Anyone know anything about this place? Anyone ever sold a car to someone that used this bank? Any good or bad details to share. I have someone interested in my Jetfire that asked if I would take a check from this bank. I told them as long as the check clears and I can verify funds before the car leaves I would. Anything I need to know?

https://www.jjbest.com/auto-finance/...financing.aspx

 

I'm pretty sure that was the place I used over 25 years ago to finance my W30 convertible. Funny how about $4k made such a huge difference back then between the W30 I bought and the 442 convertible I was looking at. If I only knew - maybe would have financed a few more at the time.

 

They advertise in a lot of enthusiast publications and have been doing so for a long time. I have no personal experience with them but have heard nothing negative. I think they're legit.

 

Call the finance company and ask what the process is to get funding and who gets the title.

 

I have seen their advertising. No experience with them myself. Nothing noteworthy online with the BBB, they have positive Google reviews, but some negative ones here, mostly regarding APR or denial: https://jj-best-banc.pissedconsumer.com/review.html

Didn't see anyone having issues with getting paid. I'd definitely do what oldcutlass says above. Who knows, maybe they won't be the top bidder in the end...but it is good to prepare.

 

I assume it's a run for profit finance house.
They appear to choose to specialise in collector cars, just as other firms might major in shipping, international trade, mortgages or domestic appliances. If their rates are good and they check out as sound, then go ahead if you're happy.
Having said that if you need finance to indulge in your hobby maybe you are in deeper than you should be.

Roger.

 

I called them. They are telling me that I would get a check with the VIN, his name and my name on it. I would be able to call them with the information on the check and they can verify if it is good and the funds. Sounds reasonably safe. I told the guy that I could take the check but he will not get the car or title till my bank says it is ok and that could take a couple weeks after deposit. He only has 2 eBay transactions so that is the bigger concern. It is very possible that he will be outbid anyway. Still has till Sunday night. His user name don't come up with anything from Google.

 

Why doesn't he deposit the check into his account and pay you via bank transfer?

 

With both names used I don't think that's possible.

 

Yes, They set it up so that they know the money goes to the person that owns the car with that VIN.

 

A new high bidder. He has 0 transactions and joined eBay today. I don't like that at all!

 

I haven’t used hem but I’ve seen their ads and I haven’t heard anything negative. I would think you should be okay. If you’re still uncomfortable you could talk to your bank about sending the check for collection.

 

I used them when I was going to buy a car from Mecum. They sent me the check. I presented it to Mecum and they were ok with it. They said many of their clients used them.

 

I used them in 2005, they sent the check FedEx overnight, a smooth transaction. They had sent an appraiser to check the car out first, I put a 30% down payment on the car, and then paid it off early.

 

I agree with the sentiment, but OP isn't buying, he's selling to a buyer who needs financing.

 

Right, Roger- sort of... Every car/truck I've ever bought has been what I could afford because I didn't want to go in debt. Then after fixing it up or restoration I find I spent much more than if I had bought a better one. I bought my Cutlass Convertible because it was cheaper than a 442. Well after restoration I have more in it than it's worth. Most the parts cost the same for a Cutlass as for a w30 442. Anyway my point is if I had went in debt for that w30 442 I probably would have spent less for a better car including the interest. Eric's car is a rare and beautiful car and I believe would be wort going in debt for.

 

^ This, the saying "its cheaper in the long run to buy a car in the best condition possible" almost always rings true. Though sometimes buying a cheaper car needing more work is actually just a different way of financing it. Takes longer to get running or restored but its still spending money over time. 99% of us do it for the hobby and enjoyment so the costs in the long run should be seen no differently than spending money on a baseball game, a weekend trip of a fancy dinner.

The problem is we never know what the market will bring down the road. I will say for myself I have always spent less in the long run on the nicer car. Whether we like it or not as stated above typically you will spend the same amount on a 70 A-body whether its an F85, 442 or W30.

That is why I used JJ best. As I was looking at a 442 convertible and a W30 convertible, the little bit of difference at the time was just too much to cover but to me was worth it. I lucked out in the long run as even the base 442 would be worth way more than I paid for it back then.

 

 

I don't have any experience with JJ Best Banc, but I do with ebay buyers that join the day of purchase - AVOID! 2 for 2 scams that left me holding the bag.

 

I am curious what the rates are. The site doesn't offer much info about it. I'd never finance a classic though. That would break one of the cardinal rules.

 

Ex-banker. Sort of.

I’d recommend you look at total financing costs (specifically not the monthly payment) and decide wether you think the car you want to finance justifies the rent you’ll pay on the $. With interest & fees, a $55k car can easily become a $77k payment obligation over time. So, really, it’s not a $55k car, it’s really a $77K car.

Banks & finance companies are not philanthropic by nature. Look carefully at the contract about what happens if the car falls in value, gets destroyed in an accident, or act of god. Odds are you’re still on the hook for the payments and have no asset to speak of to represent value on your end.

I hope to be proven wrong, but that’s my semi-cynical take. Sorry to be negative

Chris

 

they are a classic car finance co.
do not accept a 2 party check.
they did it to me and had to cut another check

 

Are you the same guy who made post #19?

 

This sure sounds like a bot.

 

Absolutely, but ... why?