Did you finance your Delorean?

[dodint]

Yeah. I don't have a car payment at all right now. I'd rather finance a DMC now instead of a new car. A very good friend of mine is saving for a C7 Grand Sport. I just can't stomach the amount of depreciation he's going to suffer on the drive from the dealer to his house, it's just staggering. If some financial hardship did befall my household I don't think I'd find myself upside down on a DMC loan, especially given I'm bringing cash to the purchase. If I'm socking away $500/mo for five years I might as well drive and enjoy the car today instead of throwing it in a savings account, you know?

Thanks for the tip, mr_maxime. Will file that is a backup plan if things go sideways.

[krs09]

I saved 4k to lessen the overall loan amount to bring down the monthly payments. Once the payment amount was "do" able I took the plunge on a car that sat since '93 and just barely ran, sight unseen. Took 8k to make it a great car with me doing all the work.. sooo yeah... pay within your means

[Rich_NYS]

Do any of the USAA folks remember what they stated the collateral value was? I know it's subject to change, just trying to get a ballpark. I'm not starting a search until April but I'm getting my ducks in a row.

I'll have about $10K cash on hand. Hoping the CV is over $25K so I can have money left over for fixes and upgrades as I figure I'll buy in the $28-32K arena.

IIRC, it was well over $25K.

I called in for a bunch of info before getting pre-approved; they looked up the DMC-12 and told me the amount I'd be pre-approved for.

We sold one to a USAA member (financed) in that price range a while ago, easiest finance transaction I've ever seen. The only bank I've run into that lets the borrower mail in the title himself.

Roger that....that's what I did (mailed in the title.)



RE: financing a DeLorean... I said years ago (when I was still a DeLorean newbie) that although I paid cash, I believed financing versus "saving up" would put you ahead of the "appreciation curve."

I believe that might still be the way to go as long as you get a decent rate.

[dodint]

Old thread but I wanted to respond to 'myself' in case anyone else wondered how it turned out.

USAA will tell you they will finance a collateral value between $25k-47k for a DeLorean if you call and ask. To get the true number you have to actually apply for the credit as they have to do a 'backroom' market analysis that takes up to 24 hours and they won't do it unless you are serious enough to do a credit pull. Not every call center person knows this so be diligent. When I called back to apply for the credit the call center person gave me the $25k number as the collateral value after approving the loan, I had to remind her to check the notes on the backroom analysis.

As of today a 1982 DMC-12 with 21k miles has a CV of $40k with USAA.
Same car costs $60 a month to fully insure under Limited Tort in PA, lots of variables there though.

If you are buying a car from a private party with a lien on the title, USAA sends a check for payoff to the lien holder and will send a second check to your option of you or the seller. I applied on Thursday and had the check on Saturday afternoon, awesome service really.

That is my DMC buying experience through USAA that will probably benefit one or two people at most.

[Foootball_Man]

My current plan is to save up 10k over the course of the next year and finance the rest, if all goes well I'll have a project delorean, or be prepared for one, this time next year!

[dn010]

This makes me want to call USAA and see what they value my D for. I certainly don't want to have an accident and have a low value on it.

As an aside, USAA has been a great company to me-I've been with them since 2006. End of October of last year, a guy had left a side road crossing 3 southbound lanes to get to a gap in the median in order to access the northbound side. Problem was, he did this while I was headed south in my daily driver (not the D) in the left most lane, there was no one else on the road! We collided. Being in Florida, I had no fault and he was 100% at fault and received a ticket, apparently he did not see me coming. I went through his insurance - after a month+ of time waiting for them to do an "investigation" to make sure their insured was at fault, and countless emails and phone calls to them, I decided enough waiting and called my insurance, USAA. Within a week my truck had two estimates and was already at the shop, and I was in a rental. They took care of business fast, waived my deductible and made sure I was being taken care of during the whole ordeal (truck should actually be out of the shop today!).

Old thread but I wanted to respond to 'myself' in case anyone else wondered how it turned out.

USAA will tell you they will finance a collateral value between $25k-47k for a DeLorean if you call and ask. To get the true number you have to actually apply for the credit as they have to do a 'backroom' market analysis that takes up to 24 hours and they won't do it unless you are serious enough to do a credit pull. Not every call center person knows this so be diligent. When I called back to apply for the credit the call center person gave me the $25k number as the collateral value after approving the loan, I had to remind her to check the notes on the backroom analysis.

As of today a 1982 DMC-12 with 21k miles has a CV of $40k with USAA.
Same car costs $60 a month to fully insure under Limited Tort in PA, lots of variables there though.

If you are buying a car from a private party with a lien on the title, USAA sends a check for payoff to the lien holder and will send a second check to your option of you or the seller. I applied on Thursday and had the check on Saturday afternoon, awesome service really.

That is my DMC buying experience through USAA that will probably benefit one or two people at most.

[Rich_NYS]

USAA as changed their interest rates since the last time I financed a DeLorean, they now have a "tiered structure" based on how old the car is.

When I financed 4728, my interest rate was 2.75-ish for any used car....it's now around 6%.

Also a good time to mention [again:] financing is the way to go as long as appreciation will outpace the interest rate. This continues to be proven for all that followed that sage advice...lol. I said it back in 2013 and it's still holds true....enjoy!

[David T]

Financing is a great way to buy a car and not having to wait years to save up enough to afford it. In doing that keep in mind you must have some cash left over to cover the cost of repairs. You do not want to be in the position of borrowing the max to buy the car and not having anything left to get the parts you need. Now you find yourself in the worst position possible. You can't afford to fix the car and you must make payments on a car you can't use. In this way borrowing can be risky if you underestimated what it will cost to fix the car up and/or overpaid for the car.

[Giamanut]

16k 2.4% 36months

[Michael]

USAA as changed their interest rates since the last time I financed a DeLorean, they now have a "tiered structure" based on how old the car is.

When I financed 4728, my interest rate was 2.75-ish for any used car....it's now around 6%.

Also a good time to mention [again:] financing is the way to go as long as appreciation will outpace the interest rate. This continues to be proven for all that followed that sage advice...lol. I said it back in 2013 and it's still holds true....enjoy!

Financing is a great way to buy a car and not having to wait years to save up enough to afford it. In doing that keep in mind you must have some cash left over to cover the cost of repairs. You do not want to be in the position of borrowing the max to buy the car and not having anything left to get the parts you need. Now you find yourself in the worst position possible. You can't afford to fix the car and you must make payments on a car you can't use. In this way borrowing can be risky if you underestimated what it will cost to fix the car up and/or overpaid for the car.

Two very true statements. One was an honest look at the OP subject matter written for a serious buyer thinking of financing.

The other was condesending advice written to a 7 year old.