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paying cash or finance for these used cars?
Thread Starter
Member
Joined: May 2005
Posts: 141
Likes: 1
paying cash or finance for these used cars?
I have been in the market for buying another used car but the dealers around have nothing I like so I am lookin into private party, but come to the problem that NO BANK wants to finance a used car thats older then around ~5 years old or over 100,000 miles.
used cars are dipping really low and I have to get my hands on one of these!
what is the secret, pay cash?
used cars are dipping really low and I have to get my hands on one of these!
what is the secret, pay cash?
Member
Joined: May 2011
Posts: 85
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2004 E55 AMG
Most credit unions now are easy to join. A lot of them require you work in a specific township or county or even just live in one. I'm buying an 04 e55 right now through private party and they're willing to finance up to 27.5 for it. They're giving me a rate of 2.9, which in this situation is excellent.
All the CUs I've looked at have a limit of 100k. I'm not sure how to get around that, but they let you go back 10 years, under 100k, and don't care who you buy from.
-D
All the CUs I've looked at have a limit of 100k. I'm not sure how to get around that, but they let you go back 10 years, under 100k, and don't care who you buy from.
-D
Thread Starter
Member
Joined: May 2005
Posts: 141
Likes: 1
ya, the credit union did say it goes back 10 years. but the car I am looking at is a first gen c5 corvette, 1997. 120k miles. $12k
I would buy from my local used car lot. shooot, they even have like 7 vettes, but they are mostly automatics! not the right interior color etc.
just thinking about this auto loan mess, with the "credit crunch". They only want you buying newer cars? some kind of conspiracy going on. As I am a mechanic, I prefer older, higher mileage, cheaper cars.
I would buy from my local used car lot. shooot, they even have like 7 vettes, but they are mostly automatics! not the right interior color etc.
just thinking about this auto loan mess, with the "credit crunch". They only want you buying newer cars? some kind of conspiracy going on. As I am a mechanic, I prefer older, higher mileage, cheaper cars.
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Joined: Feb 2008
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From: Charleston, SC
GL450
The credit crunch largely came about because banks loaned $500k for houses that would later only sell for $250k. This is even more an issue with cars, which tend to depreciate, whereas house tend to appreciate. No one will loan $12k for a 1997 120k mile car (even a Credit Union shouldn't). That seller either needs to find someone with $12k cash or needs to cut the price, almost in half, where it will sell.
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MBWorld Fanatic!
Joined: Jan 2010
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From: MICHIGAN
2001 E55 - 2008 CLS63 -2016 F-150
CASH .. 01 E55 100k miles 2 sets rims , TRIPL BLK , fully loaded , fully serviced with records 8K sold the reps with tires ended up gettin the car for 7k driven over 16 months without one hiccup or service just oil changes , best cash money ever spent
MBWorld Fanatic!
Joined: Feb 2004
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From: Portsmouth, NH
none
I have to agree.
I've had two sales fall out for my C43 already because the buyers couldn't get financed for around 8K. Its the finance market also to blame along with us its users. In terms of cash I've noticed many seem to think the US dollar is now being printed on Dinar and has magical buying power, quite the opposite. That said I've had cash offers over 2K less than asking price as if I the idea of cashing a bank check was worse than losing 2K on selling price.
Just not a good time for anything $ lately.
I've had two sales fall out for my C43 already because the buyers couldn't get financed for around 8K. Its the finance market also to blame along with us its users. In terms of cash I've noticed many seem to think the US dollar is now being printed on Dinar and has magical buying power, quite the opposite. That said I've had cash offers over 2K less than asking price as if I the idea of cashing a bank check was worse than losing 2K on selling price.
Just not a good time for anything $ lately.
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Joined: Sep 2009
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From: NOMAD
EQS AMG, E53 AMG, GLE63s
pay cash and you and the seller can neogiate more since they aren't going to report all that money regardless......did that with mine.....reported the car sold at 12k but in reality sold for 16k...
