My brother's girlfriend is going to buy a 91 Toyota Corolla... UPDATE:

[Vic]

Originally posted by: RossMAN
Vic - I forgot, do most banks/CU's finance 80% or 100% of car's value?

Whoa, that really depends on a lot of factors, like age of the vehicle, borrower's credit rating, debt-to-income ratio, etc. With excellent credit on a new car, many banks will finance up to 125%(!) of a car's value, but that's for purchase only so obviously that kind of thing is only to benefit the dealer (you know what I mean). On a car of this age, 80% financing is probably the max.

 

[Eli]

Originally posted by: RossMAN

Originally posted by: Eli

Originally posted by: eakers
a 91 toyota corolla for $3000 american?!

Yep.. just goes to show you how much dealerships mark sh!t up.

I doubt she'll be getting this car when I tell her that she can get a 94+ for the same ammount of money.

She's lucky you're helping her out, otherwise she would have paid $5k for an 85 Ford Escort

Well RossMAN... Our worst fears have started to come true. :Q

Only it's not $5000, it's 500.. lol.

I was misinformed, the '91 Corolla wasn't 3000, it was only 1200. That makes it a lot better.

But apparently she doesen't want to do the whole Finance thing, and is just going to outright buy a 4 - 600$ car.

She was looking at an 80's Escort with a lot of miles for 500, but hopefully we talked her out of it......

There's an '86 Accord in there.. AT, PS, PW, PDL, CC, AC.. for $650. Damn, I wonder if it's still availble.

 

[RossMAN]

You're kidding me, she really wants an ESCORT ???

I hope you guys can talk her out of it, or she'd better be prepared for "told ya so!!!" in about 4 months.

 

[RossMAN]

So did she buy the Escort?

 

[Eli]

Originally posted by: RossMAN
So did she buy the Escort?

No, thankfully she didn't.

It's pretty much out of my control. They found a guy that was willing to let her make payments. He loaned her a car, a '91 Ford Escort with only 45k on it, for a few weeks.

Apparently he deals with those police auctions and those type of things a lot. How they contacted him was, they were interested in a CRX he had, but he already sold it..

So he told them that he would loan them the Escort until he found another CRX. He sounds like a reasonable, honest man..

So I guess we'll see what happens.

 

[RossMAN]

He sounds like a very reasonable guy, they're pretty lucky.