03-04-2019, 05:04 PM
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#21 (permalink)
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A True Z Fanatic
Join Date: Sep 2014
Location: Memphis Area
Posts: 3,118
Drives: '09 MB
Rep Power: 124434
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Quote:
Originally Posted by OxZed
I don't know - I think some of these are myths; or, maybe it varies from state-to-state.
I've owned at-least 15 or so "rebuilt" titled vehicles & motorcycles that I've either repaired myself or purchased them already repaired ...
- I've always had full coverage on all w/ never a questioned asked
- I've financed three, there are banks that will. In fact, my wife currently drives a 2017 Chrysler Pacifica, decked out, that I got from Copart as a recovered theft w/ 4k miles on it - we financed it via LightStream.com
- I've never had trouble w/ resale. Now, if your talking a run of the mill Buick or something - yeah, resale might be an issue. In my experience though, with desirable vehicles with desirable options, there's always a market. Will you get full retail? No. But lose thousands? Only if the repair is obviously shoddy.
All my experiences of course, and I'm aware they vary.
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I've financed three loans through LightStream (SunTrust Bank) and, although the purpose of those loans were listed as auto purchases, the lender never once put a lien against any of the vehicles, nor did they request the VINs. I asked them about this and was told that they make credit decisions based upon the borrower's credit score and ability to repay. Further, I was told they are not interested in collateralizing these types of debt (auto loans) due to the administrative costs and low risk due to their credit decisioning model.
All that noted, did you have a different experience with LightStream? Did they request your VIN and place a lien against your Pacifica?
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