Spiders?

"sm70- why not Duesenberg?" (sm70-whynotduesenberg) 05/06/2014 at 23:30 • Filed to: None

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Here's mine. Okay, not technically mine, we're storing it in our garage for a family friend, long-term. But we've had it for over two years, and I like to think of it as mine, so...

Denver Is Stuck In The 90s > sm70- why not Duesenberg? 05/06/2014 at 23:34

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Spyders

PheeNoIVI > sm70- why not Duesenberg? 05/06/2014 at 23:37

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the spyder

Manuél Ferrari > sm70- why not Duesenberg? 05/06/2014 at 23:38

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I almost owned a black one once. But my dad sold it to my uncle a year before I turned 16 instead of handing it down to me.

Probably for the best. I bet I would have flipped it.

sm70- why not Duesenberg? > Manuél Ferrari 05/06/2014 at 23:47

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Which?

Manuél Ferrari > sm70- why not Duesenberg? 05/06/2014 at 23:52

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Exactly...

I think it was a '79. It was definitely between 77-79 and very Alfa.

He had a Fiat spider before the Alfa. The old man is pretty damn cool

Manuél Ferrari > Denver Is Stuck In The 90s 05/06/2014 at 23:54

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DAT LAMBO

I've though about it long and hard. If I was getting a Lambo it would be that exact one in your pic.

I know track versions of cabrios are kind of silly. But who cares, Lambos are silly anyways! Plus you can actually see behind you when you put the top down.

I like it in other colors too. But I think that specific model looks best in white. That way you can see the black accents well.

Love that freaking car.

Denver Is Stuck In The 90s > Manuél Ferrari 05/06/2014 at 23:56

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Pipe Dreams, gotta love em

Manuél Ferrari > Denver Is Stuck In The 90s 05/06/2014 at 23:57

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The problem with pipe dreams is that exotic financing is a thing.

Once I learned about it my life was changed so I had to edit my username.

Every night I go to bed thinking about how much car I can afford if I get a mortgage-like loan to buy it.

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 00:10

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Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 00:11

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Exactly!

This knowledge is really bad for me.

I already have 3 car loans. Luckily work pays for one. But still....

I need an exotic car loan like I need a bullet in the head...

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 00:13

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I needed to know about exotic car loans like an alcoholic needs apartment listings nextdoor to liqour stores

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 00:19

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Good to know. I won't share everything I've learned so far yet.

Unless you get drunk and ask me to spill the beans, haha.

I learned one tidbit recently that's VERY, VERY, VERY dangerous for me.

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 00:26

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Whats that.. wait, dont tell me.. no tell me

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 00:29

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Hahahaha

I feel bad now. You'll be in hell like me. You'll be doing budgets in Excel and calculating how much cash flow you can free up if you start cutting things from your life (including basic necessities)

you sure you want to know?

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 00:31

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This is what I would get:

http://www.autotrader.com/cars-for-sale/…

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 00:32

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ya, it'd eat me up inside not knowing

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 00:39

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Ok, since you're positive you want to know... I take no responsibility for bad decisions you might make in the future!

I've learned about 3 types of exotic car loans:

1. Random lender: used exotic car dealers will work with a lender that specializes in underwriting long term loans to keep the monthly payments down. I first found out about these super long term loans when looking at an ad for a used car at one of these dealers. They were advertising a 144 month loan.

2. Partner lenders for exotic car companies. I talked to a Lambo dealer. They have a partner that can provide long term loans. I think their partner goes up to 9 years. The underwriting might be easier since the partner works with all Lambo dealers. So these loans are more routine for them and they have a better feel for residual values if the loan can't be repaid since the dealerships focus on selling just a few cars.

3. THE MOTHER OF ALL EXOTIC CAR LOANS - Ferrari has their OWN finance arm that will give you a long term loan (I think up to 8 or 9 years, I would have to dig up my notes that I took to make sure) with an informal underwriting process. The dealer told me that they just sit down with their clients and talk about what they need. If they feel that the client can afford the loan then they'll tell the finance arm that the buyer is legit. And this will allow the lender to underwrite the loan with stated income! They won't require tax returns and proof of income.

That third option is the most dangerous for me. I could easily get myself into trouble that way...

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 00:53

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If you were serious, the third option seems to be the smartest (accounting for time the car is owned, repairs, depreciation, appreciation, etc...)

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 01:50

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That's what I'm thinking too!

I literally think about this every single hour of every day.

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 02:01

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Every person with the smallest amount of valvoline in their bloodstream is fucked financially for life, but will never be unhappy.

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 02:03

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So true!

It's actually less distracting to be 35 and think of Ferraris every 5 minutes than be 18 and think of girls every 5 minutes...

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 02:16

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Ya, but for me its classic mopars. You know how bad I wish I had the money for a 70 plymouth superbird

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 02:27

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That would be awesome.

How much they go for these days?

That would be much harder to get financing for...

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 02:28

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probably 100k+

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 02:29

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:-O

Now we gotta research high value classic car loans...

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 02:34

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we are in trouble arent we

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 02:34

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Yes

But better than being a meth head or sex addict

Denver Is Stuck In The 90s > Manuél Ferrari 05/07/2014 at 02:43

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or an alcoholic

Manuél Ferrari > Denver Is Stuck In The 90s 05/07/2014 at 03:04

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True!

(written while I have a small sip of Scotch before bed)

Vince-The Roadside Mechanic > sm70- why not Duesenberg? 05/07/2014 at 07:53

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I am thinking of getting a old Fiat spider or Alfa spider. Is it worth it?

sm70- why not Duesenberg? > Vince-The Roadside Mechanic 05/07/2014 at 08:19

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They're a lot of fun, I can tell you that.

Vince-The Roadside Mechanic > sm70- why not Duesenberg? 05/07/2014 at 08:56

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Is there anything else I should know before I buy one?

sm70- why not Duesenberg? > Vince-The Roadside Mechanic 05/07/2014 at 09:28

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They don't have a reputation for reliability. This car is currently not running, so…

Vince-The Roadside Mechanic > sm70- why not Duesenberg? 05/07/2014 at 11:16

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I am looking at a fiat spider that needs piston rings.

sm70- why not Duesenberg? > Vince-The Roadside Mechanic 05/07/2014 at 11:17

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I think they are relatively easy to work on, but I don't know about cost of parts or labor. Like I said, it's not really mine, and it doesn't run. I would have a pro Euro mechanic look at it and tell you more.

Vince-The Roadside Mechanic > sm70- why not Duesenberg? 05/07/2014 at 11:43

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Thanks.