First republic ;)

[Creditplz]

A few weeks ago, I had a friend of mine finance his exotic car with First Republic, not sure how long this product may still be around pretty cool product! It's always advertised at the Newport / CDM location whenever I go in. https://www.firstrepublic.com/personal-line-of-credit#slide-6

[CreditCuriosity]

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@Creditplz wrote:

A few weeks ago, I had a friend of mine finance his exotic car with First Republic, not sure how long this product may still be around pretty cool product! It's always advertised at the Newport / CDM location whenever I go in. https://www.firstrepublic.com/personal-line-of-credit#slide-6

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Their stock is down 60%.  Think they will likely fall this week along the likes of other banks that will come as well.  Interesting times we live in.  With that said don't foresee  it being around in a week from now

[sccredit]

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@CreditCuriosity wrote:

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@Creditplz wrote:

A few weeks ago, I had a friend of mine finance his exotic car with First Republic, not sure how long this product may still be around pretty cool product! It's always advertised at the Newport / CDM location whenever I go in. https://www.firstrepublic.com/personal-line-of-credit#slide-6

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Their stock is down 60%.  Think they will likely fall this week along the likes of other banks that will come as well.  Interesting times we live in.  With that said don't foresee  it being around in a week from now

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They came out over the weekend announcing a new credit facility with JPMC creating additional liquidity. IMO they'll probably make it through okay. While SVB and Signature came out with statements FRB did it right and actually took action to ensure liquidity. Time will tell though.

[cashorcharge]

I was thinking...I wonder what banks offer something like this that's large enough for the kind of purchase I would want to make.

Thanks for the heads up @Creditplz and I hope they do make it....it would be nice to dig into something like this in the future.

[Creditplz]

I just applied and got approved within 3-4 hours, senior account executive is sending me the docusign for the LOC $350k 2 year draw by tomorrow. 

I was looking at this 720S since I know Nick would offer me a discount but might just keep the LOC and not touch it till my 296 comes in. 

[fury1995]

Car Putty is doing something similar.

I soft pulled a $250K LOC @ 7%on a whim last month just to see what was what.

P.S. they don't report.

[Creditplz]

I'm in CA I tried car putty though... they don't lend in my state, also this requires no lien on your vehicle and is interest only for the first 2 years 

[cashorcharge]

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@Creditplz wrote:

I'm in CA I tried car putty though... they don't lend in my state, also this requires no lien on your vehicle and is interest only for the first 2 years 

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I noticed the "see your rate" when I reviewed this.

I take it they did an EX SP to determine this with you?

Also, I should ask...other than this new LOC, do you currently bank with them as that may have a bearing on approvals?

Thanks

[fury1995]

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@cashorcharge wrote:

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@Creditplz wrote:

I'm in CA I tried car putty though... they don't lend in my state, also this requires no lien on your vehicle and is interest only for the first 2 years 

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I noticed the "see your rate" when I reviewed this.

I take it they did an EX SP to determine this with you?

Also, I should ask...other than this new LOC, do you currently bank with them as that may have a bearing on approvals?

Thanks

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It was a soft pull on EX. I didn't see anywhere in the terms where the the paynments were just interest for the first 2 years. I did see where the approval and LOC stayed active for 2 years without adding a vehicle then goes inactive. I went all the way through the application without signing including adding a vehicle and getting terms for payments. It showed a 63 month term for a adding a VIN for a 2020 MY vehicle. It didn't allow for adjusting the term (maybe it was just an example?). I did however get the notification on my dashboard that another soft pull would be needed to refresh my rate since I didn't complete the application.

Passing on the refresh for now.

[cashorcharge]

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@fury1995 wrote:

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@cashorcharge wrote:

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@Creditplz wrote:

I'm in CA I tried car putty though... they don't lend in my state, also this requires no lien on your vehicle and is interest only for the first 2 years 

---

I noticed the "see your rate" when I reviewed this.

I take it they did an EX SP to determine this with you?

Also, I should ask...other than this new LOC, do you currently bank with them as that may have a bearing on approvals?

Thanks

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It was a soft pull on EX. I didn't see anywhere in the terms where the the paynments were just interest for the first 2 years. I did see where the approval and LOC stayed active for 2 years without adding a vehicle then goes inactive. I went all the way through the application without signing including adding a vehicle and getting terms for payments. It showed a 63 month term for a adding a VIN for a 2020 MY vehicle. It didn't allow for adjusting the term (maybe it was just an example?). I did however get the notification on my dashboard that another soft pull would be needed to refresh my rate since I didn't complete the application.

Passing on the refresh for now.

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Thanks for the feedback @fury1995 

I guess it may make more sense to look into this when I am ready to make a purchase and have a VIN to use.  I was thinking of setting it up, determining how much I was approved for and then shopping.  Thank you