Re: DeLorean Financing

["David Teitelbaum" <jtrealty@xxxx>]

The reason most banks are reluctant to finance a Delorean is that they
wouldn't know what to do with it if they had to reposses it. On more
modern cars they are more comfortable with it if they had to take it
back. The other route is to collateralize the loan with something else
like a home equity mortage or a personal credit loan so the bank would
be happier. Remember banks only lend money to people that don't need
it so if you are trying to borrow and use the Delorean as collateral
you are going to have an uphill road. If you are succesful in
borrowing the money to buy the car you MUST budget something for
repairs and parts. The worst possible position you can get yourself
into is to have a car that doesn't run, you can't afford to fix it,
and you have to keep making payments on it. Remember that you have to
insure it (the bank will not only insist on that but that they are the
beneficiary) tax, title, registration, inspection, and in some places
a personal property tax!
David Teitelbaum
vin 10757


--- In dmcnews@xxxxxxxxxxxxxxx, "Darin Wolf" <son_darin@xxxx> wrote:
> It would seem I have run into a minor position here in the good old 
> state of Missouri. I want to be able to get a loan on a DeLorean 
> that just happens to be sitting in a suitable location. There is 
> only one problem.
> 
> What I want to know, is why it is that I can get financing on a 
> newer vehicle and yet it seems no one here can get loans on one of 
> these cars. It would seem that the bank is rather reluctant to help 
> in this situation. I wonder how many of you out there have run into 
> this kind of situation. What did you have to do to get around to it?
> 
> Thanks,
> 
> 
> 
> Daemon Wolf.