Problem with finance for 2001 DC5 Type R

[Dan Dan]

Hi,

I dont know if this is in the right area, but there seems to be a problem with the banks and lenders these days...

I'm selling my 2001 DC5 type R and they are only valuing the car for $13,500... it's happened twice now where people have come out to look at my car... agreed on the purchase after already receiving preapproval... only to find out later when my car details are given, that their loans have been declined due to the car not being valued anywhere NEAR $24,000?

I chased up the banks and called other lenders to confirm their stories and they say the same thing... for a 2002 Dc5 they will lend up to $17,000k but even then that's not enough for them to buy my car and they won't put the application as a 2002 if my build date was 2001 anyway (even though their system doesnt distinguish between 2001 dc2 or 2001 dc5 and it says 2001 is all 1.8lt 5 speed)

If this is the case I dont know how I can ever sell my car because people who in the market for this car dont exactly have the finance available for it?

Has anyone come across this issue before? Does anyone have any suggestions on how i can get potential buyers some finance for my car?

Thanks,

Dandan.

[b18c7dc2]

that sux man. i'm quite interested in this topic.

[IEVAQ8]

the problem is that people are getting a car loan, which the bank takes crapy values and then they use the cars as security, so if they value at 13500 and they borrow 20000 then in the case of something goes wrong they cant repay the loan, with reposesing the car.

now, if the only way u can afford to buy a car, is on finance, u tell the banks that you wish to apply for a personal unsecured loan.

if they ask wat its for, u tell them car repairs and a holiday.............and bobs ur aunty and they give u money.........

ohh i know all this, because i work in a bank................... ;)

[AE092]

Thats an awesome idea IEVAQ8!

But.. because its unsecured what do they use as a legal bond/security? Just run a history check and that's it?

[IEVAQ8]

Thats an awesome idea IEVAQ8!

But.. because its unsecured what do they use as a legal bond/security? Just run a history check and that's it?

thats all the banks use, they check history, debts and defaults,
and just check u earn enough money to comply with the repayments

[Fuzz21]

i had the same prob when i was buyin an 2001 dc5r. the prob was when they type in 2001. they usually select the dc2 instead of the dc5. i started crackin the shits and had a look at what they were doin and i noticed that they selected they 1.8 speed instead of the 2.0l 6 speed. but IEVAQs idea is good

[45SET]

I work for a bank also... in the finance section. IEVAQ8 is correct.

Not sure about other banks, but we use RedBook. This does show the diff between a late 01 and 02 model DC5r.

Not knowing how many K's your car has done (and just using the National Average of 70k KM) the price for a 01 DC5r is $20950... and BOQ (Bank of Queensland) would be happy to finance $22500.. or roughly 7.5% above that of the redbook value. I'm not sure what systems other banks use but this is the system used here.

Unfortunatly you'll also get the dreamers that think having a casual job at macca's for a year means they can get a loan, but your best bet would be to tell people to sort there finance prior to talking to you or telling them to get a personal loan.

[Dan Dan]

Thanks for the reply guys...

I knew that after the first attempt failed for a car loan failed, to put her through a personal loan but i dont know if she ended up trying to secure the personal loan with the car again... meh...

This is the 2nd time it happened... but i thought the first guy was just backing out of the sale so i didnt follow it up but this time i dont know what else to suggest...

To the guys that work at the banks (or experienced with this...) Who wants get her finance and get commission for a loan? HAHA... my question is... How many applications can someone go thru and in what space of time before it's just flags as bad rating or something? The potential buyer has applied through anz and BOQ within the past month... not going to put out all the details here but its been one car loan app that was denied because of the car... and a personal loan denied for reasons i dont yet know... So yeah... i dont know what else is left or if there's any chance for the person to sus out finance in the near future...

[IEVAQ8]

problem being, if u apply for finance with a particular bank, lets say BOQ and then re-apply they have records and most banks now days do a credit check, which every bank has access too............

so even if she applied at another bank, say ANZ, and ANZ ran a credit check, if the first bank did this properly then it would also show up.

i've worked at a few different banks..................

although CBA is a big company, i find they have holes you can get through, u just need to know what u want and how u want it, coz the sales guys can try and and sell you a different loan and could cause you not to pass and be declined for the funds.

anayways...............good luck with sale

[EGB18CT]

just also make sure you know the difference b/w the secured and unsecured loans as interest is generally higher on the unsecured loan by a couple percent.

[IEVAQ8]

just also make sure you know the difference b/w the secured and unsecured loans as interest is generally higher on the unsecured loan by a couple percent.

very true................

regardless though, if your going for finance u mostlikely pay ur car back plus another half..................lol

[Dan Dan]

Yeah interest rates def a bit higher with personal... oh well... i dunno what else to do... i just hope the next person that steps up has cash to front for the car!