Any advice

[saywin]

I am wanting to buy a 87 T from a very respectable local club member for 10,500. I have cash, but my wife doesn't want to let go of it and she wants me to finance. I have been approved by Hagerty, the catch is I am supposed to put down 20 percent. Hagerty will loan a minimum of 10k, if I were to buy the car for 10,500 it would really be 8,500 in the eyes of Hagerty. I could agree with the seller to write the bill of sale for 12,500 if he throws in some extras, but I really just want the car and I don't want to pay taxes on 12,500. Does anyone have any ideas that are legal????

 

[RobsIron]

Unless its your last penny I would pay cash. Why pay finance charges on money you have? Also, you can write the bill of sale lower to save on taxes.

Go get a line of credit at your bank in case of emergency to appease the wife.

 

[russgoodman]

What's up Chad? Did you sell the GN or are you just adding to the stable? Not sure how the fees work in TX, but up here my "87 Regal" was valued at $1200 by the tag office, saved me like $300 on the tag/registration. The way it sounds to me on the financing would be if Hagerty will loan a min of $10K, then you will need to mark the car up 20% from the 10K - So purchase price = $12K (on Paper), 20% down (on paper) = $2K, total financed = $10K (on paper). They should send seller a check for $10K in that case, you give him/her $500 cash. Have another bill of sell for $2500 to give to the tag agent. Make sure with hagerty if the 10K min finance is before or after the 20% down - the difference will be like you said $8500 vs $10k.

Another thing to consider is if you use hagerty to insure the car (not sure if they require it on their financed vehicles or not), the min insurable value on the 87 is $15K, which makes the premiums higher. They classify it as an "exotic" 87 and newer. 86 and older is classic, so if it was an 86 you could insure it for the $10.5 you will pay for it.

Another thing to consider is that you MUST bring a turbo buick to the Buick-Ford Shootout in Noble this year. It is a requirement :biggrin: . Sat Nov 1 see link for flyer
http://www.okbuicks.com/shootoutflyer2008.pdf

Good luck with everything!
Russ

 

[BLACK6PACK]

Unless its your last penny I would pay cash. Why pay finance charges on money you have? Also, you can write the bill of sale lower to save on taxes.

Go get a line of credit at your bank in case of emergency to appease the wife.

+1

That's just silly. Tell her with the $500 you save each year by not having a loan, you'll take her out to dinner a couple of times. Maybe even let her buy some Victoria Secrets stuff for herself!! :biggrin: