Buying car from someone Pre Bankruptcy.

Audi R8

I think the GT Gulf Livery is right. Google seems to think so, when you google Heritage color. And they certainly are mid engined. And that for some reason, strikes me as a car someone who was prone to bankruptcy would possess.

wearymicrobe wrote: Think mid engine, "Heritage" color.

Daddy, is that you? I'm ready to come home!

m4ff3w wrote: I envy you.

We have a winner. It needs to be PPI'd. BUT and its a big BUT. I need to be absolutely clear that the title will transfer.

Luckily one of my co workers has a white/blue 06 that I got to sit in and I fit.

This all started when I sold the viper to get a Gallardo, test drove it and its claustrophobic for someone my size, these I liked more but the cost drove me away.

Will report back if it goes through. I do need to finance a bit of it but not so much that its a scary thought.

wow. very nice

stddisclaimer.h: I ain't a lawyer. I think one did post above, though.

OK, we can assume that this deal is going to involve some serious change, as a bunch of high dollar toys went to pay for it. We can assume we're not talking $500 Europa here. Seller is somewhere in the bankruptcy process. Bank has title of the vehicle or a lean on the vehicle. Buyer would be purchasing the vehicle from the bank? Or from the seller and the bank is just going to release the title? I know damn little about the bankruptcy process (fortunately), but "I've heard" that deals immediately prior to bankruptcy are highly scruitinized for anything that's slightly out of the ordinary. Like the day before bankruptcy, you "sell" your Ford GT to your brother-in-law for 10K. I think they'd go get it back.

I think that the buyer needs to consult a thief, err, I mean an attorney to make sure that the bankruptcy court isn't going to want to claw back some of that car. A 10% discount isn't that big of a deal, really, but if I was the buyer in this purchase, I'd blow a bill on a lawyer and make sure my back side was covered.

Very, very nice - much more useable (and less $$) than the Bugatti I linked, though there were only 95 of those made...

Dr. Hess wrote: stddisclaimer.h: I think that the buyer needs to consult a thief, err, I mean an attorney to make sure that the bankruptcy court isn't going to want to claw back some of that car. A 10% discount isn't that big of a deal, really, but if I was the buyer in this purchase, I'd blow a bill on a lawyer and make sure my back side was covered.

I have a call out to one,Fmaily friend and practices in California.

Thought I would get a feel for how hard this will be. Allegedly its just Chapter 13 filling due to job loss not anything illegal but ~20K off the normal price to move it quick is worth looking into in my mind.

Good luck

I'm jealous.

So, would box flares make the awesomer? I'm not conviced it would as it pretty damn awesome as it sits.

Would an original GT40 with the big block pass it? That is, would some guy in a 40 year old car with no AC and a 4 speed blow you away?

Dr. Hess wrote: Would an original GT40 with the big block pass it? That is, would some guy in a 40 year old car with no AC and a 4 speed blow you away?

Not sure on the original.

A superformance GT40 will eat it for lunch with the right motor. Plus it would be 50-70K cheaper if purchased used.

And....here we go with the $$$ vs. Grassroots debate.

Again.

I like to read these threads. YMMV.

My avatar approves!

lizard wrote:

wearymicrobe wrote: A superformance GT40 will eat it for lunch with the right motor. Plus it would be 50-70K cheaper if purchased used.

I know I'm one of the FNG's here, but how is this Grassroots? 10% of market = $20k, or the most I've ever spent on a vehicle. I ain't a genius, but can do basic math. Market is more than the average 'merican's home value. Oh, good luck with the deal and hope you enjoy it! Seriously, it's a really cool ride that I realize I could never possibly afford.

sliding baselines

lizard wrote:

wearymicrobe wrote: A superformance GT40 will eat it for lunch with the right motor. Plus it would be 50-70K cheaper if purchased used.

I know I'm one of the FNG's here, but how is this Grassroots? 10% of market = $20k, or the most I've ever spent on a vehicle. I ain't a genius, but can do basic math. Market is more than the average 'merican's home value. Oh, good luck with the deal and hope you enjoy it! Seriously, it's a really cool ride that I realize I could never possibly afford.

I think getting a goo deal on a used car that can put the hurt on more expensive machinery IS GRM. I'm sure with the OP's income he could lease or take a loan out on, say, a new 599 GTB.

Plus GRM has been slowly creeping upmarket anyway since I've been a subscriber (always managing to stay ahead of MY creep upmarket...damn them!)

Hey FNG, we're a bit more broad 'ere on da boardz as to our "grass roots" definitions and tolerances. Check the Off Topic section for examples of our "diversity" of subject.

If The Mag came out with a review of the latest Ferrari, Lambo and whatever is sold as a Bentley today, I'm sure that would mark the end of "grass roots" as a theme, if not name. Sure, The Guys would love to review a new Ferrari, but it doesn't fit with The Mag. A Datsun 510 with a 1UZFE does fit, though, and I enjoyed the article on the $500 BMW into a rally car with a podium finish. That's "grass roots." Blowing close to a quarter mil on a Ford, of all things, is interesting to us mere peons out here on da boardz. I can do math too.

Osterkraut wrote:

I think getting a goo deal on a used car that can put the hurt on more expensive machinery IS GRM. I'm sure with the OP's income he could lease or take a loan out on, say, a new 599 GTB.

Plus GRM has been slowly creeping upmarket anyway since I've been a subscriber (always managing to stay ahead of MY creep upmarket...damn them!)

Yes I could but I would have to defer my investments and my 401K for a while. Something I would never do.

When I started getting the magazine I had a 914 that I built out, its been a while now.

OK on to the nitty gritty.

NOT LEGAL ADVICE>

What I have been hearing is that if someone sells goods under market to collect cash before bankrupcy all kinds of hell an break loose. The magic number seems to be 10K.

(Numbers simplified)

So if the car was going for 100K worth 120K and he owed 50K and sold it to me, the 50K he would receive would be seized to pay down creditors. This is done so you don't liquefy all your assets and walk away with a huge lump of cash.

So the deal was I pay the bank loan 50K the rest to the seller in cash. Lawyer thinks this would be done to hide assets and that the risk of loosing the car is to great for the discount offered. Plus reasonably I would know that the deal is suspect as I am getting a 120K car for say 100K.

His advice, save my pennies and get a clean car, and lease it to offset the California tax a bit.

On the 599 yes I could but I would have to defer my investments and my 401K for a while. Something I would never do. I live by a pretty strict financial code and carry no real debt other then my mortgage. (GRM lifestyle)

When I started getting the magazine I had a 914 that I built out, its been a while now.

OK on to the nitty gritty.

NOT LEGAL ADVICE

What I have been hearing is that if someone sells goods under market to collect cash before bankrupcy all kinds of hell an break loose. The magic number seems to be 10K.

(Numbers simplified)

So if the car was going for 100K worth 120K and he owed 50K and sold it to me, the 50K he would receive would be seized to pay down creditors. This is done so you don't liquefy all your assets and walk away with a huge lump of cash.

So the deal was I pay the bank loan 50K the rest to the seller in cash. Lawyer thinks this would be done to hide assets and that the risk of loosing the car is to great for the discount offered. Plus reasonably I would know that the deal is suspect as I am getting a 120K car for say 100K.

His advice, save my pennies and get a clean car, and lease it to offset the California tax a bit.

Well, if you are going that way, you might want to "follow" the path of the car, and see if it goes up for auction someplace, and that would be a legal sale. Also, why not talk with a rep at the bank. He might have some insight.as to a course of action. The bank would much rather deal with a person now than the hassle of yanking the car, paper work and fees of an auction. YOU have money, the bank wants money, there is an asset to be exchanged. Talk to them, they might just say yes. And you'd own the only street car ever advertised doing a 4-wheel drift with long black streaks behind it. With the tag line: Available at your Ford dealer.

P.S. Of course there is always the dummy offshore company purchasing it as a company vehicle; you're simply an employee of said company.

Seriously, it's a really cool ride that I realize I could never possibly afford.

With that attitude, especially. Shoot for the moon, kid. I'm sure Mr. Weary didn't start off with Gt40's in his garage. In fact, as he says-- it was a 914 (and probably a lot of hard work in college and his career) that got him started. My father has a "poor boy" attitude and it got him nowhere (don't take the "poor boy" attitude as a hit against poor folks- the point is that with the right attitude, you can really get anywhere- the American dream, right?).

Sorry for the lecture. I've heard things like that all my life and can't stand it, even if spoken in jest, off the cuff, unseriously, etc.

Best of luck with the purchase, and help us live vicariously through you (until we get our own dream car!).

So, they'll help me buy a canoe from someone in bankruptcy?

Agreed, but now that this thread is resurrected, perhaps mr. Wearymicrobe can chime back in and tell us whether or not he secured said GT40.