What bank did you try? If your still interested you may want to try Penfed.. I’ve used them in the past and they are quite good... and sometime surprising regarding the loans they are willing to provide.
If not - understand. What value did the bank you tried put on the car?
My bank booked the car at around 4500-6500. It was interesting that the special editions even though they carry a premium at the dealer do no necessarily translate to a better book value down the road. (this being the most obvious car related fact written) The laurel edition even though not many were made ( i believe 100 hardtops got this treatment) is not listed as a special package that can be selected similar to a JCW package or checkmate package. So when you have enthusiasts that bought one of these try and sell them and think they have something special the book value is no more than your ordinary cooper s.
05-06 R53's are close to this book value at least from my banks prospective. I inquired and both years with around 80-100k hit that 4500-6000 mark, in the most general terms.
I am not sure how the bank values automobiles, i would assume they use a pricing guide like NADA or KBB. But then again I would think that the factor some kind of risk into the equation as a lender.
I for one am grateful my lender has a more realistic pricing guide, it seems anymore banks are willing to lend all kinds of money to people with the most outrageous terms.
Agree x 2
