RERider said:
Han- I know why u said IMPOSSIBLE to get loan, u told danny that u couldnt get loan and u wanted ur deposit back. Dont think danny will let u do that becoz both of u signed an agreedment. Unless u ask him to contact bank for justification.
This is the whole story :
When i first saw the car,i wanted to trade in my car and pay the remaining sum with cash.(My car +45 k).Then after seeking advice from a few more experienced people (includign my dad),they told me i should get loan for the car instead.So i called Danny back and said i will get loan.Danny asked me to pay cash for the car first,because his car will have trouble going through PUSPAKOM.He said i can pay cash then refinance the car back again to avoid to trouble.Means i pay 45 k cash,then mortgage my car for 45 k and pay the bank installment.But i insisted on loan and told him i will pay the undertable to pass the PUSPAKOM which Danny told me was about 500-800 ringgit.Danny then asked me for RM5000 deposit,but i didnt pay so much because its only a deposit,which is only something to proof my seriousness in buying car.So we agreed on RM1000.
So i paid him RM1000 and tried to get loan for car.However,the bank told me that the car is too old and they will not give me a loan for the car.They can however,give me a Character loan based on my credit rating.Means they are giving ME the loan,but not to buy car.Just a normal loan.And they will not take the car back as refinancing (mortgage).They said its sports car over 10 years old,those cars are very hard to sell so in the event of people not paying their refinancing,they would have trouble to sell the car if they repossessed it.Suddenly,i decided that even if i successfully bought the car,it will be a major liability to me.Because if its such hassle to get a loan and refinancing,it will be almost impossible to sell in the future.Not only that,Danny called me back to tell me the "undertable" for PUSPAKOM is RM1500 not RM500-800.So i just called the deal off because i dotn want to buy something for so expensive,that cannot be sold later.All the money i spend on the car will be amounted to nothing at the end of the day.
However,if only the RX7 was a new car,i would really LOVE to buy it.The car is very well kept,very well maintained,and its very powerfull.Besides,Danny is a really cool guy and it was nice meeting him.
I feel this is a big misunderstanding because before i paid Danny the deposit,he should have told me how hard is it to get a loan and refinance.Instead.he told me i can easily refinance car back again to bank as mortgage.I dont know whether he is hiding that info from me to get my deposit,or he is genuinely unsure.But i believe its the better of the 2 because Danny seemed like a really cool guy.Anyway,even though i stated in black and white that the deposit should only be refunded in the event the car cant be transfered to me,it would be really nice and gentleman of him to return me my money since he told me it will be easy to refinance and i took his word for it..thats why i signed the agreement.Anyway,RM1000 is not a big sum.Its just the ethic and principle that i want to respect.I didnt pressure him to return me my money,because he has the right to keep it.And i only asked him back for the money once just to see if he will return it to me because i believe a true gentleman would return the deposit since he told me it would be EASY to refinance when its actually quite hard.Anyway,i treat the depost as a friendship gift.
I am just relating the whole story to you guys to tell you why i decide on not buying the RX7.And to proof i didnt make it up when i say its almost IMPOSSIBLE to get loan for a 1992 car!
Thanks =)