Question on auto loans on private sales
Suzuka Master
Joined: Jan 2001
Posts: 5,349
Likes: 3
From: Lower Nazzie, Pa
I think a smarter option for the OP if he can get a loan for $1M. Considering his age and that he has no problem getting a loan for $50k, then $1M isn't a big stretch. I have a bridge n PA that I am putting up for sale for that price, and since things are slow i will throw in a BRAND NEW M5 with the purchase of said bridge.
It's a smart investment choice because he can set the tolls on the bridge and make pretty decent income for years to come!
It's a smart investment choice because he can set the tolls on the bridge and make pretty decent income for years to come!
Last edited by mrdeeno; May 6, 2008 at 02:02 PM.
Thread Starter
Racer
Joined: Jan 2007
Posts: 426
Likes: 0
From: North NJ
Originally Posted by TzarChasm
Well, if he can really get an $100K car for $40K then he should be able to make money on it selling it no matter how long he drives it.
OP- If this is for real, just get a loan for the $40K and put it up for sale for $50K the same day, you should have no problem selling it within a month or two for $50-60K when they seem to be going for $80K used on autotrader. My question is still weather or not this is legit, because I have some serious doubts about anyone wanting to sell a car for half of book value. My guess is still a washed title.
Actually, you could sell it to a used car dealer on the day you buy it. They have tons of places around here that will give you cash for your car, and any dealer would give you more than $40K for an M5 with 18K miles. Or maybe you could offer to sell the car for the guy and you get to keep half of whatever is left over after $40K. But again, why isn't he doing this himself?
OP- If this is for real, just get a loan for the $40K and put it up for sale for $50K the same day, you should have no problem selling it within a month or two for $50-60K when they seem to be going for $80K used on autotrader. My question is still weather or not this is legit, because I have some serious doubts about anyone wanting to sell a car for half of book value. My guess is still a washed title.
Actually, you could sell it to a used car dealer on the day you buy it. They have tons of places around here that will give you cash for your car, and any dealer would give you more than $40K for an M5 with 18K miles. Or maybe you could offer to sell the car for the guy and you get to keep half of whatever is left over after $40K. But again, why isn't he doing this himself?
Originally Posted by BEETROOT
teh real estate market stinks
everyone cares about money
everyone cares about money
Originally Posted by ProvidenceLeaf
Also, the new body style is due out at some point next year which would drop the value of the car even more.
Don't do it...don't be foolish.
Don't do it...don't be foolish.
Originally Posted by mrdeeno
I think a smarter option for the OP if he can get a loan for $1M. Considering his age and that he has no problem getting a loan for $50k, then $1M isn't a big stretch. I have a bridge n PA that I am putting up for sale for that price, and since things are slow i will throw in a BRAND NEW M5 with the purchase of said bridge.
It's a smart investment choice because he can set the tolls on the bridge and make pretty decent income for years to come!
It's a smart investment choice because he can set the tolls on the bridge and make pretty decent income for years to come!
Suzuka Master
Joined: Aug 2007
Posts: 6,732
Likes: 233
From: Massachusetts
Originally Posted by noshow_nogo
pure laziness, plus he'd rather sell to a friend of a business partner to look good and he doesn't want to spend the time marketing the vehicle.
.
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Suzuka Master
Joined: Aug 2007
Posts: 6,732
Likes: 233
From: Massachusetts
Originally Posted by ProvidenceLeaf
This is not really directed toward you, but the car is not $100K even brand new. The year and mileage he is talking about averages around $60K..
Safety Car
Joined: Aug 2002
Posts: 4,954
Likes: 22
From: SLC, UT
Originally Posted by mrdeeno
I think a smarter option for the OP if he can get a loan for $1M. Considering his age and that he has no problem getting a loan for $50k, then $1M isn't a big stretch. I have a bridge n PA that I am putting up for sale for that price, and since things are slow i will throw in a BRAND NEW M5 with the purchase of said bridge.
It's a smart investment choice because he can set the tolls on the bridge and make pretty decent income for years to come!
It's a smart investment choice because he can set the tolls on the bridge and make pretty decent income for years to come!
Everyone knows that cars are the best investment. I have no clue why someone would buy a bridge, what a shitty investment.
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