of cash and let their car go.
Also, I don't feel safe to give seller a check and get the car after check gets cleared.

 

[Y2k4cobra]

Got it.

So I just received blank check that I can used upto 22k but cann't exceed 110% of Nada.com value of the car.
If any of you bought a car by financing through Penfed, how did you guys safely made transaction to buy the car from private seller?
Any sellers won't feel safe to get a check instead of cash and let their car go.
Also, I don't feel safe to give seller a check and get the car after check gets cleared.

Talk to the bank and see if they can wire transfer the money to the person's bank your going to buy the car from.

 

[Black Gold 380R]

Also, I don't feel safe to give seller a check and get the car after check gets cleared.

That's the only way to do it by check. You have to give them the check. They deposit it and after it clears they release the car to you. It's the same with a wire transfer. Your bank wires the money to the sellers bank. Once they receive the money they release the car to you.

Only other way is a cash payment and then you get the car on the spot.

I purchased both my Cobra's through the internet. First was a wire transfer and then they drove the car to me. Second was a wire transfer and then I went to pick the car up. Both times seller received the money first and then I got the car.

No one will ever release a car without payment first. You just need to decide how you want to pay (i.e. check, transfer or cash).

 

[noeleven]

That's the only way to do it by check. You have to give them the check. They deposit it and after it clears they release the car to you. It's the same with a wire transfer. Your bank wires the money to the sellers bank. Once they receive the money they release the car to you.

Only other way is a cash payment and then you get the car on the spot.

I purchased both my Cobra's through the internet. First was a wire transfer and then they drove the car to me. Second was a wire transfer and then I went to pick the car up. Both times seller received the money first and then I got the car.

No one will ever release a car without payment first. You just need to decide how you want to pay (i.e. check, transfer or cash).

Yea, internet sales is different. There is no way buyer is going to get anything that they buy through internet. Not just cars, small stuff that people buy on internet. Even when buyers pick it up locally, they need to pay first. People feel safe to pay first since internet purchase is somewhat protected. You can claim and reverse the payment if you don't get the product.

What would you do if seller disappears after you gave seller check and check is cleared which means seller got the fund in his/her bank and I never the get the car? From what I know, once check is deposited and fund gets cleared, payment by check can't be reversed.
Maybe I can put stop payment before check get cleared but before check gets cleared, I will never know if the seller will disappear or not.

I really appreciated for the opinion and advise but if you can back up your statement it would be much helpful, not just say "No" or "Yes"

No one will ever release a car without payment first. You just need to decide how you want to pay (i.e. check, transfer or cash).

Check = payment
I'm not sure if you understand what I was saying but I didn't say I'm expecting seller to release their car without me giving the seller a check.

But at the same time, I completely understand seller will concern since the fund doesn't become available instantly after they deposit it.

 

[Gary101386]

I just bought my 2004 last april and my credit union would finance up to 125% of the NADA value of the car. I also got 2.99%

 

[noeleven]

I just bought my 2004 last april and my credit union would finance up to 125% of the NADA value of the car. I also got 2.99%

May I ask what credit union did you get financed from?
Also, how did you pay to seller?

 

[mr. b_98GT]

I financed through PenFed. It's been a few years though. Go to your state's website, and you'll most likely find instructions on what all you need to do to buy a vehicle and transfer the title. I had to fill out a Bill of Sale for the vehicle, and I had the seller sign it. They signed the title over to me once the funds cleared, and handed me the keys. All that was left to do then was fill out the paperwork and pay the fees to get the title in my name (and PenFed's).

 

[Gary101386]

May I ask what credit union did you get financed from?
Also, how did you pay to seller?

Abri credit union. It's a small credit union in the Chicagoland area. Only 5 or 6 locations.

They made the check directly out to the seller. I brought seller the check. I drove home.


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[Black Gold 380R]

YCheck = payment
I'm not sure if you understand what I was saying but I didn't say I'm expecting seller to release their car without me giving the seller a check.

But at the same time, I completely understand seller will concern since the fund doesn't become available instantly after they deposit it.

I understand what you are saying, but you are in a situation that I like to refer to as a Mexican stand off.

You don't want to give the seller a check because you are worried he will run off with the funds and the car. Seller does not want to release the car because he's worried your check could bounce.

So, what do you do??? One of you has to trust the other and most of the time it is left up to the buyer to trust the seller as the buyer has to come up with the funds.

So, if you think the seller is going to run off with your money then you need to buy from someone else or set up a transaction to pay the seller through a system you trust (i.e. paypal).

It shouldn't have to be this difficult, but because there are a lot of crooks out there this is how it is.

 

[noeleven]

I financed through PenFed. It's been a few years though. Go to your state's website, and you'll most likely find instructions on what all you need to do to buy a vehicle and transfer the title. I had to fill out a Bill of Sale for the vehicle, and I had the seller sign it. They signed the title over to me once the funds cleared, and handed me the keys. All that was left to do then was fill out the paperwork and pay the fees to get the title in my name (and PenFed's).

I'm not worrying about general process of purchasing a car that is on DMV website.
I am worrying when I pay with check, the fund is up in the air for few days before check gets cleared. The fund is not on buyer nor seller.

Very picky seller won't sign bill of sale since the fund is not available.
Also, even when I sign bill of sale, seller still can be disappeared and I don't get the title and car.

 

[noeleven]

Abri credit union. It's a small credit union in the Chicagoland area. Only 5 or 6 locations.

They made the check directly out to the seller. I brought seller the check. I drove home.


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Penfed has that option too.
That might make seller feel little more safer than black check but it is still a check

 

[noeleven]

So, what do you do??? One of you has to trust the other and most of the time it is left up to the buyer to trust the seller as the buyer has to come up with the funds.
QUOTE]

Yea, that's what I thought but I was just hoping there is official way than just trust.

Thank you for your advice!