Help me if you can, i'm feeling down

[gary b.]

Going through bankruptcy, & my vette is in danger of being taken away from me.
I need to know how much my vette is not worth! Hopefully a low price will not be worth the courts trouble.
It's a 1978 coupe, yellow, auto. trans.
windsheild rust all around
a few digits of the v.i.n. tag have rusted off
few dings in front
small crack next to lisence plate in rear
a.c. does not work
rear window defoger does not work
fan control only works on high speed
turn signals in front dont work
turn signals do not work if headlights are on
horn does not work
front end needs some work (shakes at speeds over 90mph)
hood is faded
emergency brake does not work
needs new brakes soon
Remember, the lower the price, the better!!
Thanks Alot!!!! Gary.

 

[Fishman]

Gary... Sorry to hear of your situation... hope you get to at least keep the ride.

Prices of these things are all over the place. In pretty good shape you can get $7 - 12k. If I was in the market... with the amount of work needed (especially the windshield rust). I'd pay around $2000 - $2500 to take it off your hands. And deduct another $1k for having to come up there to get it!

Just thinking out loud but... tell them it's worth more for the parts, don't think they would want the headache.... or proactively take it off the road and see if you can get a salvage title (it's then worth nothing to anyone but the owner), or tell them what it would take dollar wise to make the car pass a safety inspection (the car is basically un-driveable until you fix some of those things on your list).

Hopefully others here will chime in with other (and much better) advise.

Good luck... Brian

 

[Robin7TFour]

Gary can you sell it cheaply to a relative ? or put it in your kid's name before bank/court?

 

[78SilvAnniv]

Gary can you sell it cheaply to a relative ? or put it in your kid's name before bank/court?

I don't think that can be done if bankruptcy proceedings have begun, it would be considered hiding assets. I do know that they can't, or won't, take your personal vehicle away from you.

Good luck.
Heidi

 

[Swamp Donkey]

I am NOT an Atty., but I believe it depends on where you file the bankruptcy--Federal or State. If you file State, I believe you can shelter your homestead and with the Federal you have a dollar amount you can shelter so creditors can't strip you bare. I would check with an Atty. from your State. Might look online for any Atty. assistance sites.--sorry for your troubles.

 

[gary b.]

Quote:
Originally Posted by Robin7TFour
Gary can you sell it cheaply to a relative ? or put it in your kid's name before bank/court?


I can sell it to a relative, but it has to be "fair market value'' & i dont know
how much it's worth.
I could put it in my kid's name, but then it would be considered a gift & that's a no-no.
Thank's everyone,
What would be ''FAIR MARKET VALUE'' ?

 

[Bender]

Anywhere from 2k-8k I beleive.

 

[mike weyman]

do your creditors have the sertial #of the vette on their loan base.what i mean is at any time you were borrowing money, did the bank request the serial numbers or info on the car before lending you money?if not they may have no record of you owning that vehicle and it may not matter what you do with it as they don't even know it exists.
my cousin has a hyundai that was financed from out of texas somewhere. he unfortunately had to go bankrupt.no-one from hyundai or the financing place showed up at the creditors meeting.it's been seven months now and the car is still in his name and is still in his yard.i had gone under a few years ago and told them if they didn't show at the meeting, it was his, and apparently it is. mike
if it's your only vehicle, they can't take it cause you need to be able to make a living.

 

[like2drive]

yeah, I thought I was going bankrupt last year, but got my house sold just in time and dwas able to keep my vette. For good measure, I put it in a relative's name in an adjoining state.
In valuing anything, one should think about the date of valuation.
This is essentially a time value of money consideration. Would you rather have , say..$5,000 in 6 months, or $4500 today? Whatever value you decide, It will be worth less today than it would be after the time needed to market the auto adequately. Selling a project car entails more RISK than an average car, so the discount rate used to determine the current , today's value would be higher than normal discount rates...I'd say in the 15-20% bracket. If this is greek to you, find a financial consultant...this is a simple problem...they may not even charge...or perhaps a banker.
I do wish you luck my friend and God bless.

 

[JBWeaver]

$5.000 obo

With all the car needs and most likley much more. It's in need of ten to twenty thousand dollars to make it pristine. The car would then be worth around fifteen grand depending on options, so the most it could be worth is five grand. Good Luck

 

[like2drive]

another quick thought

Used to work in an assessors office ....thats the county office that values the real estate, personal property (boats, cars), and commercial property for tax purposes. The values for the older corvettes in SC and NC are very low...my 81 was 3500 in SC and is valued at $3000 in NC. I believe they use some kind of continuous depreciation scale...but anyway its lower than the actual market value. You may be able to use this...keep your fingers crossed!

 

[gary b.]

Thanks alot everyone!!
Upon advice from a couple who went through the same thing, put the corvette in my son's name and wait 90 day's to file.
Now my vette is mine again, (leagally my son's). Now, about the things that are wrong about the vette, everything i listed is correct, BUT, it really runs great . Finnaly finished rebuilding the carb. that was in pieces for the last 4 months. Sure makes a big difference in power! Now maybe i'll try to figure out how to fix the horn & lights!
Thanks to all again, you're a great bunch!!!!!

 

[Robin7TFour]

Gary can you sell it cheaply to a relative ? or put it in your kid's name before bank/court?

oh man , i am getting a CPA licence,and a law degree

 

[Eden72Vet]

I hope it all works out for you. But, if they were going to come look at it, I would take it apart. I would try to make it look like a huge project, and nothing but a pile of parts.

 

[Vette/Berlina-coupe]

ATTENTION: -OK now, --You're all under arrest for "aiding & abetting", now turn-in your Vette-badges one and all.... LoL ~B.vH