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Discussion Starter #1
Hi! I am currently going through the process of buying my first Lotus Elise! :)
It is from a forum member on here and I am very anxious to purchase the car, I had my loan approved last week and turned all of the final documentation in this week.

Today my bank calls me and says they cannot do the loan for the required amount because the car blue books at $21,000!!!! I went onto NADA and checked and they are using low book value... the car is a 2005, Touring pkg, LSS suspension upgrade, several aftermarket upgrades including hardtop... and only 17k miles. Average book value is $29k and high is $37k, why would a bank use LOW value on a car with options and low miles?

Have any of you experienced issues like this when purchasing your Elise?

I have explained to the underwriters that the car has incredibly low miles (below average) and has factory options installed etc and they are reviewing it again...

Any input would be greatly appreciated.

Thanks!
 

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why would a bank use LOW value on a car with options and low miles?
Not sure what bank you're using but sounds like they don't want to take any risk :shrug:

Maybe try going through another bank or credit union :confused:
 

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Hi! I am currently going through the process of buying my first Lotus Elise! :)
It is from a forum member on here and I am very anxious to purchase the car, I had my loan approved last week and turned all of the final documentation in this week.

Today my bank calls me and says they cannot do the loan for the required amount because the car blue books at $21,000!!!! I went onto NADA and checked and they are using low book value... the car is a 2005, Touring pkg, LSS suspension upgrade, several aftermarket upgrades including hardtop... and only 17k miles. Average book value is $29k and high is $37k, why would a bank use LOW value on a car with options and low miles?

Have any of you experienced issues like this when purchasing your Elise?

I have explained to the underwriters that the car has incredibly low miles (below average) and has factory options installed etc and they are reviewing it again...

Any input would be greatly appreciated.

Thanks!
I doubt a brand new 2005 Elise with zero miles that's been sitting in someone's garage would bring $37K. $29K is a bit on the high side for an 05 you describe. I would think $21K a bit on the low. As described, probably around $24 to $25K.

But I paid cash, so I didn't have the experience.
 

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Discussion Starter #5
Thanks for the replies!

I am using Key bank, I have had several lines of credit with them, never had any issues until now.

First they had a problem with the vin number, I have no idea why, it checks clean through carfax, and its the same on the car as registration... now the value of the car is off. Boo on Key bank.

I will have a response back from the underwriters tomorrow but if they cant seem to appraise the vehicle correctly I will be trying my credit union.
 

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i had no problem with my loan. they actually value the car at 35, my car is a 2005 with 36k miles. they may not have the car listed in their system.
 

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I'd be pissed if that was my bank. I've never heard of that happening. Definitely an issue of collateral and default if they are only gonna give you low BB.

I'd be at their desk asking for my money and bank somewhere else.

Go to a credit union.
 

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My credit union valued my car at 35k.

You mentioned your car has aftermarket upgrades, i'm pretty sure your bank doesn't like that at all and that's perhaps the reason they are setting it as kbb poor condition.
 

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Discussion Starter #11
Wow, lots of good reviews for Penfed, several co-workers reccomended them after I had already started the process with Key. I ended up contacting my credit union, they valued the Elise I bought at $37k so everything went smooth.
I am now the proud owner of a 2005 Lotus Elise!
 

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Congrats.

I just picked up a bone-stock '05 for with 35K on the clock for $25,000. My credit union valued the car at $23,400. I don't know where that number came from, but since I was putting money down, it didn't matter.

I think most banks are reluctant to lend money on a vehicle unless they can just put it up at a wholesale auction and recover most of their money in case of a default.
 
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