The strangest thing...

[nfpgasmask]

...happened today while I was looking online at Bank Of America's car loan policies. I just happened to be looking at what kind of cars you cannot get a car loan for, and this is what popped up:



The only thing I can think of, is this is because Isuzu no longer sells passenger vehicles in the US, but there are loads of companies that do not techncially sell cars in the US any longer. So I still think this is quite strange. Anyone have any idea why?

Bart

[pbkid]

thats really strange...i also find it strange that you cant purchase motorcycles...

but the isuzu thing is far more strange

[Bulldoggie]

So if you are a landscaper...... You can't get a truck for your work?
What about "Fleet sales"?
We are giving them money to make the economy weaker?

BTW. All that bailout money is equal to every tax payer over 18, to be paid over $400,000. = family with 2 college kids getting $1,600,000.

Sorry for making a political comment.

[Marlin]

So if you are a landscaper...... You can't get a truck for your work?
What about "Fleet sales"?
We are giving them money to make the economy weaker?

BTW. All that bailout money is equal to every tax payer over 18, to be paid over $400,000. = family with 2 college kids getting $1,600,000.

Sorry for making a political comment.

Very strange that you can't get an Isuzu loan...and it has to be at least 7500? What if GM gets even more competitive with the release of the Ford Festiva and the price of the Aveo, which is already around 10K gets even lower?
Guess you can't get a loan for that.
Maybe that is the policy for the NEW VEHICLE loans? That would make sense, but there are still a few new Isuzus, my dealership here in Charleston had a few pick-ups and an Axiom on the lot.

As far as the money, you are right, give me 1.6 million, financial crisis solved, I would pay off my house, my cars, no debt, I already have enough saved to pay for both my boys to go to school, assuming there is still somewhere to go to college in 15 years That means I could keep Circuit City alive and buy another big TV. WWWWOOOOOOOHHHHHOOOOOOO!!!!!! The American dream come true.

[nfpgasmask]

Yeah, I was just looking at their loan program on a whim really, and noticed this weird blurb about Isuzus. That screen shot is specifically under the used cars section, so I don't understand how the policy could be because by Isuzu dropped out of the market. It would be interesting to pull up similar pages from some other big banks and see if it is only BoA that has this policy or if others do also...maybe when I am bored on Monday I will do this.

Bart

[VX KAT]

We're long time BofA customers & we COULD NOT get a loan in December for my VX due to that criteria you found. I just about popped a cork & kind of ranted & raved blah blah blah..to no avail even though our credit is uber high! "No exceptions".

So I went to a much smaller local bank that has branches in the SW (Compass). They didn't have the Isuzu ban, BUT they did have a 7 year old rule.....so I had to get my loan DONE before 1/1/09 or they wouldn't lend on my 2001 VX! AND I had to bring it by for the branch manager to actually "see" in person after the loan was approved. All this for $6k ???? You would have thought I was buying a DB9 or Bugatti Veyron or an Enzo or a Flying Brick or something! "Course $6k would just about cover an oil change on one of these! :bgwp:

Oddly, turns out my loan at THIS branch was THE ONLY car loan they approved in all of 2008! I guess I'm flattered?! Welcome to our strange new freakin' world!

[nfpgasmask]

Yeah, it's really strange. I basically called BoA yesterday to see if there was any way I could take out a car loan, but in my case, it is for a gray market car and they wouldn't do it. So I called the personal loan dept and tried to go through them and was immediately denied. I have really good credit and they wouldn't even tell me why. I think they have a nix on personal loans right now and also some VERY serious criteria in place for auto loans. Still, the Isuzu thing MAKES NO SENSE.

Bart

[circmand]

it is for vehicle and personal loans. I am sure if you were getting a business loans then a loan for a business vehicle would be available. No Isuzu that is another story.

[VehiGAZ]

Um, guys.... have any of you seen any of that "news" stuff lately?

BoA is the walking dead - that's what they mean when they say "Zombie Banks". BoA is so screwed that they can only afford to write the tightest possible loans right now, hence the egregious restrictions.

The Isuzu ban seems pretty damn odd at first sight, but totally understandable - they think that the departure of Isuzu will lower the value of Isuzus in general, potentially turning Isuzu vehicle loans upside-down. Sort of like what's happened with home mortgages in the last 2-3 years.

[VehiGAZ]

PS - Bart, when I saw the thread title, I thought it was going to be about McManus's dying words in the The Ususal Suspects...

[nfpgasmask]

The Isuzu ban seems pretty damn odd at first sight, but totally understandable - they think that the departure of Isuzu will lower the value of Isuzus in general, potentially turning Isuzu vehicle loans upside-down. Sort of like what's happened with home mortgages in the last 2-3 years.

Yeah, that is the only logical explanation. I guess it seems strange because Isuzu is the only brand listed, and we all know that there are a lot of other car brands out there that are no more, so it is still a little odd to me.

Bart

[circmand]

The Isuzu ban seems pretty damn odd at first sight, but totally understandable - they think that the departure of Isuzu will lower the value of Isuzus in general, potentially turning Isuzu vehicle loans upside-down. Sort of like what's happened with home mortgages in the last 2-3 years

With any new car purchase you are immediatelt upside down by 20%. A car immediately begins to lose value the second it is titled and driven off the lot. It is not til halfway through the loan that you are even break even. I still say is a result of this being restrictions for personnel cars only. Maybe because they are worried about it breaking down and not having a dealer or parts network to fix the car.

[VehiGAZ]

Good points both! I dunno - I'm just grasping at straws. The more I think about it, the weirder the exclusion seems...