problems buying a GN

[WeSS]

Well my bank only goes by NADA for values on cars. I am trying to buy my friends car & cant prove to the bank that turbo buicks are worth alot of $. They only list regals from 92 up. When the loan rep went to kelly it only showed like $500.00 for regals. They didnt have anything on gnx,gn,T's,etc. Any ideas?

 

[Haynesie]

actually i do believe i have seen a NADA book that does show the valuation of a GN as being around 5500, but besides that i wouldnt think that a bank would be too keen on giving someone a loan for a used car, i do know that their are some specialty laon companies that do give out loans for classic cars, just not sure if ours are quite classic yet, try looking to see what Hemmings motor news has in it for companies, you might find some help

 

[tracy]

Check NADA again..depending on the mileage and year, I have seen values in the high teens to low 20's.

JJ Best is a company specializing in classic car loans and they do classify the GN as a classic. You'll pay higher interest, but it's an option.

Good Luck

 

[dyermullet]

You could print off ad's from online of simular optioned cars. Or even bring in a coppy of hemmings motor news, or another car trader mag to show the bank what they cars are worth.

Tell them that the rear axle alone is worth $600.

 

[19gn87]

No first hand experience, but I have known a couple of people who have been pleased with Capital One (previously Peoplefirst)
As you can see, the minimum loan amount is $7500 when buying a car from an individual and obviously there may be other qualifications. I would do all value research possible and check them out...won't cost anything to find out the details.

 

[sadavid]

NADA Values

NADA currently has two different price guides available. One pertains to common/every day vehicles. The other price guide pertains to classic/collectable vehicles.

Locate a copy of the classic car price guide and share it with the bank.

 

[Black Car]

Here is the link you need.

Here is the link.
http://www.nadaguides.com/ClassicHome.aspx?wSec=12&wPr=0&wPg=2002

 

[87gninpa]

go to kelleybluebook.com and look up the private party value, should be around 8 grand in good condition. they have an options checlist and there one for grnad national package and one for t package, and they also go by motor. show that to them, kelleybluebook is usually highly respected

 

[Marc87GN]

Originally posted by Wes 87 Turbo T
Well my bank only goes by NADA for values on cars. I am trying to buy my friends car & cant prove to the bank that turbo buicks are worth alot of $. They only list regals from 92 up. When the loan rep went to kelly it only showed like $500.00 for regals. They didnt have anything on gnx,gn,T's,etc. Any ideas?

I bought my GN with a loan from Capital One. It did show up as a regular Regal and the lady said the value was $5K. I told her to look up GN in the Kelly Blue book and it showed up as 18-22K. My loan went through easily and I had my check a day later before I went to Michigan to pick it up.

 

[rag93vette]

I used peoplefirst which has now changed to capital one. When i used it they didnt even check as to the kind or value of the car. They just sent a blank check that could be used for any car at any price up to the amount of loan which was applied for.

We had to have the paperwork done at Mailboxes etc which i think is now ups store. It was a fairly painless process and the interest rate was around 6%. Not bad for an old car that most banks would have had problems financing.

 

[Whut]

From NADA;

Passenger Car
1987 Buick Regal 2 Door Coupe Grand National

Original MSRP: $15,136


Low Retail Average Retail High Retail
Base Price

$8,350 $14,250 $22,000


TOTAL $8,350 $14,250 $22,000