Went to see a Z06

Red__Zed · 04-19-2012, 11:24 AM

Quote:

Originally Posted by NYBladeZ

The demand and fanboys for the 1M right now is extremely high, with that said I expect BMW to do something to cash in on it. Come on man, those guys who bought the 40th Anniversary Z and don't drive it will cry if you tell them its not a collectible.

The guys buyin 1ms with markup now are like the guys who jumped on the early gt500s

NYBladeZ · 04-19-2012, 11:30 AM

what a mistake that was...my buddy got his M at msrp but still very expensive

cornfed · 04-21-2012, 10:45 PM

I'm just going to be blunt.
He supposably makes $90,000+?
Supposably has "substantial" savings to pick up any car he wants?

If he needs financing for a $40K car with zero down, he can't afford it. Perhaps that what the bank is seeing. Living at home? No monthly expenses? Pay for the damn car with money! You know, that green paper stuff?

For cryin out loud. Some people...

NYBladeZ · 04-21-2012, 10:53 PM

You're missing the point. Yes, he can pay for it all in cash but frankly an all cash purchase is too much up front liability. The rapport with the bank is solid, he's not the problem. What he usually does is buy the car, make payments, invest in his businesses and then when he doesn't feel like having the bank make any more $ off of him, pay it off. Bank is happy, it made some $, he is happy the car is paid off. I've seen him do this a few times, always made me a little jealous because I was always making payments on my Z. When your bank loan officer rolls his eyes when you walk in and says uh oh what color is this one, you are not the problem.

ImportConvert · 04-24-2012, 09:21 PM

Quote:

Originally Posted by NYBladeZ

During my day off yesterday my friend, who has been looking for a Z06 Vette for awhile asked me to come along and visit a few dealers with him. He found one he liked and it sounded like it was a good price. It was a private sale for a 2006 Z06 with 25000 and it looked pretty nice. My friend is a few years older than me and has more than enough annual income (est. $90,000.00+) and he wanted to finance in full with no early payment penalties. That's where the funny stuff started happening. The asking price on the car was $40500 and he wanted to finance around $38000 but after spending time on the phone with underwriters at Wells Fargo and Chase he was approved but for no more than $29,xxx.xx. We assumed they didn't want to take a risk on him but when we spoke with the underwriter he said it wasn't that they won't approve him, they don't value the car anywhere near $40,000.

I found this extremely funny, so a 2006 c6 Z06 has depreciated so much that the banks do not view it as having more value than slightly less than $30,000?!? I picked on him all night using terms like "worthless power" "enough power to turn you upside down before you turn it on" and reminded him if he buys one now anything over $30,000 he overpaid for. Moral of the story, Chevy is all big power and no value, that's what you get when you flood the market with cars even as powerful as the z06.

Good luck getting into a C6 Z06 with reasonable wear/miles on it for less than HIGH 30's. Even a 2006 with a lot of highway miles.

The only complaint I have about my Z06 was the fact that the interior needed some real work. Structurally and mechanically, the car was amazing.

FYI, I payed $65K for my Z06 new in 2011 and when I traded it in 2012 I got what amounts to $55K for it if you consider that they claimed they gave me $58K and stuck me with MSRP on my 370Z (about $3500 over the invoice that I saw for the car).

So...new-car hit, 4K miles, 1 year ownership I only "lost" 9K on it? Do you think you can find a car that has run 10's stock, and runs the 'Ring in the 7:2X's that will depreciate less? Lets see 'er!

flashburn · 04-25-2012, 05:23 AM

Quote:

Originally Posted by NYBladeZ

You're missing the point. Yes, he can pay for it all in cash but frankly an all cash purchase is too much up front liability. The rapport with the bank is solid, he's not the problem. What he usually does is buy the car, make payments, invest in his businesses and then when he doesn't feel like having the bank make any more $ off of him, pay it off. Bank is happy, it made some $, he is happy the car is paid off. I've seen him do this a few times, always made me a little jealous because I was always making payments on my Z. When your bank loan officer rolls his eyes when you walk in and says uh oh what color is this one, you are not the problem.

He should find a new bank.

ImportConvert · 04-25-2012, 07:16 AM

Quote:

Originally Posted by flashburn

He should find a new bank.

+1, my CU has treated me with polite respect from the time I first joined them. So far they have financed both my Z06 and my 370Z for me, both in painless procedures. When I move, I plan to still keep 'em.

04-19-2012, 11:30 AM	#32 (permalink)
NYBladeZ A True Z Fanatic Join Date: Apr 2009 Location: New York Posts: 2,158 Drives: Lotus Exige S Rep Power: 20	what a mistake that was...my buddy got his M at msrp but still very expensive __________________ 2009 Carbon Fiber/Red 370z aka Trish: Sports Package, Meisterschaft full catback, Fast Intentions Longtube Headers, Injen Long Tube Intakes, UpRev Tune: Sold 2008 Lotus Exige S Club Racer aka Bella, always leaves me smiling

04-21-2012, 10:53 PM	#34 (permalink)
NYBladeZ A True Z Fanatic Join Date: Apr 2009 Location: New York Posts: 2,158 Drives: Lotus Exige S Rep Power: 20	You're missing the point. Yes, he can pay for it all in cash but frankly an all cash purchase is too much up front liability. The rapport with the bank is solid, he's not the problem. What he usually does is buy the car, make payments, invest in his businesses and then when he doesn't feel like having the bank make any more $ off of him, pay it off. Bank is happy, it made some $, he is happy the car is paid off. I've seen him do this a few times, always made me a little jealous because I was always making payments on my Z. When your bank loan officer rolls his eyes when you walk in and says uh oh what color is this one, you are not the problem. __________________ 2009 Carbon Fiber/Red 370z aka Trish: Sports Package, Meisterschaft full catback, Fast Intentions Longtube Headers, Injen Long Tube Intakes, UpRev Tune: Sold 2008 Lotus Exige S Club Racer aka Bella, always leaves me smiling

04-21-2012, 10:45 PM	#33 (permalink)
cornfed Base Member Join Date: Jul 2009 Location: Nebraska Posts: 1 Drives: 1990 Nissan 300ZX TT Rep Power: 15	I'm just going to be blunt. He supposably makes $90,000+? Supposably has "substantial" savings to pick up any car he wants? If he needs financing for a $40K car with zero down, he can't afford it. Perhaps that what the bank is seeing. Living at home? No monthly expenses? Pay for the damn car with money! You know, that green paper stuff? For cryin out loud. Some people...