Date:         Mon, 27 Jan 2014 14:28:04 -0600
Reply-To:     JRodgers <jrodgers113@GMAIL.COM>
Sender:       Vanagon Mailing List <vanagon@gerry.vanagon.com>
From:         JRodgers <jrodgers113@GMAIL.COM>
Subject:      Re: Friend in Seattle want to buy his first Westy
Comments: To: Jeff Schwaia <vw.doka@GMAIL.COM>
In-Reply-To:  <52e6b573.0458440a.61e2.ffff8399@mx.google.com>
Content-Type: text/plain; charset=ISO-8859-1; format=flowed

I have borrowed from my credit union with the Vanagon GL as collateral -
but I already owned the vehicle clear and simply went back for a loan
against it. The amount borrowed was about half the appraised value. One
thing - after a month - the credit union sent me a letter, requiring
that it be fully insured. The insurance premium for one year was half
the amount borrowed. I went back to the bank and converted the
collateralized loan over to a personal loan and got rid of the insurance
requirement.  I now carry only liability ins. on it. If it gets smacked
and the other party can't pay - it's just smacked and I have a parts
car. I have two other vans.

If I had Westy's or Syncros - it would be a different matter.

John

On 1/27/2014 1:37 PM, Jeff Schwaia wrote:
> As a seller of "classic" vehicles (mostly Westies and Syncro Dokas), I can
> confirm that many of these purchases are made with bank loans using the
> vehicle as collateral.  All that is normally required is an appraisal from a
> licensed (certified?) vehicle appraiser.  Generally, a vehicle appraisal
> costs about $350.
>
> Cheers,
>
> Jeff
>
>
>
> -----Original Message-----
> From: Vanagon Mailing List [mailto:vanagon@gerry.vanagon.com] On Behalf Of
> Zeitgeist
> Sent: Sunday, January 26, 2014 11:29 AM
> To: vanagon@GERRY.VANAGON.COM
> Subject: Re: Friend in Seattle want to buy his first Westy
>
> I assume the bulk of the late model Syncro campers are being purchased via
> bank loans, given that many are selling for $20k and up nowadays
>
>
> On Sun, Jan 26, 2014 at 11:23 AM, Robert Stevens <mtbiker62@gmail.com>wrote:
>
>> In a message dated 1/26/2014 2:04:52 P.M. Eastern Standard Time,
>> mcneely4@COX.NET writes:
>>
>> Hmmm  ...... .   I'm surprised one can get a loan for any vehicle that
>> old, mileage or no.
>>
>> It's done all the time.....as long as it's secured against
>> real-value-property that the bank can, therefore, hold title to until
>> the loan is paid off.
>>
>> bob
>
>
>
>
> --
> Casey
>