Financing makes auction dreams come true

On January 18, 2016 in AutoClassic Car

Financing makes auction dreams come true

Adapted from an article that originally appeared in Mecum Magazine. LightStream is the financing partner for Mecum Auctions.

jessicaimage

The best-laid plans can sometimes go sideways, and result in something even more awesome than originally planned.

Ask collector car enthusiast Jessica, who arrived at a car sale hosted by Mecum Auctions. She had a pretty specific plan for the vehicles she was going to bid on: select 1960s American muscle cars.

“There were 10 or 15 cars I’d seen in the catalogue, and it had to be a manual transmission,” she said. She was also quite sure she did not want a vinyl top. Her plan held together until a 1966 baby blue Mustang 289 caught her eye on the auction floor. The body was in perfect shape. It had the blue and white pony package interior, and a white hard top. Of vinyl. And oh, an automatic transmission.

Although the Mustang was not exactly what she had had in mind, it was love at first sight. Jessica did not hesitate, and when the car hit the auction block she placed the winning bid.

“I bought myself a birthday present,” she said, and she couldn’t be happier with her purchase – or the ease of the transaction. Through Mecum’s partnership with LightStream, the national online lending division of SunTrust Bank, Jessica was able to leverage her strong credit history and get a low-interest, fixed-rate loan for the purchase of any vehicle she wanted. When she spotted the Mustang, she was able to go for it.

She has since rebuilt the car’s transmission and put in a new radiator. These improvements were also financed with the proceeds of her LightStream loan, which can be used to pay for any expense associated with her car purchase (such as auction premiums, insurance, shipping, restoration and storage).

Those parts of her plan worked perfectly.

Maybe her biggest issue with her new Mustang was how to accommodate her 100-pound coon hound, Curtis Loew, for whom she removed a seat in her other classic, a 1979 MG convertible that she stores back home in North Carolina. Once she figures out how to make the Mustang comfortable for Curtis Loew, her friends have suggested, half-jokingly, that she combine her passion for barbecue and craft beer with her enthusiasm for classic cars – and produce a coffee table book.

“I do like road trips!” she said.

No doubt with her beautiful ’66 Mustang, she’ll certainly have stories to tell.

 

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