Finance Company

KooLaid

KooLaid

Legendary Member
Joined
26 February 2006
Messages
5,533
Location
California Republic
Can any one recommend a fiance company that will allow me to buy a 91-93 NSX from out of state private party? That seems to be the biggest hurdle. The companies #1 hesistate to finance for 5-6 years a car 13-15 years old and #2 private party out of state.

So who did you go with? What were the terms?
 
Credit unions have the BEST rates, mine being offered at 4.5%-5% for used at terms up to 8 years(!). The problem is, there are lots of catches. Mine being I'm active duty Air Force living in colorado, and the cars I like so far (and within my spending) are generally scattered through out the US except colorado and california. My credit union says private sales or dealer sales on used vehicles, it HAS to be bought in california and registered there. Yeah it can be done, but it's a pain in the butt.
 
KooLaid said:
Credit unions have the BEST rates, mine being offered at 4.5%-5% for used at terms up to 8 years(!). The problem is, there are lots of catches. Mine being I'm active duty Air Force living in colorado, and the cars I like so far (and within my spending) are generally scattered through out the US except colorado and california. My credit union says private sales or dealer sales on used vehicles, it HAS to be bought in california and registered there. Yeah it can be done, but it's a pain in the butt.
Click to expand...


Dude, I'm going through the exact same ordeal as you (I'm trying to sell my NSX to buy another car). All the better deals are outside Cali, and my credit unions only finance cars within CA. Capitol One seems to be your best bet....rates are no where near a credit union's, but still....
 
There are SOME decent deals in Cali and some cars I wouldn't mind, like that one/black one that just sold recently but It's too much of a pain dealing with registration/title in california, then dealing with my credit union when I live states and states away. Being in the military I just can't up and take off to cali for the weekend (distance too far to be allowable in the regs to just up and go w/o leave) I thought maybe being in my circumstance they'd might be able to help a lifelong member out, but they wouldn't be able to hook it up much. State Farm said they'd be able to more than likely bend the rules and extend the loan out by 12 months, and reduce the interest a little bit, and allow me to buy out of state from a private seller. but they're VERY paranoid about me being frauded out of their money, and there's some process I have to go through with the "seller's state's" local state farm office to prevent fraud. I just want a "blank check" knowing my limit, and go.... sheesh.... I just want to TRY to get rates close to my credit union's....
 
Spinner said:
Dude, I'm going through the exact same ordeal as you (I'm trying to sell my NSX to buy another car). All the better deals are outside Cali, and my credit unions only finance cars within CA. Capitol One seems to be your best bet....rates are no where near a credit union's, but still....
Click to expand...

Oh yeah, obvious thought came to mind for me...... I CAN buy your car.. :biggrin: Then with my credit union's check, YOU can use CASH or whatever to buy YOUR new car where ever.... problem solved. :biggrin:

Well sorta...... Still gotta figure out what the heck I gotta do to deal with the stupid DMV. But.... it IS possible.... So how much were you trying to sell yours???? :cool:

***********
edit: well I found your car, it's also on either cars.com or autotrader. That's a NICE ride. I remember checking out the pics alot, it's just the miles were the only issue really. Well that and snap ring..... Shame, it's a GORGEOUS car
 
Last edited:
KooLaid said:
Oh yeah, obvious thought came to mind for me...... I CAN buy your car.. :biggrin: Then with my credit union's check, YOU can use CASH or whatever to buy YOUR new car where ever.... problem solved. :biggrin:

Well sorta...... Still gotta figure out what the heck I gotta do to deal with the stupid DMV. But.... it IS possible.... So how much were you trying to sell yours???? :cool:

***********
edit: well I found your car, it's also on either cars.com or autotrader. That's a NICE ride. I remember checking out the pics alot, it's just the miles were the only issue really. Well that and snap ring..... Shame, it's a GORGEOUS car
Click to expand...


Thanks for the compliments. Good luck with your search! If you found a loop hole in this credit union deal, let me know.:biggrin:
 
Try USAA bank. USAA started as an inshurance company for Americans that have served or are serving in the armed forces, and their families.(a great inshurance co.) The USAA bank, because it is a bank, cannot discriminate. There rates are low, and they will provide you with many different options to pay, including a certified check. I bought my 1995 NSX last May. It was in Chicago, I was in Philly,and USAA is in Texas! It was amazing how flexible they we're.
 
Yeah USAA will be my next company to pick their brains out and see if they can suit my needs before they run my credit. So far i get CLOSE but not ever exactly what I want.
 
I checked with two credit unions here. They offered attractive used car loans at 4.5 to 5 percent, however the car must be local. Another restriction of the used car loan was the car had to be a 2000 or later model.

An alternative would be a signature loan, however the rates are between 8 and 10 percent, depending on the length of the term. There was also a cap on the amount of the loan, $20k.

For an out-of-state vehicle, you might consider a signature loan to initially purchase the vehicle. Bring it home, have it registered in your state, then convert the signature loan to a more favorable used car loan. Verify that your car will qualify on the 'age' criteria first.

Watch out for salvage vehicles. Most finance companies will not offer you a used car loan at all. In addition, your insurance company may only cover liability and NOT collision. Extra care is needed under these circumstances.

A suggestion...Keep an ample cash reserve to cover potential repairs to the vehicle over the life of the loan. Going "all-in" for your dream car could put you through some financial stress, but if it pushes you to work harder and smarter, I support your decision. We all need goals.
 
Spinner said:
Dude, I'm going through the exact same ordeal as you (I'm trying to sell my NSX to buy another car). All the better deals are outside Cali, and my credit unions only finance cars within CA. Capitol One seems to be your best bet....rates are no where near a credit union's, but still....
Click to expand...

I don't think that the CALIFORNIA DMV allows private-parties to purchase a car that is made other than for CA and register it here.

I believe one loop hole is that you purchase a car in another state as a substitute car after your CA vehicle fails and becomes disabled in another state.

Am i wrong?
 
jerryho said:
I don't think that the CALIFORNIA DMV allows private-parties to purchase a car that is made other than for CA and register it here.

I believe one loop hole is that you purchase a car in another state as a substitute car after your CA vehicle fails and becomes disabled in another state.

Am i wrong?
Click to expand...


I believe you are wrong. You can purchase from anyone in the U.S. as long as it can pass the CA smog (unless its exempt due to age, and etc.)

If you live in L.A., I'm currently looking at provident credit union for my rates. (5.75%). I'm just trying to figure out what the catch is...there's always a catch.:biggrin:
 
Well I think I'm gonna give the user "AddisonAvenue.com" a go. he quoted me the best rate so far in my situation. Not as good as my credit union with all their catches, but better than what capitalone advertises. I just want to do a little bit more homework before divulging all my personal credit info... no offense. But I've never done anything like this exactly before.
 
Use any finance company to acquire the car. Register it and then refinance through the credit union to get the better rates.
 
ss_md said:
Use any finance company to acquire the car. Register it and then refinance through the credit union to get the better rates.
Click to expand...


Damn. That sounds like a brilliant idea! I wonder if the credit unions will go for it though...does that effect the title though? Since it will be transfered from one financial institute to the other, I wonder what sort of paperwork will be needed..will it show up as "another owner" or "reregistered" or something?
 
woohoo! Viet aka "Addisonavenue" working for.... addison avenue just got me pre approved! Ok soooooo where will be my nsx becoming from??? hmmmmm.....
 
should i say, i told you so base on my suggestion above?:cool:

KooLaid said:
woohoo! Viet aka "Addisonavenue" working for.... addison avenue just got me pre approved! Ok soooooo where will be my nsx becoming from??? hmmmmm.....
Click to expand...
 
actually... it's a finance GIRL.... So you were only half right. lol

Well it makes me really nervous dealing with such sensitive information with someone I don't know. Through a credit union union I don't know. With unknown potential issues that MAY arise IF it was a fraud. But a member or two here helped settle my worries a bit, "m3power222" being one of them. So far, all seems well.
 
Better update this. Well, I picked up the car May 1st. Flew down to houston, drove it back to colorado. I've got my car since then, and about 1 month after, June 1st or so, I got my title from the seller's credit union which sent it to my credit union, addison avenue, then finally to me. I've set foot in the DMV for the last time, lein has been added to the title, and the taxes have been paid. Now the colo DMV just has to process the paperwork and it'll be sent to my credit union. Sooooo end result, I've got GREAT results with addision avenue. She worked her butt off to get everything done for me in the most timely fashion. Viet at Addison Avenue, RAWKS two thumbs up!


Oh yeah, forgot to mention, her rates were SUPER low too! Better than capital one and with longer terms if needed. At the time, she offered rates at I BELIEVE, not 100% sure anymore, as low as 4.9% or lower even at 5 years. She even had a 7 year term at 6.7%. The car I picked up was exactly like I stated int he beginning of this thread. Out of state, 1993, title held by seller's credit union, and we managed to work it out flawlessly :) I even paid my own taxes at MY DMV, so I got a break there too ;-)
 

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