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Susan22

Lightstream Loans Applied

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Anyone else familiar with this product? A SunTrust company that basically provides good rates for a variety of situations. My case: I was on the Mecum Car Auction site saw Lighstream as vendor did my dd saw it was a SunTrust company and it sounded good. The deal is this you tell them the reason they give you rate and "line" for what you qualify for. For cars it sounded great day you are going to auction and don't know what you may spend. Have a line if say 50k you spend 30k at auction you simply write auction amount and voila. The car rate is great and it does not attach to VIN basically a personal loan that you tell is for a certain reason car purchase, medical etc.

 

Sounded great - flexibility, great rates. Don't know how many cars I may buy or amount.

 

So I applied. I was denied. Lol. I have all 3 bureaus 806, 805, 803 scores. Perfect history, DTI etc.

 

Just complete bs. I used to work w SunTrust n know the history of coming up with products w box no one fits but this really is annoying. Anyone else have this experience? Anyone know of another company that offers this type of product? Going to car auction and this sounded good as a "normal" car loan doesn't fit. If not I will just buy w cash.

 

Thanks for any help

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I have done this many times. Currently, Best Banc and Woodside Credit Collector Car Financing (took over from Haverty) are the two I see the most. I recall Barrett-Jackson promoting the latter heavily.

 

From what I have read about the 'Net, Lightstream is rather finicky.

 

HL

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From what i have read and heard they are super picky and u need A1 credit and may have to give up your first born also.

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Financing a classic car is not recommended IMHO.

 

welcome to CB!

 

Where are the scores you list from?

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Financing a classic car is not recommended IMHO.

 

I put a classic car plate on my 1990 Camry.

 

Needless to say, it is not financed. :grin:

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I used Hagerty and the loan was placed with Sovereign Bank in MA as I recall. It was a routine app with no problems.

 

The problem with classic cars is the insurance. No regular insurance company will give you actual cash value for collision, at least none I talked to. As far as they are concerned, your 1966 Corvette has no book value. The classic car insurance is super cheap, but there are a lot of rules and limitations, like you can't drive the car for daily use, it has to be locked up in a garage, etc. You crash the car going to the Stop and Shop and you're going to have a battle on your hands. They restrict you to driving to and from car shows, meets, a repair shop, things like that.

 

A friend lost a 56 Chevy he had 96K into because it was stolen from his driveway. It wasn't supposed to be outside, so they wouldn't pay. Read the fine print.

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I use Hagerty for insurance on my 66 Mustang. I have not had to make any claims but they've been fair so far as I adjusted insurance levels as I finished restoration on the car. Keep in mind, you will probably want to pay for an appraisal if you think your car is worth more than their charts tell them your car is worth. I just read through my insurance policy and I do not have any restriction regarding driving my vehicle anywhere. There is a restriction on racing and if my car is in the shop, they expect the shop's insurance to pay if my car is damaged while in the car of the shop. No crazy restrictions at all.

 

Jill in CO

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I used Hagerty and the loan was placed with Sovereign Bank in MA as I recall. It was a routine app with no problems.

 

The problem with classic cars is the insurance. No regular insurance company will give you actual cash value for collision, at least none I talked to. As far as they are concerned, your 1966 Corvette has no book value. The classic car insurance is super cheap, but there are a lot of rules and limitations, like you can't drive the car for daily use, it has to be locked up in a garage, etc. You crash the car going to the Stop and Shop and you're going to have a battle on your hands. They restrict you to driving to and from car shows, meets, a repair shop, things like that.

 

A friend lost a 56 Chevy he had 96K into because it was stolen from his driveway. It wasn't supposed to be outside, so they wouldn't pay. Read the fine print.

My classic insurer simply asks what the car is worth; that is, stated value. I say 75k and they price out their risk accordingly.

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