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$7000?...Running 1932 Henry Ford Roadster tradition hotrod?

Discussion in 'The Hokey Ass Message Board' started by andyg, Jan 16, 2011.

  1. andyg
    Joined: Aug 10, 2007
    Posts: 560

    andyg
    Member

    Thanks. It a fun ride and my first hotrod! It will eventually be finished out as time and skills allow.
     
  2. Ebert
    Joined: Feb 13, 2006
    Posts: 1,920

    Ebert
    Member

    I would FIRST get a NEW BANKER! Does he/she think this is a PT Cruiser? Oh...and tell them to grow some balls.
     
  3. Squablow
    Joined: Apr 26, 2005
    Posts: 17,390

    Squablow
    Member

    Quoted for truth. Some really, really extreme shit would need to be going on in my life before I'd borrow money against a car like that. You miss a couple payments and they're taking it away, and they're going to sell it for what they're owed and you aren't getting anything back.

    I honestly can't imagine a situation where I would take a loan against that. If you have huge medical bills it might be time to sell the car for market value, same if you were losing your house or something.

    If you're going to collateralize that car to consolidate some credit card debt or take a vacation or something you're a damn fool and I say that with no sarcasm or emoticons or BS.
     
  4. andyg
    Joined: Aug 10, 2007
    Posts: 560

    andyg
    Member

    I'm not sure if that makes it priceless or her priceless! :D
     
  5. 15g on a bad day Quick sale..
     
  6. coupster
    Joined: May 9, 2006
    Posts: 860

    coupster
    Member
    from Oscoda Mi

    Frank brushed the surface with his post, I.E. if the bank could take your car and store it during the loan period it would be a much more secure loan. But and there is always a but the bank is not in the bussiness of storing cars so... a car loan makes for a rather risky investment. Heck you might want to negotiate with Frank his intrest rate would be way better than you could get from a bank. By the by nice ride.
     
  7. The37Kid
    Joined: Apr 30, 2004
    Posts: 30,629

    The37Kid
    Member

    Based on your discription and photos and NOT reading other replies, with 45+ years in the hobby (I'm 60) that car would sell with 7 days on eBay. Sale price would be well North of $20,000, unbolt everything and the chassis and body alone would bring $10,000. Bob
     
  8. Francisco Plumbero
    Joined: May 6, 2010
    Posts: 2,533

    Francisco Plumbero
    Member
    from il.

    You most likely are going to have to pay a large interest rate on that money, I see that you are trying to raise some money for a big opportunity, sadly the only real way that you may be able to get this 7 K loosened up economically is to part with the car. With a 10% unemployment rate I don't blame your banker for not taking any chances on collateral he does not quite understand. Sorry. Logic can suck sometimes, I think Spock would have been left on the first dirty planet that the Enterprise came across.
     
  9. arkiehotrods
    Joined: Mar 9, 2006
    Posts: 6,803

    arkiehotrods
    Member

    andyg, do you know Charles Wilson, down the road in Hardy? Talk to him about it.

    Banks won't get prices from an online forum as much as they would from a published guide. Current Old Cars Price Guide values for a '32 Roadster are

    1. $67,000
    2. $46,900
    3. $30,150
    4. $13,400
    5. $ 8,040
    6. $ 2,680

    Since a #6 car is an unrestorable parts car, the bank could see your running, driving car as a #5 car, and worth the risk of a $7,000 loan.
     
  10. lorodz
    Joined: Jul 26, 2009
    Posts: 3,727

    lorodz
    Member

    bring it to me ill give you 8500 and a one way ticket home ..lol
     
  11. turdytoo
    Joined: May 14, 2007
    Posts: 1,568

    turdytoo
    Member

    And they thought that Arkansas banker that bought the worthless bonds was out of touch.!?
     
  12. thunderkiss65
    Joined: Jan 6, 2008
    Posts: 122

    thunderkiss65
    Member
    from Detroit

    My old man paid 12,500 for this real one about 8 years ago.

    [​IMG]

    [​IMG]

    [​IMG]
     
    kidcampbell71 likes this.
  13. propwash
    Joined: Jul 25, 2005
    Posts: 3,857

    propwash
    Member
    from Las Vegas

    If you want to borrow $7,000 at current rates and don't expect a term in excess of 60mos, drop me a line....I'll lend you the money.

    dj
     
  14. propwash
    Joined: Jul 25, 2005
    Posts: 3,857

    propwash
    Member
    from Las Vegas

    If you want to borrow $7,000 at current rates and don't expect a term in excess of 60mos, drop me a line....I'll lend you the money. With the roadster title as collateral.

    dj
     
  15. Model A Mark
    Joined: Apr 30, 2008
    Posts: 1,301

    Model A Mark
    Member
    from dallas
    1. Holley 94 Group

  16. andyg
    Joined: Aug 10, 2007
    Posts: 560

    andyg
    Member

    yes I know Charles very well. I've got 3 of his trannies in my shop awaiting rebuild. He was also nice enough to loan me his "Mullins Trailer" history book to help me get familiar with mine so I can round up a few parts to restore it. He's a SUPER good guy and we're in the same car club.
     
  17. I have nothing to add other than that I fuckin' love that car Andy. Well that and one of the many pics I took of it at the drags.

    [​IMG]


    Sent from my iPhone using TJJ sucka!
     
  18. 7k for a ratrod aint bad



    lol...just kidding just kidding. like everyone else is saying, if it's not a 2009 lexus suv i doubt the banker thinks it's anything of value.
     
  19. 64Cyclone
    Joined: Aug 30, 2009
    Posts: 1,496

    64Cyclone
    Member

    If I were a banker I wouldn't loan $7000 against that primered up and pieced together old car.

    Thank God I'm not a banker.
     
    kidcampbell71 likes this.
  20. Mike51Merc
    Joined: Dec 5, 2008
    Posts: 3,856

    Mike51Merc
    Member

    If you lived near me, I'd lend you $7K on it with a title lien and an insurance certificate naming me as additional insured for the loan amount.

    So, on a quick change of topic, there's this Italian guy who walks into a New York City bank. He's taking a trip to Italy and wants a $50,000 loan for two weeks and will give his Ferrari as collateral. The banker agrees and they take the Ferrari and park it in the bank's underground garage.

    Two weeks later, the guy returns, gives the banker back $50,000 plus $57.69 for two week's interest. The banker asks what he needed the money for.

    "Oh I didn't need the money. Where else in New York City can a guy park his car safely for two weeks for $57.69?"
     
    kiwijeff likes this.
  21. andyg
    Joined: Aug 10, 2007
    Posts: 560

    andyg
    Member


    That's funny! Now that's thinking outside the box!
     
  22. dorf
    Joined: Dec 5, 2008
    Posts: 1,087

    dorf
    Member
    from ohio

    you would probably do much better with a credit union
     
  23. bubba67
    Joined: Nov 26, 2008
    Posts: 1,842

    bubba67
    Member
    from NJ

    Andy,

    Nice car, easily worth north of 25k.

    Jim
     
  24. andyg
    Joined: Aug 10, 2007
    Posts: 560

    andyg
    Member

    thanks for all the posts...the money really wasn't the point as I had a number of other options but I just thought it was interesting what she / he perceived as risky! And just so you know they are a good bank that has been good to me over the years and I have no complaints....just thought you guys / gals would get a kick out of this story!
     
  25. caseyscustoms
    Joined: May 15, 2005
    Posts: 1,031

    caseyscustoms
    BANNED
    from st.joe, MO

    ok im the idiot that NEVER borrows money so ill ask, if you need cash why not sell it?
     
  26. arkiehotrods
    Joined: Mar 9, 2006
    Posts: 6,803

    arkiehotrods
    Member

    I invite you to join the Natural State Early Ford V-8 club. Charles and Darlene are active in the club and we have meetings all over the state as it's a state-wide club. Most members in Arkansas like restored AND hotrodded.

    Did you ever know David Cox, who used to own The Villager Journal newspaper?
     
  27. andyg
    Joined: Aug 10, 2007
    Posts: 560

    andyg
    Member

    thanks for the invite. i did not know David Cox.
     
  28. andyg
    Joined: Aug 10, 2007
    Posts: 560

    andyg
    Member

    Thanks man. I love your 54. Gives me inspiration for my 53.

    Maybe it was the numbers on the side that made the banker doubtful about the car....:eek:
     
    Last edited: Jan 16, 2011
  29. andyg
    Joined: Aug 10, 2007
    Posts: 560

    andyg
    Member

    because for a small fee you get to keep you cake and eat it too!

    it's really just called leverage....got to be careful with it....Can be a benefit if used wisely or it can eat ya if not used wisely! ;)
     
  30. Shaggy
    Joined: Mar 6, 2003
    Posts: 5,207

    Shaggy
    Member
    from Sultan, WA

    I'd go way over 7k for the bare body.....
     

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