So 2 years ago I bought 00-1390 off of ebay with about 115,000 on the clock for 10,200. Had it 3 months before it was stolen. Long story short, State Farm offered me a couple thousand over Nada Blue Book at the time. I was unable to get more due to milage. Still, they gave me market value, and not book value.

My issue...I want another R. Deals like the one I got just arn't around anymore. I prefer a white R. Nada Book is anywhere from $8500-$10,000, but we all know people don't sell them for this...at least with a clean title. More like $12,500 salvage, $14-$16k clean and lower miles. Well of course my credit union only loans on Nada value, and clean titled vehicles, so I'm screwed. My question is... has anyone been able to, or is it possible to, get an insurance value or report, and show it to their bank/credit union, and use that to be able to get more $ to make the purchase instead of having them use "Blue Book" value?

Also, another opinion needed...my buddy has a 2000 PY. At about 3000 miles he had Acura install a Jackson Racing Supercharger, and because they installed it they didn't void the warranty. At 6000 miles the oil pump they put on it went out and the motor blew, and they replaced it with a fresh motor. About 10,000 miles later the tranny went out and they replaced it with a new one also. So, the motor and tranny do not have matching vins, but they were replaced by Acura and he has the paperwork. It has since has the supercharger removed, and runs great with about 45,000 miles. It's garaged over 6 months of the year due to weather. It has seen rain, but not a lot in the last couple 2 or 3 years. Since the motor and tranny don't match anymore, I'd say the collector value is a little lost, which is something I am looking for. He said he'd sell it for the right price, so what is fair? I would want it less than book, but am I crazy to think that is fair since a lot of clean R's sell for more than book? I know there are people out there that would still give book, or even more...but what is the common opinion on a fair price? His car with the miles Nada's in my area for $15,175. ($13,475 + $1,700 for low miles.)

I'm so stressed. I know I've only been actively looking for a couple weeks but I've had to resort to looking on the other side of the country just to find a car with a clean title. If anyone has one for sale around book or even less to make a fast sale don't hesitate to PM me, or email me...

typerdriver@gmail.com

Thanks for the help and info. I hope to rejoin u all soon.
Ryan

 

I have never heard of a bank giving you an amount someone else other than nada/kbb declares.

Your buddies car will more than likely sell for nada or more. You will hardly ever find an itr for that price.

 

Go look at ITRCA..they got a whole list of R's for sale. May I ask how your R got stolen so fast? Did you havea garage? Was it your DD?

 

"Go look at ITRCA..they got a whole list of R's for sale. May I ask how your R got stolen so fast? Did you havea garage? Was it your DD? "

exactly what I was going to say, but then I looked at your state, Washington..

ITRCA has a ton of type-r's for sale, and trusssst me you can find a very nice itr for 12-13k with a clean title. Because the car is getting older and older you can find R's with higher mileage for much cheaper, also all those 18k itr's w/ 90,000 miles never get sold at that price, trust me. I've been in the market for quite awhile, and your in a good location. Check autotrader, ITRCA, and other forums.

good luck

 

Are you sure they never loan higher than NADA. When I was researching loans for my 2001 M coupe, I was approved for a loan of $30K which is much more than NADA shows as the value of the car by several thousand dollars. I think it was valued at around $26K but like the ITR, a S54 M coupe does not usually sell below $30K even today. I paid $32.5K for mine. Check with Capital One which is what I went with. Maybe if you put some down they will loan you more than the NADA value.

 

I thought that Capital One will give you pretty much whatever you want dollar wise for car loan regardless of the year and value of the car.... but the rate will be higher than what you would get with an "average used car".

Most credit unions won't loan on anything over 100k miles or more than a certain number of years old. (varies between unions).

Also putting money down would help because then the overall dollar amount of the loan would decrease bringing it closer to the value they will loan on (NADA / KBB).

 

You can get "pre-approved" for up to X amount, but thats not the same as the amount they will actually give you. A bank is not going to loan you more than what the "asset" is worth. Normally they don't scrutinize as closely because cars are not worth all that much in the big picture, but for example, if you are buying a house, theres pretty much no way in hell they will loan you more money than what the house appraises for.
The lending world is in pain right now because of how many bad loans have been given to people with no money and poor credit, and guess what, they started defaulting, and now lenders are going out of business.

 

Not true in all cases...my bank wrote me a check for how much I was approved for...and the car was priced higher then NADA/KB.

I'm with Navy Federal by the way.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ekay_jeremy &raquo;</TD></TR><TR><TD CLASS="quote">Not true in all cases...my bank wrote me a check for how much I was approved for...and the car was priced higher then NADA/KB.
</TD></TR></TABLE>

Same thing happened for me with my past two loans. The first was also with Navy Federal and my current car is through Western Federal Credit Union who is also great about loans for vehicles.

 

To the guys that get loans for an amount more than the worth of the car, does your lender also give you gap insurance?

 

Yes they offer GAP insurance also...I believe I paid 600 for it if I remember.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ekay_jeremy &raquo;</TD></TR><TR><TD CLASS="quote">Yes they offer GAP insurance also...I believe I paid 600 for it if I remember.</TD></TR></TABLE>

Hrmm, I would assume we have the definition of GAP insurance correct... Only reason I say that is because with USAA, GAP insurance is included at no extra charge.

What is Gap insurance?

Gap insurance will insure one for the difference between what one would owe on a vehicle and what an insurance company says it's worth.

 

When I bought my R, I accidently found it on eBay while just looking to see what was out there. It was only up to like $7000 with 3 hours left, and the guys phone number was on the auction and I called him up and talked to him for like a half an hour. Seemed real straight forward and honest so I went ahead and bought it. At the time I had a bad driving record and not so good credit, but wanted it so bad and it was so cheap that bought it anyway. Deal was, my girl was going to insure it and pay the insurance, and she would use it as her DD since I had a company vehicle during the day. I would make the payment. She worked at the mall...front row every morning...didn't stop them. Her dad saw it there at 1, she came out at 2 and it was gone.

Thanks for reminding me about ITRCA...I been out so long I completely forgot about that site. As my sig says, I have a clean titled shell...I don't know what # it was but I'm thinking about rebuilding it. Found a complete Type R hit in the front that I might make an offer on in the bay area. Anyone know who's it is?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by walker111 &raquo;</TD></TR><TR><TD CLASS="quote">

What is Gap insurance?

Gap insurance will insure one for the difference between what one would owe on a vehicle and what an insurance company says it's worth.
</TD></TR></TABLE>

That is what I always understood it to be as well (through insurance). Maybe some financial institutions offer it up with their loans at an additional cost and it's backed through their own insurance companies.

Either way an ITR owner should never leave home without it

 

Your credit rating must be really poor.

Buying another depreciating asset with borrowed money is a bad idea.

Just buy your friends car - it has a new motor and tranny. Who gives a **** if the numbers don't match -- you have Acura documentation.

It's not like we're talking about Concours D'Elegance cars here --&gt; it a freakin used Honda.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by walker111 &raquo;</TD></TR><TR><TD CLASS="quote">

Hrmm, I would assume we have the definition of GAP insurance correct... Only reason I say that is because with USAA, GAP insurance is included at no extra charge.

</TD></TR></TABLE>

Yes and it was offered through my bank when my loan was approved. I take that back it wasn't 600, I believe it was an additional 200 on top.

 

my gap insurance was 200.. now my bank would not go a penny over 10k for my 98 with 95k.. the biggest problem was that my motor is fully built and has a lot of parts on the car.. so i had to come up with the huge difference in price and fortunately i was able to.. they actualy only valued the car at like $8k and i laughed at the 60 yr old lady.. but to them its just a normal car and they know nothing about them or what they realy go for.. so them going up to 10 bumped up the intrest rate a little too.. i plan to have the car payed off very quick actually by the end of this year..

now when/if i wana sell this i am going to look into getting the car appraised and see what they can tell me.. i have a reciept for 7k in just motor parts and labor.. not to mention all the other stuff like vis cf hood and hatch i mean thats 1k right there. hopefully within the next couple of months i will have some info on apraising the car..

 

this is why most people looking for an R have the money to do so. its not very common but with great credit and realy good income a bank will be a little more generous..

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote &raquo;</TD></TR><TR><TD CLASS="quote">
now when/if i wana sell this i am going to look into getting the car appraised and see what they can tell me.. </TD></TR></TABLE>

Where do you go to get an apprasial like that?

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Big Phat R &raquo;</TD></TR><TR><TD CLASS="quote">Your credit rating must be really poor.

Buying another depreciating asset with borrowed money is a bad idea.

Just buy your friends car - it has a new motor and tranny. Who gives a **** if the numbers don't match -- you have Acura documentation.

It's not like we're talking about Concours D'Elegance cars here --&gt; it a freakin used Honda.</TD></TR></TABLE>

Why would you say my credit is poor? It wasn't the greatest 2 years ago when I bought my last one but it's good enough to buy a house at a competive rate. I wish I had the $15,000 lying around to buy a car but we are not all as rich as you. I personally do care a little about matching numbers since the car has collector value. I was aasking about value, not if I should buy it or not.

Not tryin to be a dick. I know I asked for opinions but I kinda feel like you didn't have anything really constructive to tell me. Bashing sounds harsh but thats what it kinda felt like.