Owing IRS — Auto Loan Denied!

[Donne Trav]

After finding a couple of '93 or '94 ZR1's that caught my eye, I applied
for a $25,000 auto-loan at my bank where I've done business for 20 yrs.
and was rejected because I'm presently in debt to the IRS — making
monthly installment payments. They really pissed me off.ad It's not like I couldn't meet the payments. My balance after paying monthly bills
is far greater that what the loan note would have been. And hell, if I
had faltered on the payments, they simply "snatch" the vehicle. Or
don't banks do this anymore. My first thought was to change banks. Yeah, that would really hurt 'em — my measly few grand a month.
Anyway, there's got to be a lending institution out there that makes high
risk auto-loans. Anyone know of any? I just have to get my hands on a
ZR1. Man, have you seen that engine?! Yipes!:eek

 

[Scrrem]

Have you tried a credit union? Sometimes they are a bit more forgiving. I got my loan through Pentagon Federal Credit Union for my ZR-1 last February. I was concerned about getting a loan on a car almost 20 years old, but no problem. Filled out the application online, approve and had my check in one day.
Scrrem

 

[Dad2BJO]

My reply to auto loans is not a popular one. Dont get one. Save up the money and pay cash.

Now people will argue that if they wait, they will miss the car they want, and if it is somthing like C-4 ZR-1 this could be the case but doubtful. Also, when you walk up to a buyer with a fist full of 100's you can usually get a tad bit better deal.

 

[Donne Trav]

Have you tried a credit union? Sometimes they are a bit more forgiving. I got my loan through Pentagon Federal Credit Union for my ZR-1 last February. I was concerned about getting a loan on a car almost 20 years old, but no problem. Filled out the application online, approve and had my check in one day.
Scrrem

Did you belong to this particular credit union? I appreciate what a few of the members are saying as in "wait & save the money & pay cash", but I
am a bit impatient right now and I want "MY ZR1"!otfl THANKS GUYS.

 

[Scrrem]

Did you belong to this particular credit union? I appreciate what a few of the members are saying as in "wait & save the money & pay cash", but I
am a bit impatient right now and I want "MY ZR1"!otfl THANKS GUYS.

Yes, I just joined last year because my wife was a member there too. Most credit unions, you have to be a member, but like I said there were really easy to deal with. I was in the same boat as you, this car came along and I didn't want it to slip away.

 

[CorvetteArchives]

Ha! Reminds me of what a friend of mine said yesterday. Somebody recommended "lifelock" to protect his identity. He replied he hoped someone DID steal his...it would serve them right. In fact maybe he could give it to an illegal alien and then the IRS could garnish THEIR wages and his debt would be paid faster!