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Old 02-16-2013, 08:43 PM   #1
Jfireboy1
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Default Looking for a GXP but....

Hey guys... just sold myv09 silver gt so I could get a GXP but Im running into a problem getting pre approved because the prices being asked are higher than n.a.d.a. None of the financial institution will do more than that. They wont use kbb either which is a little higher. Does anyone know anyway to get one financed without coming out of pocket with 4-5k, thanks
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Old 02-16-2013, 08:54 PM   #2
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Save up the difference or just pay cash.

Sucks but those are your options.
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Old 02-16-2013, 10:48 PM   #3
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Did you try a credit union. Usually if your apart of one they are more lenient with lending money on certain cars than banks are.

I'm assuming your looking at ones that are around 33-34k because nada seems to be putting them around 29-30k
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Old 02-16-2013, 11:01 PM   #4
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Originally Posted by MotorCityG8 View Post
Did you try a credit union. Usually if your apart of one they are more lenient with lending money on certain cars than banks are.

I'm assuming your looking at ones that are around 33-34k because nada seems to be putting them around 29-30k
Actually I'm a member of two credit unions and they are worse than the banks. They will only loan 90% loan to value.
Yes you are assuming rt on the ones I've looked at as well as on autotrader.
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Old 02-16-2013, 11:26 PM   #5
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Thats strange I just put my car in the KBB.com and came up with a shade more than 37k.

Edit wow I just used nana 31.6k.

Nada does not even give the option for adding the 6 speed manual. Go figure

Funny part. The Black book (2013), which all dealers use for trade-in have dashes in place of a value. This is very strange for the Black Book. This very rarely happens.
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Old 02-16-2013, 11:28 PM   #6
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Line of credit.
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Old 02-16-2013, 11:44 PM   #7
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Search around some more. I got my GXP financed at my CU 7 mo. ago with low APR.
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Old 02-16-2013, 11:48 PM   #8
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Line of credit.
"Loan value" is what's hurting him...

Not saying it's right but that's what it is.

These "line of credit" options only suck in that you either get hit on term or interest. And if you do a heloc your rolling the dice as to how or weather prime is gonna spike if the dollar flops or the market recovers.

Long and short of it is financially it's way smarter to come at this with cash
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Old 02-17-2013, 12:14 AM   #9
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Quote:
Originally Posted by Jfireboy1 View Post
Hey guys... just sold myv09 silver gt so I could get a GXP but Im running into a problem getting pre approved because the prices being asked are higher than n.a.d.a. None of the financial institution will do more than that. They wont use kbb either which is a little higher. Does anyone know anyway to get one financed without coming out of pocket with 4-5k, thanks
Quote:
Originally Posted by farsighted770 View Post
"Loan value" is what's hurting him...

Not saying it's right but that's what it is.

These "line of credit" options only suck in that you either get hit on term or interest. And if you do a heloc your rolling the dice as to how or weather prime is gonna spike if the dollar flops or the market recovers.

Long and short of it is financially it's way smarter to come at this with cash

Ya, I agree. I think I misread the original post. I thought he was short 4 or 5K in cash. But now I read it as he doesn't have 4 or 5K to put down. ?

I used my line of credit to get me the extra cash I needed short term while my cash was tied up with other assets. Once I sold my bike I paid off my LOC.
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Old 02-17-2013, 12:20 AM   #10
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Ya, I agree. I think I misread the original post. I thought he was short 4 or 5K in cash. But now I read it as he doesn't have 4 or 5K to put down. ?

I used my line of credit to get me the extra cash I needed short term while my cash was tied up with other assets. Once I sold my bike I paid off my LOC.
Makes sense.

I got a personal loan for like a grand just for the sake of establishing credit some time ago...My rate was disgusting. Like 12 percent or something like that.

Definitely not the way to go OP
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Old 02-17-2013, 06:47 AM   #11
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Search around some more. I got my GXP financed at my CU 7 mo. ago with low APR.
Getting the loan or a good rate is not the problem. It finding a car I guess that is not over the loan to value. Ill keep looking around as I'm sure sooner or later ill find one that asking price is at or not much over loan to value. Does anyone know if one that has been wrecked although not bad is worth getting. This one I saw had to have a rear quarter panel and bumper skin replaced because the lady driving it slid on a wet road and hit a mail box. It was repaired with a gm quarter panel and bumper skin at a very good paint and body shop supposedly. Has about 34k miles. Asking $29,000 which is below nada but just not sure if I wanna pull the trigger on that one. Also it's not the color I really want either.... It's a white a6. Guy who has it now has kooks, Corsa exhaust, rotofab and tune. What do you think? Yay or nay? Seen pics and it looks really good just not my color.
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Old 02-17-2013, 07:45 AM   #12
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As long as its repaired good that's a good deal. Are you searching for a a6?

I'm trying to sell my GT right now also to get into a GXP but I'm going for a manual. I'm glad you brought this up though so I can see what kind of loans the banks are offering.
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Old 02-17-2013, 07:58 AM   #13
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As long as its repaired good that's a good deal. Are you searching for a a6?

I'm trying to sell my GT right now also to get into a GXP but I'm going for a manual. I'm glad you brought this up though so I can see what kind of loans the banks are offering.
The rates out there are good and loans available, that's not the issue. Issue is what's being asked verses what the actual retail value is. I'd like an m6 but am really up in the air with a6 or m6. I've been told by many that the a6 is faster but the m6 just feels rt in a sport car.
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Old 02-17-2013, 11:07 AM   #14
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Originally Posted by Jfireboy1 View Post
Does anyone know if one that has been wrecked although not bad is worth getting. This one I saw had to have a rear quarter panel and bumper skin replaced because the lady driving it slid on a wet road and hit a mail box. It was repaired with a gm quarter panel and bumper skin at a very good paint and body shop supposedly. Has about 34k miles. Asking $29,000 which is below nada but just not sure if I wanna pull the trigger on that one. Also it's not the color I really want either.... It's a white a6. Guy who has it now has kooks, Corsa exhaust, rotofab and tune. What do you think? Yay or nay? Seen pics and it looks really good just not my color.
If it was a write off & fixed on the side, I'd say don't get it.
If it was fixed by insurance @ a reputable body shop then I'd say grab it.
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Old 02-17-2013, 11:55 AM   #15
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The rates out there are good and loans available, that's not the issue. Issue is what's being asked verses what the actual retail value is. I'd like an m6 but am really up in the air with a6 or m6. I've been told by many that the a6 is faster but the m6 just feels rt in a sport car.
The A6 is faster/less chance to screw up racing but I prefer the M6. I have money to put down also but was wanting to save it for mods.

Quote:
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If it was a write off & fixed on the side, I'd say don't get it.
If it was fixed by insurance @ a reputable body shop then I'd say grab it.
Agreed
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Old 02-17-2013, 12:41 PM   #16
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Getting the loan or a good rate is not the problem. It finding a car I guess that is not over the loan to value. Ill keep looking around as I'm sure sooner or later ill find one that asking price is at or not much over loan to value. Does anyone know if one that has been wrecked although not bad is worth getting. This one I saw had to have a rear quarter panel and bumper skin replaced because the lady driving it slid on a wet road and hit a mail box. It was repaired with a gm quarter panel and bumper skin at a very good paint and body shop supposedly. Has about 34k miles. Asking $29,000 which is below nada but just not sure if I wanna pull the trigger on that one. Also it's not the color I really want either.... It's a white a6. Guy who has it now has kooks, Corsa exhaust, rotofab and tune. What do you think? Yay or nay? Seen pics and it looks really good just not my color.
What I meant was my CU financed the whole thing and that you might be able to find a bank or CU that would do the same for you.
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Old 02-17-2013, 01:29 PM   #17
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Looks like people selling GXPs need to stop trying to get more than what they're worth just because.
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Old 02-17-2013, 02:03 PM   #18
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There is a member on the other board selling a rebuilt one for $24k. Might want to contact him. From what I understand he does some good work.
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Old 02-17-2013, 02:05 PM   #19
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Try Pentagon Federal... their rates are friggin low and ive gotten good loans on most cars
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Old 02-17-2013, 02:29 PM   #20
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Just a little of free financial advice for you. I think it is great that you know what car you want and that you are trying to get it. Just be careful of over extending yourself. To many of todays young men and women find themselves overextending themselves on credit.
Make sure you look at the cost of ownership of this car. Call your insurance company and find out what full insurance is going to run you on this car. Also look at what this car is going to cost you to drive year round if that is your plan. Be honest with your self on mileage driven and what you can expect to pay in gas and service needed for this car. Oh one other thing. The G8 is not the greatest winter car but it can be used as one. So plan accordingly for that as well. Winter tires. I wish you luck and enjoy.

Edit: I just re-read your post and see that you owned a GT. I would still call your insurance agent to see if there is much difference. As far as gas milage. I am sure you already know this but will say just in case. The gxp does not have DOD and the MPG can be much different than you might expect. Again good luck.
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