financing an AAR

All American Racer · #1 07-21-2004, 03:52 AM

Hi Guys, I've been lurking around here for a few months now and I have to say I am pretty impressed with the wealth of knowledge on these boards. I'd like to know if any of you have ever tried to finance a car in a state that does not issue titles for pre-1980 cars. I tried JJ Best Bank but without a title it's a no-go. I found an AAR Cuda way up in Maine. The bodywork (less paint) has been done to perfection as well as the engine and transmission (4 speed). The car has been stored in a heated garage for the last ten years and basically needs painting and assembling. No small task but for the asking price of 14,000 plus a grand for a finder/delivery fee (to a friend whose brother was the second owner) I feel it's a pretty good buy. However, banks want to put a lien on a title not a bill of sale. Any thoughts on this would be greatly appreciated and I hope in the near future I can post some pics of my "find" Sincerely, Marc

**WILMASBOYL78** · #2 07-21-2004, 05:17 AM

If you have a "real" bank locally see if they offer a collector car financing option. They are really loaning on a combination of credit worthiness and value. They will just do a UCC filing on the car. I have done lots of deals like thjis with only registrations and bill of sale. I can put you in touch with someone at my bank in NY if you like.

TW

**mnyenko** · #3 07-21-2004, 05:35 AM

If you own some property. Get a home equity loan. Makes the interest rate lower and tax deductable. Then you own the car. Earl

Belair62 · #4 07-21-2004, 06:03 AM

Good one Earl !!

NCGuy68 · #5 07-21-2004, 06:17 AM

TW offers good advice on financing and there are other options.

In any case, make sure you're paying for a real AAR car. Clones abound and they are easy to fake to the untrained eye,

Best bet is to have the fender tag (if original) decoded by Galen Govier, the Mopar numbers Guru. Many folks have been burnt in the past.

DaJudge · #6 07-21-2004, 07:02 AM

As mentioned a home equity loan is a good idea or maybe you can go to your bank and get an unsecured personal loan, interest rates are little higher but you don't need to have a lien on your car/title.

Also all AAR's VIN's start out with BS23J0B

The bottom line on the fender tag should read something like this:

E55 D21 or D32 BS23 JOB 123456

E55 = 340 six pack engine (A53 code should also be on fendertag indicating Trans Am option).

D21= A833 4 speed manual trans or D32 3speed auto 727

BS23 = Car line which is Plymouth "Cuda"

JOB = J= 340six pack, 0=1970, B=Hamtramck, MI assembly plant

123456= last six digits of the car's VIN you are looking at.

Good luck hope it all works out

All American Racer · #7 07-22-2004, 02:26 AM

Guys, thanks for all your input. Yes, I do own my house. However, I don't have enough equity to qualify for an equity loan. I'm going to try getting a home equity line of credit to finance the car. Wilmasboy, I would like to know the name of your bank in case my credit union doesn't pull through. The guy at JJ Best said he can try some loopholes to try and make this work. Any input about JJ Best would be greatly appreciated. I don't want to wind up in bed with these people if they aren't legit. To all who questioned the validity of the AAR - the numbers all check out fine and the car has been in the hands of people I know (or know of)since 1974. AAR Archives has also been helpful. Thanks for the concern though. Just reading all the posts here over the last few months has opened my eyes to fraud bigtime. God I wish we had the internet back when all our cars were worth nothing! Thanks again for all the input. I can be reached at [email protected] - Sincerely, Marc

All American Racer · #8 07-26-2004, 03:33 AM

Hi guys, To keep you all updated - my bank has agreed to finance the car through what is called a "mortgage plus" loan. The guy from JJ Best never got back to me. The paperwork goes to the bank Monday morning. the lady said it would take up to 10 business days to process (they must still use the abacus). I would say the weekend after next I'll be on my way to the North Woods of Maine to pick up my AAR. Thanks for all your input and I will be posting pics as soon as they roll in. My buddy's brother said he may have some of the car in the original condition it was in when he bought it! Marc

**TDW** · #9 07-26-2004, 03:50 AM

Cool. I am glad for you. Enjoy the car. I would bet you are REAL excited now.

Terry24 · #10 07-26-2004, 10:00 PM

I know I am a little late on this thread since you got the loan, but if you belong to a credit union, depending on how much you have in there, you could borrow against your shares in the way of a personal loan. I did that when I had my 68 Vette and it worked out great.