So what's up with you and your T04 TII?

 

Good luck with the deal! 5 clams says you're gonna end up with a Vintage Red FD.

 

I'm selling it you wanna buy it?

Ya i don't really care what color. I'd like black or silver and the oh so sweet cym but i'll take any color. As long as it's Perrrrty.

 

Whats wrong with vintage red!

 

nothing it's dead sexy there just seem to be alot of them.

 

Good news guys just got off the phone and the bank will go up to 15k no problem i just have to submit the vin #'s a mileage and stuff like that. She said over all condition would be the deciding factor so i might be going for something really nice with really low miles.

 

If you're getting a blank check from peoplefirst, the part of who it is written out to will probably be blank too.

If so then write the check to yourself, cash it at your bank(be careful walking out with 10k in cash, or deposit 5k and take 5k with you) and then pay the seller 5k. I brought from a private party and my financer(is that a word?) gave me a blank check too. I at first was going to write the check to the seller but let's face it everyone is more comfortable with cash and it would work way better for your situation.

 

Great idea. Have you worked with Peoplefirst before? I don't see why I can't write the check to myself. When the check is cashed, they contact you regarding payments, etc etc. They check the amount the check is cashed against the amount written on the Bill of Sale, so seller buyin is important.

Other than extra sales tax to uncle sammy, see any pitfalls?

 

How much more tax would you have to pay on the 10k versus the 5k?

 

I am 23 also and i pay 1900 a yr w/ 1000/500 deductibles. If you title the car under a parent and they insure you as the primary driver, then your insurance rates will be $5-600 cheaper. When you turn 24 and your insurance goes down, have your parents "gift' you the car. Your insurance will drop to around 750-1000 depending on your driving record.

 

Depends on your states sales tax %. MD is 5% so it would translate to an additional $250.

As per the color of your car - i dont mean to beat a dead horse but..... You should be shopping for mechanical condition. I told a friend of mine that the god damned car could be pink for all I care - just so long as I wont incur toooo many problems. So far so good - and she's not pink, shes...... VINTAGE RED!!!!!

 

Usually it's whatever your state tax rate is times the amount of the purchase. Just like if you went to the store and bought something. For For example in PA you have to pay 6% on all merchandise and pre-prepared food. So...

$10,000 x .06 = $600.00 And tax on $5,000.00 would be half that. ($300.00) Again this is just as an example as every state tax rate varies.


*Edit someone beat me too it but I spent time writing this so I'll leave it.

 

I couldn't orphan the one I already got!

 

I didn't deal with peoplefirst. I dealt with my credit union. Credit Union would be the next place I would check if someone can't get a loan through peoplefirst. I joined one local to me and after a couple months of being a member applied for a loan and got it right off the bat. They asked me who I was buying the car from, vin, etc but when I went the pick up the check it was made out for the purchase price of the car but was blank as far as who it was too. So I cashed it at my bank and then paid for the car in cash. (And I never want to try walking out of a bank full of people with that much money again, you tend to get nervous). I know just as a seller I would prefer cash over a check if someone is taking a car.

I highly doubt they will ask you for a bill of sale or receipt. The amount they are going to be concerned with is what was written on the check when it was cashed. Just what I believe. Someone who's dealt with peoplefirst(alot of people on this forum have) would be able to tell you more.

 

BTW, my car was "valued" by the credit union at 2-3k+ what blue book value was on the car. And I bought it for 3k or so under blue book value(6k or so under what they valued it at) which means in their eyes they would stand to make a good profit if I defaulted on the loan and they sold the car. Which was probably one of the reasons I got the loan so easy. One of the most important things to a bank is if they're going to lose money if something should happen where you default on the loan and they take the car.

 

What about a big brother???