New Guy!
Alright, 2 weeks ago I bought my first Mustang, a triple white '93. I already own a '67 Chevelle SS, an Impala SS, and a '71 Formula Firebird. You can see that I'm moving into new territory. So I'm doing my research and learning as much as I can. I love my Mustang and it's in great shape and I drive it alot. I'm going to try and make it to Myrtle Beach for Mustang week.
Now for the heartbreaker. Awhile back I spotted another triplewhite sitting outside a repair shop. It had obviously been there awhile. I stopped and talked to them this morning. It has been sitting there 4 years. The car's owner never paid the bill. They went to court and found out the loan company has been looking for this car since '93! The car has 17,000 miles on it. The paint, top, and interior are in great shape. The tires are dry rotted. It is all original. The shop owner does not want to release it to the loan company because he wants his money.
If anyone knows how to clear this mess up, please let me know as I would like to save that car.
Now for the heartbreaker. Awhile back I spotted another triplewhite sitting outside a repair shop. It had obviously been there awhile. I stopped and talked to them this morning. It has been sitting there 4 years. The car's owner never paid the bill. They went to court and found out the loan company has been looking for this car since '93! The car has 17,000 miles on it. The paint, top, and interior are in great shape. The tires are dry rotted. It is all original. The shop owner does not want to release it to the loan company because he wants his money.
If anyone knows how to clear this mess up, please let me know as I would like to save that car.
Comments
Wow! releasing two liens will be a challenge. Have you checked with the state title office and had them run the VIN # on the car to see who has the liens placed on the car? That would get you started down the long road of saving this time capsule.
Next step would be to find out how much $$ it will take to release the car from the shop & what the finance company will release the loan for. My guess is the finance company is way way way upside down on the car, hopefully they are willing to make a deal.
Good luck---
I agree with roughneck on finding out how much the repair shop wants. Maybe you are in a really good position being between the two parties especially if they cannot agree. I can't imagine the loan company will pay anything to the repair shop. Although, they might be able to just send someone to repossess it regardless of whether the shop wants it to go or not.
The loan company has to be realistic about the value of the car. If they use straight book value (which they probably should do since it is hard to tell there is anything special about it) it is really not worth that much. I just checked the retail value on a 1993 Mustang LX 5.0 Vert with 17k and it was just over $6,000. In my opinion it's worth more than that to a collector or enthusiast and would be a great deal at that price. If that price is in your range, maybe you could make a case for it using standard used car pricing guides. To your benefit, the feature cars are not tyipically differentiated unlike models such as the Cobra.
Good luck and please keep us updated.