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Thread: Easy question- do all Atom 3 have VIN numbers? Looking into getting debt

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    Fermion I want an atom's Avatar
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    Easy question- do all Atom 3 have VIN numbers? Looking into getting debt

    I have been looking hard at Atoms, and realistically even when I sell my other car I will want to get some debt to make this purchase. I am assuming that to get financing the bank would want certain things, like a vin number. Do all the Atom 3s have a vin? Have any of you gotten a traditional car loan on these? Did your lender require that the car be registered or insured? I'm thinking I'd be using it as a track-only vehicle and avoiding expenses like registration and regular insurance.

    Any thoughts would be greatly appreciated.

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    Electron sector: 4's Avatar
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    Loans require either collateral or full coverage insurance. I don't think you're going to be able to find full coverage insurance on a racing car, lol. You should talk to a loan officer at a bank. A VIN is the least of your problems.

    IMO going into debt for a toy is a bad idea.

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    Fermion I want an atom's Avatar
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    Quote Originally Posted by sector: 4 View Post
    Loans require either collateral or full coverage insurance. I don't think you're going to be able to find full coverage insurance on a racing car, lol. You should talk to a loan officer at a bank. A VIN is the least of your problems.

    IMO going into debt for a toy is a bad idea.
    It's a strange situation, as I have the cash, but want to stay liquid for separate reasons at the moment so I'd rather put some debt onto it. I wouldn't get debt on a toy if I didn't actually have the cash.

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    Gluon
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    I agree with Sector 4 that going into debt for a toy is a BAD idea. But, you have cash and want to stay liquid. We understand. I have used this same strategy. Instead of paying cash for an auto, I financed and invested the value of the car--usually in stocks that pay dividends.

    Since you have the cash, the easiest way to finance would be to place your funds in a brokerage account, invest in a conservative interest paying ETF, then take a loan out against the account. Depending on the brokerage expect to pay 4-6% right now for the privilege.
    2/3rdsCobra likes this.

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    Fermion I want an atom's Avatar
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    These cars really are perplexing to me- there's one car I'm looking at that IS registered right now for street use (in Illinois). So what I wonder is if I was to buy THAT one, which would therefore come with a title, would it be easier to get debt on it? Or is it all hinged on that elusive VIN number?

    Just sucks- I hadn't contemplated this part. I didn't care about not being able to use it on the street, as the track is really my purpose anyhow. Its just auto loans have been so cheap I always have gotten them as the arbitrage is favorable.

    My issue as per liquidity is that we may try buying a different house soon. When you go to get a mortgage, you need 2 things- a good income/debt ratio and a down payment. Even if I financed an entire atom, my ratio would be totally fine. My issue is on the down payment, as I've invested most of my money lately into things that aren't liquid. So the less cash I use right now the better. I'm lucky my wife has a rational head, as I normally do but I have a weakness when it comes to things like tires, brake pads, and occasionally entire cars

    First world problems for sure

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    Lepton cvjoint's Avatar
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    I disagree with just about everyone here. Going into debt is fine if you invest the cash equivalent into something that has higher return than the interest. No you don't need a VIN to finance, insurance on the car, or collateral. You do need good credit. Sending you info via PM.

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    Fermion I want an atom's Avatar
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    Quote Originally Posted by cvjoint View Post
    I disagree with just about everyone here. Going into debt is fine if you invest the cash equivalent into something that has higher return than the interest. No you don't need a VIN to finance, insurance on the car, or collateral. You do need good credit. Sending you info via PM.
    Thanks- I'll check it out when I get it.

    Luckily, my wife has always handled paying things on time so my credit is phenomenal.

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    Electron sector: 4's Avatar
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    Quote Originally Posted by cvjoint View Post
    I disagree with just about everyone here. Going into debt is fine if you invest the cash equivalent into something that has higher return than the interest.


    "IMO going into debt for a TOY is a bad idea." TOY

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    Lepton cvjoint's Avatar
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    Quote Originally Posted by sector: 4 View Post
    "IMO going into debt for a TOY is a bad idea." TOY
    There are only good financial decisions and poor ones. Tell the families that bought a house in 2005 and defaulted 3 years later that going into debt for a house is a good idea. I'm not a nanny here, I'm giving financial advice. Whether he spends his money on toys or tots is none of my business to criticize, especially when we all have the same toys here.

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    Fermion I want an atom's Avatar
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    Quote Originally Posted by sector: 4 View Post
    "IMO going into debt for a TOY is a bad idea." TOY
    I think you are missing the bigger picture here. If you can invest money into a safe return of, say, 9%, and borrow it at 3%, you would do that. Hence, if I was already planning to buy a toy, and have the cash, but find out that a bank or manufacturer is willing to lend at a rate like 3%, then it would be foolish to buy it outright just because the concept of debt is scary. Granted, for most people it doesn't work that way, as they will finance a car and then instead of investing their cash they will go out and buy something else. This is why lenders make gobs of money. This is why I actually lend money as one of my investment vehicles- people love spending more than they should and paying me a good percentage to do so. This is why I have the money for toys . The spirit of your point is well taken, but in responsible hands debt is how lots of people and companies make their living.

    Anyhow, I have gotten over the hurdle here by dusting off the mortgage. Turns out I have more than I thought to borrow against at 2%, so lucky me I don't have to worry about it. I would buy the car cash now, knowing that should I want to buy a different house in the near future and need more than I have in savings for a down payment, I have plenty of equity line to close on one house and sell the other afterwards (when I can move my children's 6,000 toys out and stage the old house properly to get top bucks).

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