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Discussion Starter #1
I was so close to becoming an owner!
Unfortunately my credit union wouldn't approve the car for financing because they couldn't find the Lotus Elise listed on the official NADA. However I know it's listed on the "consumer" version of the site. Which I find weird.

I'll join your ranks one day! Just not today it seems.
 

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Join PenFed for $15 and get a loan through them. Their rates are good and they have no problems with financing a Lotus
 

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I would not let a dinky credit union tell me what I can and cannot be financed for. If they don't want your business go elsewhere. I have a PenFed loan on my Lexus, they are easy to deal with. I joined with a minimum $5 balance in my PenFed account.
 

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My credit union couldn't find the Lotus in the standard NADA portal they were using, but they found it in the "classic and collectable cars" portal.

Go back and tell them to look in "classics and collectables."

While we were searching we also had the loan officer call the underwriters (advantage of the credit union) and they didn't seem too bent out of shape and were willing to write the loan without seeing the book as well (although I was also putting 80+% down so I don't think they were worried).
 

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Discussion Starter #5
Join PenFed for $15 and get a loan through them. Their rates are good and they have no problems with financing a Lotus

Just tried to apply for a loan through them. Got to the part where you fill in the vin and information about the vehicle and it has a drop down menu. Lotus isn't listed at as option for "make" of the vehicle
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If you go to Barnes and Noble, you can purchase a NADA black book which WILL have Lotus values. Scan the value and send it to your bank. Unfortunately the online versions will not have values for Lotus
 

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Just tried to apply for a loan through them. Got to the part where you fill in the vin and information about the vehicle and it has a drop down menu. Lotus isn't listed at as option for "make" of the vehicle
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Do you have the VIN, and does that work independently of the drop-down?

I ask because when I went to get insurance the agent's computer portal also didn't have Lotus in the dropdown, but as soon as they entered a VIN a policy was available to them.

My credit union were also happy to accept this online NADA book value from the "classics and collectables" book:

2006 Lotus Elise 2 Door Coupe Value, Prices & Specs | NADAguides | NADA 2006 Lotus Elise Book Value & 2006 Lotus Elise Market Price

We just weren't able to access it through the officer's portal - we had to go outside the bank's system and Google to find it.
 

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My credit union couldn't find the Lotus in the standard NADA portal they were using, but they found it in the "classic and collectible cars" portal.

Go back and tell them to look in "classics and collectibles."
This!

My credit union couldn't find Lotus either (back in 2000, in a paper book), so they asked what kind of car it is... I told them it was like a Ferrari, and then they said they had to look in the "classics and collectibles" book. They found it there, and had no problem giving me a loan (I was 24 at the time).
 

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It would also be nice to have a reputable source to cite for depreciation (or relative lack thereof) for good used Elise and Exige models.

Bottom line: Some lenders are just too lazy or too uninterested to do a little extra research for a Lotus loan. Don't waste your time with those guys because there are certainly other good credit unions willing to step up.

OTOH, do expect a firm insurance requirement to obtain the loan, but likewise, there are good insurers willing to cooperate too.
 

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Discussion Starter #11
Call PenFed. They are excellent to deal with.
Put in my loan application for PenFed, should hear back in 24 hours. I expect good news because I was granted the loan amount at the credit union they only had a problem with the car. So from what everyone has been saying I shouldn't have a problem with PenFed! Thanks so much everyone, I was really bummed. The dream is still alive!
 

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A credit union called Logix opened up down the street from my office and they were constantly coming by to drop off flyers and invite us in. I finally figured I'd give them a shot when I decided to buy the Evora. The dealer got me financed through Wells Fargo at a 2 or 3% and I remembered seeing a sign on the Logix window for 0.49% on a new car. So I walked in, waited around for 10 minutes while the lady I needed to speak to had a meeting with another employee (I was the only customer in the building and had to wait). When I finally gave up and walked out, she chased me in the parking lot and convinced me to come back in. I gave her all the info personal info, vehicle info, etc. She looked it up and said that it wouldn't qualify for the promo rate and that they would only approve the loan for basically half of what I was asking for.

Long story short, some credit unions are f-ing useless , go to Pen-Fed or go to a real bank and it won't be an issue.
 
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