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Old 06-20-2013, 12:33 PM   #1 (permalink)
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Default No insurance and no financing means harder to sell...

I tried to trade our car over the weekend with a high-end franchised dealer. They worked their butts off trying to find a whole-buyer; at any price. None could be found. Even the dealer who sold us the car, and is still a Fisker dealer, was not willing to write a check for the car---at any price.

They were not able to buy the car themselves because their business insurance company said they could not insure a Fisker on their showroom/lot. They called their bank and they said they will not floor plan it. They called their preferred lender and they said they will not write a consumer loan on the Fisker's.

So.... good luck selling these!

That's the final straw for me.

Bill
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Old 06-20-2013, 12:52 PM   #2 (permalink)
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Originally Posted by ffcars View Post
I tried to trade our car over the weekend with a high-end franchised dealer. They worked their butts off trying to find a whole-buyer; at any price. None could be found. Even the dealer who sold us the car, and is still a Fisker dealer, was not willing to write a check for the car---at any price.

They were not able to buy the car themselves because their business insurance company said they could not insure a Fisker on their showroom/lot. They called their bank and they said they will not floor plan it. They called their preferred lender and they said they will not write a consumer loan on the Fisker's.
I guess you are referring to a lack of market for wholesalers at any price, there are certainly consumer customers (though that market is in the $50s). As of 2 weeks ago, Progressive insurance gave me a consumer policy, and Wells Fargo gave me a consumer loan. If wholesalers are in a different boat it would explain the fire sale of inventory.

Is this a situation like in "It's a Wonderful Life" where your car is worth more dead (as an insurance claim) then alive?
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Old 06-20-2013, 01:06 PM   #3 (permalink)
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I guess you are referring to a lack of market for wholesalers at any price, there are certainly consumer customers (though that market is in the $50s). As of 2 weeks ago, Progressive insurance gave me a consumer policy, and Wells Fargo gave me a consumer loan. If wholesalers are in a different boat it would explain the fire sale of inventory.

Is this a situation like in "It's a Wonderful Life" where your car is worth more dead (as an insurance claim) then alive?
The car is probably worth considerably more as a collection of spare parts than a working car. Maybe you can do a deal with Hybrid Support or Lormax to sell it as a donor car.
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Old 06-20-2013, 01:10 PM   #4 (permalink)
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Bill,

That sounds like a nightmare scenario. I traded in my Karma on March 30 and the dealer was able to find a wholesaler to purchase it...I guess the ensuing 12 weeks have eliminated that option, too. Perhaps you try another dealer.

Buck
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Old 06-20-2013, 01:50 PM   #5 (permalink)
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Originally Posted by ffcars View Post
I tried to trade our car over the weekend with a high-end franchised dealer. They worked their butts off trying to find a whole-buyer; at any price. None could be found. Even the dealer who sold us the car, and is still a Fisker dealer, was not willing to write a check for the car---at any price.

They were not able to buy the car themselves because their business insurance company said they could not insure a Fisker on their showroom/lot. They called their bank and they said they will not floor plan it. They called their preferred lender and they said they will not write a consumer loan on the Fisker's.

So.... good luck selling these!

That's the final straw for me.

Bill
Bill

Where are you located? I can offer you a cash bid - PM me the details of your Karma.
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Old 06-20-2013, 01:51 PM   #6 (permalink)
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Call Frank Kent Fisker in Ft. Worth, Texas. They are still dealing Karmas. Maybe they will take it off your hands. BTW, when you say "at any price" what do you mean. I'm sure somebody would write you a check for say $20K today.
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Old 06-20-2013, 02:00 PM   #7 (permalink)
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I will but the car in the high 20s PM me the details.
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Old 06-20-2013, 02:13 PM   #8 (permalink)
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I will but the car in the high 20s PM me the details.
I'll beat high 20s =)
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Old 06-20-2013, 02:26 PM   #9 (permalink)
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Wow, we did what the dealer couldn't do. Two firm offers in the high twenties within 20 minutes. I have a feeling you can sell your car today.
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Old 06-20-2013, 08:06 PM   #10 (permalink)
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We're not selling at "any price".

That's just what the dealer reported back.

I've found a wholesaler who will pay $55k. Still too low for me sell.

Bill
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