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  #31  
Old 01-29-2011, 10:26 PM
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Agreed. There's a few here in Sacramento County that are in the 19,000 range at 30,000miles. No one will touch em, and probably because they cannot finance them through a traditional bank.
30k miles at 19k price? that is a steal, no one will touch them because of the state, California....not because of financing. I got mine for 22.8k, and that was a steal for an '05 QC. These things still book for 28k+.
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  #32  
Old 02-01-2011, 09:24 AM
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05 QC with a book of 28k? Hi retail perhaps, but who looks at retail book. When buying and selling or trading in, you are just wearing rose colored glasses if you look at anything but wholesale book, and ignore any mileage add, because dealers and wholesale buyers do. Now a mileadge deduct....that you have to take into account, again, because the pros do.

Heere is my rule of thumb...you better buy it right, because you will rarely, if ever, get what you want for your vehicle as a trade in.
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  #33  
Old 02-02-2011, 01:30 AM
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05 QC with a book of 28k? Hi retail perhaps, but who looks at retail book. When buying and selling or trading in, you are just wearing rose colored glasses if you look at anything but wholesale book, and ignore any mileage add, because dealers and wholesale buyers do. Now a mileadge deduct....that you have to take into account, again, because the pros do.

Heere is my rule of thumb...you better buy it right, because you will rarely, if ever, get what you want for your vehicle as a trade in.
I dont know how things work where you live, but I got approved for this truck site unseen for 25k (asking price, ended up being 22.8k after haggling) from Regions. It is very VERY easy to get a loan for one of these, they are priced more than right recently thanks to gas prices. All the bank knew was 2005 QC SRT10 with 60k miles, 25k, approved. I ended up going with wells fargo while I was at the dealership just fishing for better rates and got it at 5.8% for 60 months.
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  #34  
Old 02-03-2011, 09:35 AM
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Originally Posted by SRT10.KrAv3 View Post
I dont know how things work where you live, but I got approved for this truck site unseen for 25k (asking price, ended up being 22.8k after haggling) from Regions. It is very VERY easy to get a loan for one of these, they are priced more than right recently thanks to gas prices. All the bank knew was 2005 QC SRT10 with 60k miles, 25k, approved. I ended up going with wells fargo while I was at the dealership just fishing for better rates and got it at 5.8% for 60 months.

How much you are approved for has very little to do with the actual vehicle. Loan to Value is what banks look at. I see it every day in my business. People approved for 30K on a vehicle, and wonder why they need to put money down on a truck or car that only costs 25K. Because of LTV. 110% of wholesale book up to 130% of Retail book, typically including TTL. The banks will certainly lend you the money if you qualify, but it's not what the banks will lend you on a truck that counts....it's what it is worth once you drive it off the lot.
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  #35  
Old 02-04-2011, 10:24 PM
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How much you are approved for has very little to do with the actual vehicle. Loan to Value is what banks look at. I see it every day in my business. People approved for 30K on a vehicle, and wonder why they need to put money down on a truck or car that only costs 25K. Because of LTV. 110% of wholesale book up to 130% of Retail book, typically including TTL. The banks will certainly lend you the money if you qualify, but it's not what the banks will lend you on a truck that counts....it's what it is worth once you drive it off the lot.

I guess I am lost then, because I was under the impression banks will not loan you the money unless the value of it was equal or more. SRT10's are selling for way under book right now due to fuel prices, plain and simple you can get a loan for one easier than paris hilton can get d!#k.
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  #36  
Old 02-04-2011, 11:07 PM
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I guess I am lost then, because I was under the impression banks will not loan you the money unless the value of it was equal or more. SRT10's are selling for way under book right now due to fuel prices, plain and simple you can get a loan for one easier than paris hilton can get d!#k.
Everything is contingent on the selling price versus the book value of the vehicle. Again, that book value might be wholesale book or might be retail book, depending on the lending guidelines of the individual bank or credit union. How much of book they will loan you will also depend on your credit score. For example, someone with a 720 or higher score might be offered 110% of KBB wholesale book including TTL, whereas someone with a 630 credit score might only get 100% of wholesale book + TTL. The lower your credit score, the higher the "cash participation" on behalf of the buyer will be required by the bank.

As long as the selling price is "reasonable" in the eyes of the bank, and your credit meets the requirements, loans are to be had.
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  #37  
Old 02-05-2011, 12:01 AM
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Well all the QC I've seen recently are selling for a min. $25k to $30k and honestly they are getting much harder to talk dealer or even private seller down on price, do to the simple fact there are only a little over 9,000 made. My bank would have given me $32k to get the truck if i needed. If one is worried about gas prices they shouldnt drive a truck. As far as my srt10 goes it gets the same as my 2008 hemi QC did.
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  #38  
Old 02-05-2011, 12:26 AM
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Everything is contingent on the selling price versus the book value of the vehicle. Again, that book value might be wholesale book or might be retail book, depending on the lending guidelines of the individual bank or credit union. How much of book they will loan you will also depend on your credit score. For example, someone with a 720 or higher score might be offered 110% of KBB wholesale book including TTL, whereas someone with a 630 credit score might only get 100% of wholesale book + TTL. The lower your credit score, the higher the "cash participation" on behalf of the buyer will be required by the bank.

As long as the selling price is "reasonable" in the eyes of the bank, and your credit meets the requirements, loans are to be had.

Alright lol, I understand now. But I will say in Texas some are being listed a couple grand underbook on auto trader. I got mine underbook, and couldn't be happier with it.

My whole point in our discussion was that I found it rather odd they approved us for it site unseen for 25k, I guess banks are getting desperate now.
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  #39  
Old 02-05-2011, 12:45 AM
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The Loan Officer at my bank said some banks take into consideration many factors: credit score your value as a customer and the fact what they told me is the view the SRT 10 to be a vehicle that will not be losing its value and will even gain value in the following years. The basic fact is as long as people want them seller will determine the price
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Old 02-08-2011, 12:09 AM
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The Loan Officer at my bank said some banks take into consideration many factors: credit score your value as a customer and the fact what they told me is the view the SRT 10 to be a vehicle that will not be losing its value and will even gain value in the following years. The basic fact is as long as people want them seller will determine the price
Loan officers have little to no idea about car values other than what their computer spits out after inputting the VIN. These people are not educated in pricing or trends pertaining to vehicle values. If you want to speak with someone who knows what cars and trucks are worth, talk to a wholesaler. These guys go to the auction several times a week and understand the current market trends. I call a several wholesalers to get bids on vehicles daily, and it never ceases to amaze me how 3 different buyers can be within a hundred bucks of each other when bidding on a car or truck. There is a true market value for everything, including SRT 10s. And to find a modern vehicle that INCREASES in value....well....it better be REALLY special. Just my opinion, based on daily experience in the field.

Credit score is ALWAYS a factor. Perhaps a small community bank will take your value as a customer into consideration, but the big banks could not care less. Clients come to me and assume that because their current loan is from Bank XYZ, and they have never missed a payment, that they will automatically get a loan for a new vehicle. Just not true. I often have to explain this to clients, who are typically upset at this news, but it is what it is.
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