Its over for me and others to come...

[BlackRoush]

...and it finally happened today... I went to a dealership to buy an 02 stage2 roush, it had everything but the blower. I was qualified for the loan through the dealer but their bank would not grant it because we all know a Roush is a “GT in disguise.” ( And we all know purchasing private party is impossible.) Well that's all I needed... #&!# roush and all their rare cars they revamp and make up every year(oh so collectable) and their parts that go out of business... Forget the midget man...Not only is getting parts for the car impossible but so is owning one! You can agree or not, but im done.

[javsvt]

That sucks!

[Shay]

Sorry to hear about your troubles. With all the economic banking issues in the economy right now, banks are tightening up all over the place. Ford Credit is still loaning on new ones, but getting a loan on a used one has always been a challenge.

Dont let a temporary situation it sour you permanently.

[RED ROUSH WA]

I understand where your at.
Not that we are needing to refinance but for the massive upgrades we did to the house.
We just did a freeze on our home loan for the next 5 years(playing it safe). We decided to do this so that we hope everything pans out abit, and maybe then a better deal. Then we are going for a refinance. As of now all the banks are crapping their shorts.
So all in all dont give up hope, now is just a really bad time for any types of loans.

[Saint]

Sounds to me that it isnt Roush's car's problem but the dealerships problem to be able to sell the cars and qualify thier customers properly!

[RSH427R]

Sounds like a credit problem not a Roush problem. Throw some $$$ on the table and you can probably get your deal done. I would have gone through my local bank and showed them an appraisal on the car. Sometimes sitting down with the person making the credit decision helps in this type of situation.

[07roushgt]

it is a 7 year old car and you expected to take out a loan?!?!?

as wayne campbell would say.... "are you mental?"

[Shay]

Point made good.

Banks have tightened up. Any used car that is over 5 years old is hard to hang a loan on. The interest rate goes up, the guidelines get tighter on how much they will loan vs. Blue Book. And yes, credit rating requirements have gone up across the board.

It just takes more work.

[IKandy]

All great points, I'm sure it would be easier to get into a brand new Roush right now!!

[nashvillenobody]

Try a specialty bank like Capital One Auto Finance.
Don't blame Roush for making the car, blame the banks and your credit score
and like Ikandy said, it sure would be a lot easier to get approved for a new one

[07roushgt]

Originally Posted by Shay

Point made good.

Banks have tightened up. Any used car that is over 5 years old is hard to hang a loan on. The interest rate goes up, the guidelines get tighter on how much they will loan vs. Blue Book. And yes, credit rating requirements have gone up across the board.

It just takes more work.

i was talking to the finance manager the other day. it is crazy. "if it ain;t a 650 plus, don;t even send it"! the days of walking in and buying a used car for a somewhat decent rate are coming to an end. unless it is a certified used that the factory will back with warranty and financing it isn;t happening. even the big 250/350/450 trucks with low miles are getting hard to find money for. usually they were rather easy to "get done".

overall this will help the majority of people. i fully agree with "tightening" the money. lets close the damn spicket a bit and force people to work to drink.

[Shay]

This just came up last week

Weaker Consumer Credit New Challenge For Ford's Recovery

[TPSMak]

Originally Posted by Shay

Weaker Consumer Credit New Challenge For Ford's Recovery

This is going to be a big problem for all the auto makers.... that is why Bush did what he did Friday because he knew if banks tighten up lending too much car sales will be impacted more than they already have been.. good article

[BlackRoush]

My credit score is fine...Im approved far beyond what the car is worth...Its the fact their banks wouldn't finance the roush package because their still isn't one to go off of (no nada or kbb). We all know that though!...nothing to show what the car is really worth. Im pissed because its come to the point where dealers will sell the car as a roush but you won't be able to finance it as one...I've tried doing depreciations, hagling, everything!...but now at the dealers you either need a huge down payment to cover what they are charging the roush package for and finance the rest as a gt or buy the car cash! Thats why i blame roush, not the banks...I know they are hurting too... but come on roush put a price on your cars.

[Pastor J]

I wonder if this is just Roush or if this same situation will soon be affecting Shelby / Foose / Cervini / Sherrod, etc.

[07roushgt]

Originally Posted by BlackRoush

My credit score is fine...Im approved far beyond what the car is worth...Its the fact their banks wouldn't finance the roush package because their still isn't one to go off of (no nada or kbb). We all know that though!...nothing to show what the car is really worth. Im pissed because its come to the point where dealers will sell the car as a roush but you won't be able to finance it as one...I've tried doing depreciations, hagling, everything!...but now at the dealers you either need a huge down payment to cover what they are charging the roush package for and finance the rest as a gt or buy the car cash! Thats why i blame roush, not the banks...I know they are hurting too... but come on roush put a price on your cars.

then you should have no problem covering the value of the roush package

[NoMoRoush]

Originally Posted by 07roushgt

then you should have no problem covering the value of the roush package

Hes approved for any amount it sounds like but banks wont loan out more than high KBB or Suggested Retail in todays market. I went through this with mine as well and was lucky they approved the loan for more than KBB

BlackRoush...wish I would of know you were looking. Sold my 03 Stage 1 to a guy in NM last Friday for $12,700. On getting my loan for the Roush all I had to do was talk them up on Roush and show them what new ones were going for and show them about 10 other Roush's just like the one I was getting and show them how much they are going for. After that, they had no problem loaning me a couple thousand more than KBB

I agree with you though. Im pissed that Roush cant or wont do anything about this. They make us buy these cars with inflated prices from the dealership and you lose who knows how much the second you drive it off the lot. Then another $10k if you keep if for 8 months.

We have been working on getting NADA to show used Roush values but doesnt look like much came from it

Got A Letter Back From NADA

[Shay]

Roush has gotten their cars into NADA for the latest years. This is a process.

You are looking at a very old car, back even before they stated serializing many of the cars.

You cant blame Roush because it takes years of market performance for any new brand before the NADAs and KBBs of the world will let you in.

Bottom line, is that it is hard for anyone to put a value on the cars, much less Roush, Nada, or KBB. There is not enough data out there to accomplish this, that is not Roush's fault.

[vista blue]

Does SHELBY list under blue book or is it just ROUSH that doesn't?

[NoMoRoush]

It has Sugg retail but says this for private party:



This Value Is Not Available

Because the market for this trim is unusually small, specialized or otherwise unique, we are not able to report a Private Party value