Any one have experience buying a car from someone from a car just before chapter 13 bankruptcy.
Its a grail car of mine 1 of about 95 produced, and priced about 10% below market for a quicker sale. Title is held by the bank and payment would go directly to them. Title would go straight to me.
Can of worms or worth the effort. I have not seen another for sale for quite a while in this good of condition.
I don't see any issues, personally. If he's not declared bankruptcy, then the car isn't up for forfeiture to satisfy a debt. What happens to the money the instant you get a title is their problem.
I could be looking at the easy version though.
as long as the bank agrees to release the title for the amount you are giving, you are good to go.
In reply to wearymicrobe:
I refuse to answer until you tell me what the car is. 
bravenrace wrote: In reply to wearymicrobe: I refuse to answer until you tell me what the car is.
No dice not until its in my hot little hands. Its rare enough that I am even thinking about doing something like this. It is NOT Italian though. I have given up on my search for a good 355, ever last one of them has something wrong
Can we get a hint? Now I'm curious. You say 355- that means you have some scratch to play with.
mndsm wrote: Can we get a hint? Now I'm curious. You say 355- that means you have some scratch to play with.
Lets just say, I sold the 06 viper, I sold the 04 Tacoma, and leased a E36 M3ty Prius to free up some cash.
Plus I got a 20K raise last month and a huge bonus.
Its been a very good year.
Am I weird for wondering why you wouldn't want to save yourself some cash and grab it at auction "post" bankruptcy?
Only 95 produced...
It is believed that the 1995 BMW E36M3 Lightweight had production numbers somehwere between 85-120 units.
Nice Choice!
An E36 M3 Lightweight, huh? I can sell you E36 M3 for way cheaper than Ferrari F355 money. You just tell me how lightweight you want it 
wearymicrobe wrote:mndsm wrote: Can we get a hint? Now I'm curious. You say 355- that means you have some scratch to play with.Lets just say, I sold the 06 viper, I sold the 04 Tacoma, and leased a E36 M3ty Prius to free up some cash. Plus I got a 20K raise last month and a huge bonus. Its been a very good year.
I wish I was you. Snap it up while you can. I'm gonna go back to hitting my 500$ chumpcar with a hammer.
10% below market(and what is market nowadays) plus satisfaction of a debt will not make the transaction become a preference. What would probably happen is the Trustee would abandon his interest in the property since there is no equity and then the Bank would eventually repossess and foreclose on their lien if the Debtor didnt want to retain the property. In other words, whoever is selling it is probably panicking by selling it but if it is a truly rare car, buy it.
In reply to wearymicrobe: As long as he hasn't filed yet, it's still his proprty to do with as he wants. UNLESS the IRS has a lien on him. Then you may have problems. Owing money is one thing, but when a lien is involved with IRS or state income tax, then, proceed with caution. Again, the big key is has he filed yet?
jrw1621 wrote: Only 95 produced... It is believed that the 1995 BMW E36M3 Lightweight had production numbers somehwere between 85-120 units. Nice Choice!
really? I thought there were more than than made, I looked at one a few years ago & ditched the idea after finding it had no A/C (I'm getting old, and MI is humid in the summer)
KJ
Bugatti EB110 - niiiiice choice! Shamelessly hotlinked to Michael Schumacher's ugly yellow one for sale:
Wikipedia says 106 produced. It would explain the bankruptcy.
A little over 100 of these have been produced.
Aeromax is delicious.
Our company got paid for some work by a client who later filed bankrupcty. We were vary afraid the court was going to take back the money, which has been done in the past. But, if this really is the bank's car (the guy has no equity in it) you may be fine.
I know almost nothing about bankruptcy, fortunately.
Ferrari 550?
f50?
Think mid engine, "Heritage" color.
I envy you.
Those are a whole bucketsauce of fun.
1999 ferrari 355 Serie Fiorano special edition
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