pdaj
07-22-2005, 05:19 PM
Wow, what a complicated mess!
I'll do my best to summarize:
1) I ran into a dealership willing to sell me an '89 Pontiac Turbo Trans AM. The stats? Excellent exterier condition. Above average interior. Under 25,000 original miles. And it runs tremendously.
2) The price? $10,900. Yes, you're reading that correctly. Amazingly enough, the car was listed for 18k a few weeks earlier (and a while before), and now the owner is looking to simply get it off his hands.
3) My credit union is willing to provide me with a car loan (my credit is excellent) over a span of 4 years.
4) The problem? Their "blue book" lists the car at merely 5,000 or so dollars. In other words, the bank doesn't have a special addition -- otherwise they'd know the car's value is over 18k. That being said, now the bank is refusing to go through with the loan until I verify the car's actual worth.
5) In order to do so, they appear to be requiring two individual appraisals. Unfortunately, the vehicle isn't exactly next store to me, and I'm not trying to spend a fortune .. hell, this entire experience has been frustrating enough!
So the question remains: What do I do?
Have any of you experienced these problems in the past? Is there any other way to prove this vehicle's worth? Also, how much do appraisals generally cost? Any help whatsoever would be extremely appreciated!
I want this car!
I'll do my best to summarize:
1) I ran into a dealership willing to sell me an '89 Pontiac Turbo Trans AM. The stats? Excellent exterier condition. Above average interior. Under 25,000 original miles. And it runs tremendously.
2) The price? $10,900. Yes, you're reading that correctly. Amazingly enough, the car was listed for 18k a few weeks earlier (and a while before), and now the owner is looking to simply get it off his hands.
3) My credit union is willing to provide me with a car loan (my credit is excellent) over a span of 4 years.
4) The problem? Their "blue book" lists the car at merely 5,000 or so dollars. In other words, the bank doesn't have a special addition -- otherwise they'd know the car's value is over 18k. That being said, now the bank is refusing to go through with the loan until I verify the car's actual worth.
5) In order to do so, they appear to be requiring two individual appraisals. Unfortunately, the vehicle isn't exactly next store to me, and I'm not trying to spend a fortune .. hell, this entire experience has been frustrating enough!
So the question remains: What do I do?
Have any of you experienced these problems in the past? Is there any other way to prove this vehicle's worth? Also, how much do appraisals generally cost? Any help whatsoever would be extremely appreciated!
I want this car!