Ahhhhhh! Cars Coming! - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

v6sonoma · 09-02-2009, 12:32 PM

Ok so I went to bank to get a home equity loan on house to consolidate debt/ buy Camaro. I was approved ok but my equity got hammered due to foreclosures in area and I had a 3rd of what I was looking for but they told me this after approving me for the original amount and A DAY AFTER ORDERING CAR!! ugg. I was depressed but I figured I'd hold out and see how the market goes it could go up again in value. Car was still on order since jul 1st. I haven't bothered to call dealer since I ordered a ss/rs 6m and having been to this site daily I know of the constraints due to 6m probs and v8/v6 ratio plus the plants vacation. I figured It'd be a while. Fast forward to today I figure I should check with the bank again this time it looks good for the amount I need so I figured I'm safe. So I called dealer (whom I haven't talked to since ordering) to see a timeline. He said "Oh yeah I just checked this morning it's been built and shipped. It should be here next week. I was just going to call you." AAAAAAhhhh next week! I still don't have cash yet plus I was hoping to use equity to pay off the balance on my CTS and sell it instead of getting hammered at trade in. I don't know how long the bank will take. How long do you think the dealer will hold off till they sell it on me? my guess is I might be able to hold them off for a week with a "My work is sending me out of town for a week" What do I do ;-(

tededfred · 09-02-2009, 12:38 PM

how long do you figure it'll be until you have the cash?

I ordered mine a while ago and it came in early, and my dealer was nice enough to hold it for me for a couple months, as I'm currently stuck in a lease. So if you're dealer is nice, they may be willing to hold onto it for you... You could also pitch to them that they can keep it in the showroom, they might even be willing to compensate you for that. That is, if they dont already have a showroom model.

Hopefully itll work out for ya.

2001ragtop · 09-02-2009, 01:13 PM

If it were ME and I knew I didn't want them to sell it I would just show up to the dealer with a few hundred dollar bills and ask how much for them to hold it for you and be sure to get it in writing that they won't sell it.

However, since you don't know whats up with your finances, you could just order another one? YOUR NEW one that you order this time will have reverse backup sensors. Just do that. :/

Andro · 09-02-2009, 01:50 PM

Dealers going to sell it if you don't act quickly

tones2SS · 09-02-2009, 02:02 PM

If you ordered the car and have the paperwork, the car is yours.
If I were you though, just to seal the deal since you are going to be away for a week, I would put a deposit on it. Make sure it is refundable and explain to them the situation.
That's how I would handle it. (Make sure you tell the salesman/manager at the same time of explaining your situation as to not have any confusion and have everyone on the same page.) AND, have it writing.
GOOD LUCK!!

Phoenix328 · 09-02-2009, 02:20 PM

i would NEVER get a home equity loan to buy a car again. OP please listen now because of the market i cant sell my house because i owe too much and i am paying for a car i do not have anymore.

DallasRetro · 09-02-2009, 02:43 PM

NEVER use home equity money for a depreciating asset!!

In just a few years the car will be worth half of what it is today, and you're still going to owe almost as much as what you paid for it :(

tones2SS · 09-02-2009, 04:56 PM

Quote:

Originally Posted by Phoenix328

i would NEVER get a home equity loan to buy a car again. OP please listen now because of the market i cant sell my house because i owe too much and i am paying for a car i do not have anymore.

Don't want to sound negative here but, this dude's got a point.
Home values ARE NOT going up anywhere in the near future. You'll be in the hole more with the car than without. ( I would try to pay off some of the principal on your home first, then get the car.)
GOOD LUCK!

v6sonoma · 09-02-2009, 10:25 PM

To be honest it doesn't even matter anymore I was just informed I no longer have a job so either way I wont be buying this car. At least I found out before taking it. I can not tell you how much this sucks. Thanks to all who post on this site I have enjoyed reading your stories and helpful information, but I don't know how much I'll be visiting anymore. Thanks again.

Andro · 09-02-2009, 10:27 PM

Quote:

Originally Posted by v6sonoma

To be honest it doesn't even matter anymore I was just informed I no longer have a job so either way I wont be buying this car. At least I found out before taking it. I can not tell you how much this sucks. Thanks to all who post on this site I have enjoyed reading your stories and helpful information, but I don't know how much I'll be visiting anymore. Thanks again.

Sorry to hear man. Hang in there, things will workout for the better

DkknightX · 09-02-2009, 10:45 PM

Wow...I really do not know what to say...I'm sorry. You are doing the responsible thing though, for what it is worth. :( Some people in your situation would find every and any way to get this car or any other vehicle they couldn't afford and the rest of the country would ultimately pay for it. That is how we ended up in this recession in the first place. Some family in Atlanta, both parents and 5 kids making minimum wage, purchase a house before the recession and was approved. They borrow against their house to purchase fancy cars and SUV's and ultiamtely cannot afford their mortgage. Similar situations happened so many times in this country which caused this rotten economic mess we are currently in. I really do applaud you for using excellent judgement and contributing to the solution instead of the problem. Hats off to you man and I do hope you land back on your feet soon!

09-02-2009, 12:32 PM	#1
v6sonoma Drives: 2010 SS RS Join Date: Jun 2009 Location: Providence, RI Posts: 8,108 View My Garage	Ahhhhhh! Cars Coming! Ok so I went to bank to get a home equity loan on house to consolidate debt/ buy Camaro. I was approved ok but my equity got hammered due to foreclosures in area and I had a 3rd of what I was looking for but they told me this after approving me for the original amount and A DAY AFTER ORDERING CAR!! ugg. I was depressed but I figured I'd hold out and see how the market goes it could go up again in value. Car was still on order since jul 1st. I haven't bothered to call dealer since I ordered a ss/rs 6m and having been to this site daily I know of the constraints due to 6m probs and v8/v6 ratio plus the plants vacation. I figured It'd be a while. Fast forward to today I figure I should check with the bank again this time it looks good for the amount I need so I figured I'm safe. So I called dealer (whom I haven't talked to since ordering) to see a timeline. He said "Oh yeah I just checked this morning it's been built and shipped. It should be here next week. I was just going to call you." AAAAAAhhhh next week! I still don't have cash yet plus I was hoping to use equity to pay off the balance on my CTS and sell it instead of getting hammered at trade in. I don't know how long the bank will take. How long do you think the dealer will hold off till they sell it on me? my guess is I might be able to hold them off for a week with a "My work is sending me out of town for a week" What do I do ;-( __________________ Mods: BBK Intake, BBK LT's and High Flow Cats, Corsa Cat-back exhaust, Hurst short throw shifter, SLP skip-shift eliminator. 7/1/09 Placed order for IOM/IO int/ SS/RS 6M 9/26/09 Took delivery!

09-02-2009, 01:13 PM	#3
2001ragtop Drives: V8 american car Join Date: Aug 2006 Location: Dallas, Tx Posts: 1,417	Uhhh If it were ME and I knew I didn't want them to sell it I would just show up to the dealer with a few hundred dollar bills and ask how much for them to hold it for you and be sure to get it in writing that they won't sell it. However, since you don't know whats up with your finances, you could just order another one? YOUR NEW one that you order this time will have reverse backup sensors. Just do that. :/

09-02-2009, 01:50 PM	#4
Andro NOICE!!! ™ Drives: Force Fed 427 Join Date: Jan 2009 Location: GOT BOOST? Posts: 5,213 View My Garage	Dealers going to sell it if you don't act quickly __________________

09-02-2009, 02:20 PM	#6
Phoenix328 Drives: 2010 Camaro SS/RS IBM Join Date: Jul 2009 Location: USA Posts: 347	i would NEVER get a home equity loan to buy a car again. OP please listen now because of the market i cant sell my house because i owe too much and i am paying for a car i do not have anymore. __________________ 2010 Camaro SS/RS IBM 6M 1100: 07-01-09 4000: 08-25-09 4200: 08-25-09 5000: 09-02-09 6000: 09-02-09 2000: 07-24-09 2500: 07-29-09 3000: 07-30-09 3100: 08-02-09 3300: 08-05-09 TPW 08-17-09 3400: 08-13-09 3800: 08-24-09

09-02-2009, 02:43 PM	#7
DallasRetro Drives: 03 VTX/05 Silverado/08 Infinit Join Date: Jul 2009 Location: Farmers Branch (Dallas) TX Posts: 225	NEVER use home equity money for a depreciating asset!! In just a few years the car will be worth half of what it is today, and you're still going to owe almost as much as what you paid for it :( __________________ 2SS/RS: White, Grey, Auto, Sunroof. VIN: 2G1FK1EJ8A9151812 1100 - 07/25/2009 \| 2000 - 09/07/2009 \| 3000 - 09/09/2009 TPW - 09/28/2009 \| 3400 - 09/25/2009 \| 3800 - 09/28/2009 4000 - 09/30/2009 \| 5000 - 10/15/2009 \| 6000 - 00/00/2009 Went to pick it up 10/16/09... wrong interior; I'll be re-ordering!

09-02-2009, 12:38 PM	#2
tededfred Drives: 2010 Rally Yellow Camaro 2LT!! Join Date: May 2009 Location: Toronto Posts: 143	how long do you figure it'll be until you have the cash? I ordered mine a while ago and it came in early, and my dealer was nice enough to hold it for me for a couple months, as I'm currently stuck in a lease. So if you're dealer is nice, they may be willing to hold onto it for you... You could also pitch to them that they can keep it in the showroom, they might even be willing to compensate you for that. That is, if they dont already have a showroom model. Hopefully itll work out for ya.

09-02-2009, 02:02 PM	#5
tones2SS Drives: '13 Roush S3 '16 Ram Sport 4X4 Join Date: Apr 2009 Location: Massachusetts Posts: 3,096	If you ordered the car and have the paperwork, the car is yours. If I were you though, just to seal the deal since you are going to be away for a week, I would put a deposit on it. Make sure it is refundable and explain to them the situation. That's how I would handle it. (Make sure you tell the salesman/manager at the same time of explaining your situation as to not have any confusion and have everyone on the same page.) AND, have it writing. GOOD LUCK!!

09-02-2009, 10:25 PM	#9
v6sonoma Drives: 2010 SS RS Join Date: Jun 2009 Location: Providence, RI Posts: 8,108 View My Garage	To be honest it doesn't even matter anymore I was just informed I no longer have a job so either way I wont be buying this car. At least I found out before taking it. I can not tell you how much this sucks. Thanks to all who post on this site I have enjoyed reading your stories and helpful information, but I don't know how much I'll be visiting anymore. Thanks again. __________________ Mods: BBK Intake, BBK LT's and High Flow Cats, Corsa Cat-back exhaust, Hurst short throw shifter, SLP skip-shift eliminator. 7/1/09 Placed order for IOM/IO int/ SS/RS 6M 9/26/09 Took delivery!

09-02-2009, 10:45 PM	#11
DkknightX Account Suspended Drives: 2006 Chevrolet Cobalt SS/SC Stage 2 Join Date: Dec 2008 Location: Emerson, NJ Posts: 1,347 View My Garage	Wow...I really do not know what to say...I'm sorry. You are doing the responsible thing though, for what it is worth. :( Some people in your situation would find every and any way to get this car or any other vehicle they couldn't afford and the rest of the country would ultimately pay for it. That is how we ended up in this recession in the first place. Some family in Atlanta, both parents and 5 kids making minimum wage, purchase a house before the recession and was approved. They borrow against their house to purchase fancy cars and SUV's and ultiamtely cannot afford their mortgage. Similar situations happened so many times in this country which caused this rotten economic mess we are currently in. I really do applaud you for using excellent judgement and contributing to the solution instead of the problem. Hats off to you man and I do hope you land back on your feet soon!

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
New member here chiming in. Want to know which cars the camaro is benchmarked against	Sal08	5th Gen Camaro SS LS LT General Discussions	24	12-14-2015 02:09 PM
FBODFATHER---WE NEED YUR HELP!	TJ91	5th Gen Camaro SS LS LT General Discussions	103	02-24-2009 07:42 AM
Top 10 dou*hebag cars	09'Z28	General Automotive + Other Cars Discussion	7	04-30-2008 11:36 AM
GM Mulls Mini Cars	KILLER74Z28	General Automotive + Other Cars Discussion	25	04-17-2007 10:02 PM
Rear-drive cars	KILLER74Z28	General Automotive + Other Cars Discussion	0	08-21-2006 03:42 PM