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GayWheels.com reports Bank of America won't lend you money to buy a Saab

OK, as I’ve made clear in the past, I am a fan of Saab and I’m sad about its depending demise, barring a last-minute savior stepping in to save the brand. However, I would never tell anybody not to buy a Saab and I’m really perplexed why Bank of America won’t loan money to people to buy new ones.

Joe LaMuraglia, the impresario behind GayWheels.com dug up this nugget of info about Bank of America not loaning money for Saabs and Izusus: “A friend was investigating a car loan online and came across something very interesting. It seems that if you are looking to buy a Saab and want to use Bank of America, you are S.O.L. In the fine print on their site, they outline the auto loan eligibility requirements. They are relatively straightforward; outlining guidelines about no commercial vehicles, no lemon law vehicles, no motorcycles, etc. Then it clearly stats ‘No Isuzu or Saab vehicles’.”

I agree with Joe. I can’t imagine why Bank of America would not loan money to people to buy Saabs. What is wrong with Saabs? Can anybody out there figure this out? I’m confused.

Comments

  • Saad Saaber 4 years ago

    This is so sad, nice cars, nice people driving them.. everyone else trying go get a punch at SAAB lying bleeding on the floor.

    Cruel world!

  • Paul 4 years ago

    Nothing's wrong with Saabs. They do depreciate a bit quickly, which could be what the bank is worried about. They also may be concerned that the value of the car will plummet if a buyer is not found. It won't. There will be plenty of demand and if there's no buyer, GM is required to make parts, honor warranties, etc.

    My guess is that there's like one guy at BOA who reads the news and saw that Saab's future is in the balance and recommended no loans on them.

    Remember, we're talking about people who thought it was a good idea to loan half a million dollars for someone to buy a house without verifying if he had a job, they aren't rocket scientists.