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Damn blue book
I've got my eye on an uncommonly good FD. Problem is that it will sell in the upper teens and my credit union can only loan blue book value - $15k. I don't have the rest in cash right now. Any suggestions?
I'm renting, so no house to make an equity loan, and I'm not trading in anything - I'm keeping the daily driver. Cosign by the parents, etc is out since I'm 26 and they'd rather see me sinking into a mortgage than an FD. They just don't understand ;) Suggestions welcomed. I'd hate to get raped at 12.9% for a personal service loan, which would basically be a $5k Visa advance. Dave |
what's your daily driver?
you might be able to put that up for collateral to make up for the rest you need |
97 Maxima SE - blue book is $5500 minimum, $7500 private party sale maximum. I'd put it up for collateral if that would help.
Dave |
yea, depending on your daily driver, maybe you can downgrade your daily, put some of that into the fd
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Hey where in central Pa do you live? I ask cause I am in State College. And where are you seeing an FD, I haven't seen one since I've been here. It's kind of depressing.
- Steiner |
where's the FD?
Well, it's not close by. But if I told everyone then I wouldn't have such a good chance, right? :)
NYC area Dave |
Originally posted by ttb yea, depending on your daily driver, maybe you can downgrade your daily, put some of that into the fd Dave |
Solved!
My credit union approved the basic loan at 4.99% up to their calculated blue book retail value of 16860. The balance of the cash is what they call a Personal Signature Loan, where I can borrow 1000-5000 with no strings attached at 9.99%, payable $100/mo. minimum. Pay it back faster, and I'll reduce the interest as well. This is a hell of a lot better than a Personal Service Loan at 12.99% (Visa cash advance). Combined, this is still better than any other used car loan I could find. My credit union rocks.
Dave |
what credit union??? 4.99% on a car that old is amazing...too bad i only have 3 more payments left on my FD...hehehe...i can't wait until it's ALL mine...make sure that you're getting a well maintained Rx...it sucks replacing an engine and a set of turbos before the car is paid off....
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Originally posted by TeamChin what credit union??? 4.99% on a car that old is amazing...too bad i only have 3 more payments left on my FD...hehehe...i can't wait until it's ALL mine...make sure that you're getting a well maintained Rx...it sucks replacing an engine and a set of turbos before the car is paid off.... I noticed you're in Philly, so you might be eligible. Any state employee (including public schools) or their immediate family may join. I joined b/c my Mom works at a school. I've seen other credit unions, but these guys kick ass and their online services are very good. I'm in Harrisburg, which is where their desk is - a big help. The engine was rebuilt 7k ago (now a 52k), recently dyno'd 225 RWHP. Boosts normally, but hasn't had a compression check since rebuild. Is it necessary? Another question for you guys in the know - should I check to see that the VIN on the engine block matches? Do FDs have VINs on the block, and if so, does it matter? Thanks all. I'm going to see it tomorrow. 94 R-2, red/black, nice shape all around. I'm kind of anxious - I've never had a second fun car. Dave |
Are you sure you want a FD and the maxima??? If you need a loan just to get the FD, your might need another one to upkeep it and rebuild it if anything blows on you (especially if you are planning on supping it up power wise!). I would also think insurance on both would kill you. If I were you, I'd either sell the Maxima or just keep that as your car and not buy the FD. Just choose one or the either I'd say, what the heck are you gonna do with 2 cars anyways? It's not like the maxima is a classic or anything and RX-7s make great daily drivers as long as you take care of them (fluid check/change very often) and treat them nicely (high rpms+controlled boost=great running FD!)
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Originally posted by skunks Are you sure you want a FD and the maxima??? If you need a loan just to get the FD, your might need another one to upkeep it and rebuild it if anything blows on you (especially if you are planning on supping it up power wise!). I would also think insurance on both would kill you. If I were you, I'd either sell the Maxima or just keep that as your car and not buy the FD. Just choose one or the either I'd say, what the heck are you gonna do with 2 cars anyways? It's not like the maxima is a classic or anything and RX-7s make great daily drivers as long as you take care of them (fluid check/change very often) and treat them nicely (high rpms+controlled boost=great running FD!) The insurance is already quoted at an additional 800/year. I'm going to list it as a second car / pleasure car with less than 7k/year mileage. I'll probably do 2k /year. The insurance price for this car alone is probably nearly the same as both of them in this fashion. My record is perfect, too, and I won't be stupid enough to pick up tickets in this car. I have the intelligence to take it to the track. RX-7s are not daily drivers for all people. I drive 30mi each way and the gas mileage is bad enough at 20mpg in the Max. In Pennsylvania, we have enough snow and crap during the winter I wouldnt' dream of driving this car in it. It barely holds golf clubs, much less my hockey gear. It's not a daily driver for all people. The Max has 95k and will last for 200k with a little luck. That's four years at my driving rate. At some point I will need to fix some things, but it is overall going to be a very cheap drive. The only setback is it will spend a day in the garage now and then, and having the FD will give me the freedom to do the work myself without being homebound. Finally, this car is a 94 R-2 52k, nearly all stock, and is getting rare. If I put 25k/year on it I'd lose my shorts in maintenance and put one more of these beauties out of commission. I might add a couple of reliability mods but that's it. The point is that it will spend time in the garage, except for nice days, and a couple of trips to the driving school. It's not that I'm never going to open it up, it's that I'll take care of it and put the abuse on a regular car. If something goes wrong I won't have to empty my wallet blindly to get it running again. Besides, if I put very light miles on it, it will hold its value pretty well, and I won't be financially cornered. I don't want to sound like FDs are to be hidden and pampered. But in this case that's a bit of what I intend to do and that's the only way it will work. BMy perspective is different, but I still welcome your advice. Dave |
Originally posted by dgeesaman My record is perfect, too, and I won't be stupid enough to pick up tickets in this car. I have the intelligence to take it to the track. Oi, idk about you but I try my hardest to keep the speed down (well not really hehe) but when your cruising along and blip the throttle in a FD, your gonna be doing over 100mph easy man (well at least you should be, especially in 5th gear!). I have already gotten pulled over many times in my FD (although not once yet for speeding hehe, all my speeding tickets were in my 4000lb, 50rwhp, desiel benz hahaha, but I have been very lucky in avoiding tickets in the FD!). Tickets and FD's seem to just go together, especially because rotaries seem to love the upper RPMS :D Gearing wise, second will take you up to 70mph, 3rd to 100, 4th to 140, 5th to ??? (supposedly 200 if you got enuf hp) RX-7s are not daily drivers for all people. I drive 30mi each way and the gas mileage is bad enough at 20mpg in the Max. In Pennsylvania, we have enough snow and crap during the winter I wouldnt' dream of driving this car in it. It barely holds golf clubs, much less my hockey gear. It's not a daily driver for all people. Yeah, normal gas millage for a FD is pretty low being 8-15mpg although I did once witness a FD getting 30mpg (only seen it once in my brothers car though and we went out at night cruising in 5th gear all the way). Also, I totally forgot about the snow so perhaps this would be the way to go. I might add a couple of reliability mods but that's it. The point is that it will spend time in the garage, except for nice days, and a couple of trips to the driving school. It's not that I'm never going to open it up, it's that I'll take care of it and put the abuse on a regular car. FD's love to be driven hard (upper rpm is where they love to be at and always seem to drive better after a nice hard run, with controlled boost of course). BTW: I'd do all the relibility mods if I were you, then again, for the price of all those relibility mods, you might just be better off saving for a rebuild (I know I should have done that, then again my car is running flawlessly although that engine is comming out...) If something goes wrong I won't have to empty my wallet blindly to get it running again. Besides, if I put very light miles on it, it will hold its value pretty well, and I won't be financially cornered. The value for a FD does not seem to hold very well after 40k miles, I have seen FD's with 15k original miles go for about $21k which is not very much. If I were you, I'd put as many miles as I possibly could on one (especially if its over 50k miles), after all, cars are ment to be driven :D Dave |
Hell..you think that's bad? Try and buy an Supra TT!!!
The banks would only give me a 20k loan....and the lowest one I could find in good condition was a 93 for 26k!!! Blue Book SUCKS....I've got A++ credit ratings...and practically no bills..and I still couldn't get a decent loan for banks that use KBB. :angry: |
i say go ahead and get it. i have my fd, and a audi a6 to drive when its in the shop. i havent driven my fd in 2 months because of an accident i was in with it and i have been taking my time getting fixed since its the winter and all. having that second car to drive really comes in handy when you wanna go somewhere and the fd is at the shop, or in the garage up on jackstands. as far as what skunks said about cars are meant to be driven, i couldnt agree with him more. anyways congrats on the loan, hope you get the fd, and make sure you post some pics for us. -steve
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Blue book seems to be fairly accurate IMO, of course 1-3K off on a lot of stuff. But in good condition they give you a pretty good price.
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