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The Blank Man
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Discussion Starter #1
This is my expirence in TRYING to purchase probably the best VR-4 on the market, this is the letter I sent to [email protected]

I still want the car, it was perfect in most every way... and the paint was amazing... I TRULY Love that car, but by the time I get another loan, it will probably be gone! :( :mad:
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I took this loan thinking it will be smooth with no problems, so earlier today, i drove 6.5 hours to Ney York where I intended to purchase my new car. When I get there, everythign goes well, then we go to MBE. They say they do not process your loans and then send us to another location in hopes of closing the deal. When we get there, they inform us that they do no have a notery and can not process the loan. At this point none of us are very happy, as the time is approching 2:30 EST Saturday. The seller locates a notery that can do it for us, but they are unavailable until 3:45EST, after your office is closed. We have MBE Call your office to ask that you stay open a little longer, and then the seller gets on the phone... the lady that was dealing with us had no reguard for our situation, and would not stay open. After all of this, I find that we drove 380 miles from Detroit for NOTHING and that we have another 380 mile drive back and have NOTHING TO SHOW FOR IT!! This loan was the biggest JOKE i have ever seen and will NOT recommend it to anyone. I WASTED 14 hours on the road today, not to mention Customs at the Canada-US Border! I hope that you can do somethign to prevent this from happening to someone else!
 

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I would use them again

AgtBlank, I'm sorry to hear about your problems. Why didn't you just go to a bank in the area to grab one of their notaries?

Anyway, I used PeopleFirst on a recent private sale and had a somewhat frustrating experience BUT was able to complete the transaction, it just took A LOT of up front work on my part.

I was registering in NY and buying the car in VA. Essentially, PeopleFirst has a lot of problems in their process when it's a state to state deal. The first one is that the check they give you is NOT a form of certified payment. As a seller, you should be VERY nervous when a buyer is not paying with certified funds! Also, you need to be very sure that the notary (they recommend and pay for MBE, but you can use anyone you want) is all set and ready to go. I know I'm not saying anything you don't already know, but this is especially true when you are on the east coast on a Saturday because of their crappy Saturday hours.

In the end, it's not the easiest place to execute a private loan purchase from. BUT, they are the only internet based lender that I know of that even lets you buy the car from a private party. Other internet firms (like carfinance.com) make you buy from a dealer.

To use them you need to do a lot of upfront work and make a lot of pre-meting phone calls to make sure that all the parties (you, seller, MBE or notary, and PeopleFirst) are all going to be available and committed to completing the transaction during the hours you need to be.

They do give you very fast approvals AND I can't find 6.75% for a private purchase ANYWHERE else locally or on the internet. So I wouldn't make the same statement as you, they offer a great deal if you are willing to do a little coordination work up front.
 

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The Blank Man
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1,161 Posts
Discussion Starter #3
I tried to do everythign I could ahead of time, I was there by noon est to finish everything by 3, but all the MBE's I went to didn't have notories. It said in the paperwork ... bring drivers license for both the seller and buyer to the notory at MBE. To me, that is VERY misleading, it didn't say anythign about having to make your own arrangments to get a notory. We called them to ask if they would wait 45 minutes, and they wouldn't do that, b/c we had found a notory that would do it for us. The lady on the phone was very unhelpful.

But, I'm glad it worked out for you.
 

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hey people - why didn't you just go to your local bank or credit union for your loan. i do dealer financing at a bank. its no big deal to get a car loan to buy a vehicle out of state. your lender will just want to know who has the title now, who the check needs to be payable to, and how they're going to get the title at the end of the transaction. i'm in washington state and got a loan this spring to buy a car that was in florida!! we've got rates as low as 6.9% - you might have done better, but was it worth the hassle??
i've heard R E A L horror stories of people getting on-line mortgages. quoted one thing up front, getting something entirely different on the final papers. not everything is better on the net. sometimes local, face to face, is still the best way to go!!
 

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The Blank Man
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1,161 Posts
Discussion Starter #5
My bank will ONLY give me $7850 financed over 18 months for a 94 VR4 with 88,000 and a new motor!! That was thier second offer after they only offered 5000 the first time. BTW, I need 15,000
 

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i don't think your bank is a real interested in doing car loans!! :confused: many aren't, they're more interested in doing mega buck commercial loans. i financed $14K (full purchase price) on a 91 straman twin turbo convertible with 48K miles over 60 months. at 8.5% back in february, before the fed started lowering interest rates. the amount financed and term were within our usual loan policy, i did get a 1% employee discount on the rate at the time.

me thinks you need a new bank or credit union!!! are you a homeowner with little equity in your house?? maybe an equity line of credit might be the way to go - usually lower rates than a car loan, you can do whatever you bloody well want with the money, and you can deduct the interest on your tax return.

before i get deluged with requests for car loans, i work for a small local bank in nw washington state. we only lend to people who live in our immediate area.
 
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