The big day finally gets here...and I have to wait?

1698 Views 30 Replies 15 Participants Last post by shinoo, Mar 20, 2004

OneFastLotus

Discussion Starter · Mar 19, 2004

How do you think things will play out since we have no VIN #'s?

For instance, I suppose LOA will call me and say "hey your cars are here" and Im going to want to fly down there within the hour to get them however.....first I'll need the VIN numbers so I can secure my small bank loan, that paperwork will take time. Also I'll need to shop around for insurance now that I'll have a VIN number Im hoping this wont be a problem

So I figure that even if LOA calls me on June 1st its going to be at least a week before I can get all the proper paperwork etc squared away and fly down to get the cars.

I wonder if Lotus could supply the VINS a little early? Since they have our names on the PO's at Lotus in Hethel, seems they could provide some sort of roster and information before they ship so we could get going on what we NEED to do to check on insurance etc?

Im not going to want my cars sitting down there for a few weeks while I try to get my paperwork in order, but I cant get my paperwork without the VIN.

Also I suppose Im going to be subject to weather too...I dont want to fly down and drive back on some rain soaked weekend. I dont want to find out what a mid engined car with race tires does on the interstate with a 600mile drive back.

Ideas on how you plan on handling things?

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21 - 31 of 31 Posts

zvezdah1

· #21 · Mar 20, 2004

Jenn,
The good thing about picking it up at LOA, they're about 5 minutes from the interstate so very little in town driving to do.

Chris

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OneFastLotus

Discussion Starter · #22 · Mar 20, 2004

Yeah I have a pretty good memory and the ride from the airport to Buckhead wasnt bad IIRC....my worries are the rest of the interstates around Atlanta and then moving on through lovely TN etc.

I rented a car at the airport when we visited LOA last and all they had was a Toyota Corrolla. OMG, I have nothing against corrolla's but this thing SUCKED. I thought I was going to have to get out and push when I was trying to merge etc onto the interstates. It was SLOOOOOW and had all sorts of rattles and it was brand new. At least the Lotus will be quicker, we wont talk about rattles though.

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LotusLust

· #23 · Mar 20, 2004

zvezdah1 said:
Jenn,
The good thing about picking it up at LOA, they're about 5 minutes from the interstate so very little in town driving to do.

Chris

of course there are I-285, I-85, I-75 which in atl are worse than the surface streets

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Sownman

· #24 · Mar 20, 2004

OneFastMiata said:
I applied with them last night and they did call me back within 15 minutes, with a MILLION questions. Granted, I dont mind answering questions, but these IMHO were a little much. The first call back was relatively simple, but I could tell I wasnt going to be happy with the situation when they started asking me if I had someone else in my household to use as a co-signer!!!!
I havent been asked that since I was 19 years old and purchased a $23,000 miata. BTW, I purchased that miata WITHOUT a co-signer and paid it off just fine. Then they wanted to know if I would take less than the amount I asked for. I said, well I wouldnt have asked for that amount if I didnt need it. I guess you need to ask for more than you need to get what you want? WTF?

They called back again and let me know I WAS approved for the loan....IF i show them all my liquid assets.

They want to see PROOF of all my stocks, bonds, savings, checking, etc etc. They wanted to know what I had in each account respectively. They also wanted all the information on my 401K! Who is it with? How much money is in it? How vested am I? etc. WTF!

Ive never in my life been asked to give all my personal information like that...401K etc etc and Im NOT going to give them all that information.

I asked for $39,000, not a friggin house loan!

About me,

Im 30 years old. I applied single. I make over $50,000 a year. I have NO house payment and for all intents and purposes, I have no bills.

I have one credit card with a relatively low limit of $4000. I use it for internet purchases. I pay it off monthly.

I have ONE car payment for $150 a month.

My credit history includes over 5 cars and one boat ALL of which have been paid off in a timely fashion thru direct draw from my account. Some loans I paid off a little early.

I have never had any black marks on my credit. I have no bills. ...and these guys want a plot to my backyard and the combination to my house safe to make sure they can find my hidden treasures should I default? Im NOT giving them my retirement 401K info and my bonds, stocks info etc.
[/B]

It's much easier to get a house than a car or a fridge. They know you can't skip town with a house. Also paying off a credit card every month makes you an undesirable. CC companies have a name for that, you're a deadbeat. A deadbeat is somebody that buys on credit every month then pays in full and never pays a penny of interest. They hate that. You are constantly borrowing their money and never paying any interest.

Steve

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Modern Wedgie

· #25 · Mar 20, 2004

Wow, never thought of myself as a deadbeat before

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Donovan

· #26 · Mar 20, 2004

The credit card companies don't mind it that much and it really helps your credit scores to pay off your balance monthly. High balances (close to your credit limit) lowers your scores - the company is still making money on every transaction you make with your credit card.

I am in the mortgage business so I see lousy credit reports everyday and spend countless hours helping people get their scores up...

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OneFastLotus

Discussion Starter · #27 · Mar 20, 2004

wow, never been labelled a deadbeat before for paying my bills on time.

I have a $5000 limit on the card and the most Ive charged on it was $1200. I dont use it often. I keep it for emergency purposes.

I dont see how my paying off my credit card each month would make Peoplefirst need to know my 401K info, my stocks, my bonds, and my savings etc.

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Donovan

· #28 · Mar 20, 2004 (Edited)

They just want to see that you have the ability to save - see how much you have in reserve - so if you were to lose your job or something you can still make your payment. On a house this is standard stuff.
For a car? A paystub or W2 along with a credit report should be all they need. I guess some of these internet loan companies offering crazy low rates are trying to hedge their risk. Guess it is the price to pay to save .5% or so!

If you do have a 401k maybe a loan against that? You can pay back the loan through your company and have it deducted from your paycheck pre-tax. If you do have a home go for the home equity line - you can get one near 3.5% or so and write off the interest...

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ConeFusion

· #29 · Mar 20, 2004

I agree, that's ridiculous. They asked for copies of all those statements when I got my mortgage. But for a car loan?!? I don't remember what I needed, but I don't think it was more than the copy of a pay stub, if even that.

Snownman: To me it makes a lot of sense that a house loan would be safer than a car loan, and should therefore be easier to obtain. But that hasn't been my experience. My credit union (which I promptly quit in protest) refused to give me a mortgage because I wasn't a permanent resident at that time. Sure, I'm going to skip the country and take the house with me!

They don't have a problem giving car loans to foreigners.

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OneFastLotus

Discussion Starter · #30 · Mar 20, 2004

I understand fully why they want to know everything I have including whats under my couch cushions...I just dont think Its for me.

My bank also stands to lose money if I default on a car loan but never ever have they asked me for ALL that before. I have no debt, no bills, and I make more than the car is worth in one year.

Yes I have a 401K but Im only 30 so its not like I have a million bucks in it.

I'll be ok, Im just going to have to purchase one car outright and get a loan on part of the other one.

Im just pointing out to potential peoplefirst clients that I personally had big problems with them and Ive never had a problem getting a loan in my life.

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shinoo

· #31 · Mar 20, 2004

Wow. Sorry to hear your experience was so bad. That is 180 deg from my experience. I used them to finance several vehicles over the years. I never experienced anything like that. It was pretty painless and quick for me.

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