What's with the bank and Corvettes?
 

I am bewildered. :bang: Wells Fargo will not agree to give me a loan on a 99-02 Corvette for more than 48 months - and here's the kicker - I have excellent credit! Is there something I am missing, like maybe they are prohibited from doing so because of the economy? :eyes: It makes me mad because a local dealer financed my 99 for 72 months. Maybe they do not want me having 2 Vettes? Thanks for reading about my heartache.

nope because most banks won't do anything 5+ years on a vehicle that is over 5 years old. Although my '98 i put on 5 years. I paid it off already though(took me a year) so i'm not 100% but my bank is just a local credit union. The dealer MAY have went through a different lender OR they finance THEMSELVES. Just a thought~Cole~

A 4 year loan on 6 year old (2002) car isn't bad. I'm surprised that they will go 48 months on a 1999.

The dealer has incentive to loan the money; he gets a sale. ;)

Now you know my pain.... :jest:

I'm a finance guy at a Corvette only place...

Picture this conversation.... "yeah, muaphukah I wan a loan on dat '92 you got out deahhh..."

"ok...."

"Yeah, you know waa am sayin'? I got credit dat 'ainn so goo."



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And this dude wants 72 months... :bang: And is still pissed because the "payments are too high." :eyes:... when he's lucky I can even get it bought by the bank in the 1st place!!!

It's because they won't finance a car of that age...just cough up the money and take out a personal loan. It will probably only be another 1000-1500 over the life of the loan with the higher interest rate...at least it'll get you in the car.

I already sold my nice TA, and then found all this out about the only Corvette I could afford...a 1998 at the time. Talk about being pissed, frustrated and scared that I just sold the nicest car I thought I'd ever own, and now I can't get financing for a C5..lol

don't make any sense. Got a 5 year loan on my 02 vette, I could of went 6 years if I wanted. Piss on Wells Fargo anyways, heard they stink. Just go to a couple of different banks and see what they will give you.

Yeah I got my '02 a few weeks back on a 5 year loan and could've done more. Then again I'm military and it was with Navy Federal Credit Union. I also only financed about half the price of the car.

I bought my '99 through Wells Fargo a little over a year ago and they financed it for six years @ 4.9%. I dont know why they wont hook you up. Maybe something changed between then and now. OHH... and I was 26 years old at the time and only put down $1000.

^ Here's why... some banks buy paper like crazy for a few months and then clam up... it's a cycle... like PMS.

Some months JJ Best is hot, then Capitol One, then HSBC, then etc....

like was said b4, its the age of the car. I had the same problem with mine, but i did wind up being able to make it work. To make it work, I showed the bank receipts of work that had been done to the car(including a 6k$ one for the engine being built). after i showed them this they decided to give me the loan for 5yrs on a 97'. I could've done the deal for 3yrs without showing them the receipts, but i only drive the car maybe every other week so i wanted the cheaper payments. So unless you have a similar situation, you may just have to bite the bullet and put money down or make the bigger payments.

Well i got mine through Capital one fin. and had know problem getting 72 months on my Vette and it a 02. It only had 20,000 miles on it.

Or you could pay cash.....:D

My credit union gave us 72 months @ ~5% for our 2001 Z06 last year. This year it's 48months up to 2001, 72 months for 02+

I will have it paid off in 48 months but the wierd thing is when we did the loan the interest rate at 72mos was the same as 36-48mos.

I am 20 and I got a 72 month loan @ 13%. I have good credit, but not a long credit history obviously. I had to get a personal loan for mine though cause of the same thing. Also are any of the cars have over 100,000 miles? Cause most places wont even touch high mileage cars

I think its mostly related to the age of the car.
Same reason why most banks wont do anything with a mid 90's supra that has
a price of 30k but only a value to the bank of 15k. They really just try to make sense out of it. Corvettes should be pretty solid for loans though considering the amount out there and decent resale value on older ones

Makes sense. I was mostly looking at 99s since they were less $ and some are still in really good condition. I will start looking at 03s and newer (spiral gray :nod:), although the price is a lot higher so I will need to put down a hefty down payment. Does anyone feel like it is excessive to have 2 Vettes and a Drag-Race Trans Am? I just really love these cars, and I would rather spend my money on LS1s than anything else.

IMO a loan should only be used when needed (home, daily driver). toys like sports cars, boats, etc should be purchased with cash. if thats impossible then maybe you should save up, sell another toy, or walk away.

Bahhh! We own 3 cars and a crotch rocket and all are paid off except the vette and I don't owe that much on it. I say it all depends on your financial situation and what you're comfortable with.

If you were prior military, USAA's bank would finance you those six. I got mine at 6 years old, and financed it for six years. i guess its just the bank!

Well, it wasn't really the right time but I found an '03 50th Ann. with 38,000 miles Spiral Gray Vette for $24,900 and bought it from a dealer. They were pissed about my story and the heartache I got from Wells Fargo. I got a really good interest rate, 75 month loan, and it's $400 a month. It has 2-tone interior and it's the color I wanted so I took it. I am dreading 2 Vette payments though. Time to work a little harder and pay it off early! (Capital One Auto Finance :nod:)