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Thread: Wanting to buy a used replica privately but need financing

  1. #1

    Wanting to buy a used replica privately but need financing

    Looking to buy a used Mera but I need to set up financing. Any companies/banks someone can recommend to try to get financing options? Will J.J's best finance one of these cars? What about a collector firm since this is one of the 247 made.

    Any help would be great. Thanks in advance.
    &quot;Nice car; what&#039;s the retail on one of those?&quot;.....<br />&quot;More then you can afford Pal.......Ferrari&quot;<br />&quot;Smoke Em&quot;

  2. #2
    Senior Member
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    Re: Wanting to buy a used replica privately but need financing

    I think Capitol One will do a finance but you need a 30 percent deposit and there is JJ Best Co. Take care. Bill

  3. #3

    Re: Wanting to buy a used replica privately but need financing

    I usually tell people if you have to get financing for a kit car, you cannot afford it. For the most part, these great cars are money pits. A little because they go over budget and mostly because the owners just do not know when to stop. On a kit car, there is always one more thing to do...always. In you case of the Mera, you might get around this. I would still say financing is a bad option. Finding an instution who knows what a Mera is and is willing to give you cash is not going to be easy or cheep. It really depends on your credit. If you have 750 or higher, you might be able to get a used car lone for some of the value.

  4. #4
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    Re: Wanting to buy a used replica privately but need financing

    I agree I have that kind of credit score, but I always pay cash and then expect the money to start flowing once you get the replica home and start reworking it to your tastes. Good advice. Take care. Bill

  5. #5
    Senior Member FerrariFan's Avatar
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    Re: Wanting to buy a used replica privately but need financing

    Unfortunatly the most commonly used option is a signature loan or maxing out a credit card. Not the best interest rate but you do what you gotta do.
    Even the longest journey begins with the first step.

  6. #6
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    Re: Wanting to buy a used replica privately but need financing

    There are a few credit card companies (BankOne is one of them) that will lend you as much as $10K for a low 4% for the life of the personal loan (until is paid off)....Much better deal than any used car loan from a bank...How do I know? I have one though them right now...And in some cases you might be able to claim the interest in your taxes...

    As far as the Mera goes, in my opinion, it will never be a collectible or anything close to it...Shop around for a nicely build 308 replica with an updated motor (other than stock Fiero V6) preferably one with a 308 replica interior if you can find it...These are really the ones to have - a 308 replica with a powerful engine and a replica interior....Besides 99% of the 308 replicas in existance are copies of the Mera bodies, so the Meras are not really unique in any way, besides the improved suspension for the 88 build cars. The Mera wheels look cheap, the sit high off the ground and their interior looks like crap...

    It's only my opinion....

    VK
    Life is too short to be driving Hondas!

  7. #7

    Re: Wanting to buy a used replica privately but need financing

    Cap One is the best bet.* With your loan and your insurance you don't need to sweat it.*

    Tell the lender and insurer that you have a Pontiac Fiero Mera and give them the VIN number.* If the lender inquires about cost (which is undoubtedly higher than a P.O.S. stock Fiero) tell them that the car has a modified body kit and has been customized.* Then insure the car as you normally would but also add (pick a number, like $20,000) in extra, customized equipment.*

    Having an appraisal can also help, but most insurance companies don't mind taking your word--afterall, you're paying for it.* This will help you should anything ever happen to the car.* You've got to have the extra equipment insurance--i.e. have it on record that this is not a regular Fiero).* The appraisal also backs up the claim.

    Take the other guys' advice though, about the money-pit aspect. With a 15-20 year old car there's going to be lots of repairs coming. But, if you're like me and looking for a fun little third car to have around it ain't too bad. My monthly on my Mera plus the assorted bills for this and that is still less than what I'd be paying if I bought a new car with no repair bills, you know?

  8. #8

    Re: Wanting to buy a used replica privately but need financing

    J.J.'s best OK'd me. They make you put down 10% of the purchase price but that's no big deal. Just waiting for the papers to get here (next day air) and then they have to send one of their appraisers to look at the car. I sent them all the documents on the Mera, should be no big deal. Especially since there is one for sale for more money then I paid for this one. Can't wait, should be only a matter of time (knock on wood)



    &quot;Nice car; what&#039;s the retail on one of those?&quot;.....<br />&quot;More then you can afford Pal.......Ferrari&quot;<br />&quot;Smoke Em&quot;

  9. #9

    Re: Wanting to buy a used replica privately but need financing

    Good luck with the loan, and remember to get more money. You will not stop once you buy the car.

    As for the Mera, the looks are growing on me. The more I am around my mothers Mera, the more I dig the car. I do agree that wheels look a little to stock. The last couple Forza magazines have a picture or a 308 with 18" rims. The rims suck, but the 18" look really good. The good news is that now days, a good set of 18"s with tires can run you less $1500 and look great.

    We wish you the best of luck with your addiction.

  10. #10
    Senior Member 1988Mera's Avatar
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    Re: Wanting to buy a used replica privately but need financing

    Quote Originally Posted by goyal99

    As far as the Mera goes, in my opinion, it will never be a collectible or anything close to it
    Some Mera's will be very collectable. The ones that are all original as they left the factory. Unfortunately only a few exist in that condition today and in time maybe few if any will. Most are being modified to look more like a Ferrari. Mine included. There was a real nice low mileage 88 Mera in Detroit I could have bought a few years ago. 100% original. Bought by someone who took the Mera badges off right away and put Ferrari badges on it.

    Rodney Dickman
    Mera Registry

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